This new offering is aimed at providing a more secure and user-friendly experience for individuals using Web3 wallets. According to the official press release, the traditional approach to securing private keys often involves memorising complex mnemonic phrases or storing private keys, which can result in permanent loss if compromised. The Bitget MPC Wallet seeks to address this challenge by introducing a 'keyless' experience, differentiating it from conventional EOA (externally owned account) wallets.
The keyless aspect means that users are no longer required to remember or store complex mnemonic phrases or private keys. Instead, they can create an account through email login authentication, making it accessible to beginners. Furthermore, users have the option to perform a cloud backup of their key shares in a 3-step process, reducing the risks associated with key misplacement or theft.
The MPC wallet leverages the Threshold Signature Scheme (TSS) in a bid to adhere to the highest security standards within the industry. Security features include the generation of large prime numbers, distributed key generation (DKG), distributed collaborative signatures, homomorphic encryption, and the '2/3' threshold.
During the creation of a Bitget MPC Wallet, the platform automatically generates secure large prime numbers that are resistant to quantum attacks. This meticulous process aims to ensure a high level of security during subsequent protocol operations within the wallet.
Private key generation is achieved through distributed key generation technology, creating 'implicitly mapped complete private key' shares via multi-party collaborative computing. These key shares remain secure, preventing exposure or leakage of complete private keys, thereby avoiding single-point failure.
In the signature process, Bitget MPC Wallet employs distributed threshold signature technology, maintaining the private key in a decentralised and fluid state. This method can improve both private key and asset security by allowing users to complete signatures without exposing the entirety of the private key at any stage.
Bitget MPC Wallet offers a "Reshare" mechanism that invalidates key shares on an old device after a user successfully logs in with a new device. Additionally, the wallet supports the creation of independent transaction passwords, ensuring that key shares held by the server can only participate in the signing process with the user's consent.
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