In this article:
Learn what Multi-Party Computation (MPC) is, how it works, and its significance in Best Wallet.
Multi-Party Computation is a cryptographic protocol that enhances the security of digital assets by distributing computations across multiple parties without revealing individual inputs.
What is Multi-Party Computation (MPC)?
MPC enables multiple parties, each holding their own private data, to jointly compute a function without revealing their individual inputs to each other. This ensures that sensitive information remains confidential during the computation process.
In practice, this means you, a user of Best Wallet, hold a share of your key, and you can request the other share from Best Wallet to transact crypto (this happens all seamlessly in-app). Your private key share is stored on your device, whilst Best Wallet cannot view, access, or use the other share.
How does MPC work in Best Wallet?
In traditional cryptocurrency wallets, a single private key is used to authorize transactions. If this key is lost or compromised, the associated assets are at risk.
MPC wallets, like Best Wallet, enhance security by splitting the private key into multiple shares distributed among different parties or devices, such as your device, your cloud backup, a remote server, etc. A transaction can only be authorized when a predefined number of these shares are combined, reducing the risk of unauthorized access.
Benefits of MPC in Best Wallet:
Enhanced Security: By distributing key shares, MPC eliminates single points of failure, making it significantly harder for malicious actors to compromise your wallet.
Improved Privacy: Since individual inputs remain confidential during computations, your private data is better protected.
Cloud Backups: Because of the way MPC works, it allows for secure, personal cloud backups of your wallet, making recovery more accessible.
Why Best Wallet uses MPC
Best Wallet leverages MPC technology to provide a secure and user-friendly experience while offering new crypto wallet security, scrapping outdated and often misused seed phrases.
By implementing MPC, we ensure that your private keys are never fully exposed or stored in a single location, safeguarding your assets against potential threats.
Need more information?
If you have any questions or need further assistance understanding MPC and its role in Best Wallet, feel free to contact the Best Wallet support team via [email protected] or open a ticket on our Support site.
Important reminder: Best Wallet will never request your wallet’s private key or secret recovery phrase. Keep this information strictly private and do not share it with anyone.