keyTango, an Israel-based cryptocurrency settlement solution provider, is launching an asynchronous multi-party computation (MPC) wallet for the storage of digital currencies.
Compared to multi-signature crypto wallets, MPC wallets are believed to offer a better level of security, as the private key is split into multiple parts, meaning the private portion of a key pair can be maintained as N parts, such that M of those parts would need to come together in order to create a signature using the private key. This class of technology is known as M-of-N, where M parts out of N total parts protect the underlying data.
Despite better protection over loss and theft of funds, these types of wallets are yet to hit the mainstream as MPC implementations require multiple rounds of interactive communications, meaning multiple parties must perform an action at the same time.
Making a raw technology usable
keyTango is trying to fill this gap between security and usability with its new wallet solution. The company is boasting its better UX and integration of features like HSM and limit-order functionality. Its protocol is also compatible with hardware wallets, making it easy for wallet manufacturers to add this technology.
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“Despite the promise that MPC technology offers, MPC wallets won’t see widespread adoption until they provide a UX and capabilities that are at least equal to multi-sig, the current golden standard of our industry,” Dan Danay, CEO of keyTango, said.
“Until now MPC wallet users had to coordinate the signing of any transaction, HSM integration was extremely complex, and limit orders were impossible to execute. keyTango solves this by introducing asynchronous MPC wallets.”
Last year, keyTango partnered with GSR Markets to enable over-the-counter (OTC) crypto desks reducing counterparty risk and avoid the responsibility of cryptocurrency custody.