Thursday, June 1, 2023

CoinsDo Debuts New Multi-Party Computation (MPC) Feature to Enhance Wallet Security

Blockchain technology company CoinsDo showcased a new MPC feature for their CoinWallet product at the Hong Kong Web3 Festival Demo Day on April 15, 2023, which left a really strong impression on attendees.

CoinsDo’s representative walked the attendees through a step-by-step guide on how to create a wallet and split its private keys into 3 shards within a minute. He further demonstrated how the transaction approval process could also be completed under a minute.

Utilizing Trusted Execution Environments (TEE), CoinsDo divides the private key into multiple key shards and stores them on different devices. This ensures the security of the private key, as attackers cannot obtain complete private key information even if one device is compromised. For greater autonomy over private key management, CoinsDo also allows users to set up their own TEE environment on AWS.

With the MPC feature, CoinsDo can now provide a wider range of applications. For example, CoinsDo can enhance the security provided by third-party custodians since they can now divide private keys into shards to be shared with with customers, reducing the attack are available to malicious actors.

Additionally, CoinsDo can also now empower various organizations like exchanges, digital finance firms, digital payment providers, family offices, and more with the ability to co-manage digital assets using multi-signature authorization.

A brief summary of other MPC benefits include quick setup, no maintenance requirements, and robust support for a wide range of main chains including: BTC, ETH, TRX, BNB, XRP, OKT, DOT, LTC, SOL, MATIC, and 28 others, as well as an unlimited number of tokens such as USDT, USDC, PAX etc.

CoinsDo very own CoinWallet is powered by MPC, so you can download it here (iOS) or here (Android) to start experiencing the difference today!

CoinsDo is a Singapore-based blockchain technology company, offering products such as CoinGet, CoinSend, CoinSign, CoinWallet, and CoinFace. They provide reliable digital asset custody solutions for enterprises.

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