Fireblocks launches secure multi-party computation to boost transaction speed

Thursday 14 May 2020 12:51 CET | News

Fireblocks has developed a new MPC (secure multi-party computation) algorithm that pushes digital asset transaction speeds up to 8X faster than what is currently possible, according to the official press release.

Fireblocks’ new protocol, called ‘MPC-CMP,’ is based on and surpasses the speed of Gennaro and Goldfeder’s protocol, a current industry standard for MPC, and Lindell et al.’s protocol. MPC technology removes the single point of compromise by transforming private keys into liquid form through securely distributed transaction signing.

The protocol is designed to support institutions with large retail customer bases, such as big exchanges, lending providers, and banks. MPC-CMP enables them to execute high-volume withdrawal requests. Additionally, it allows institutions located in areas with strong regulations around cold storage to utilise MPC in an offline wallet.

Security wise, the new algorithm introduces automatically refreshing key shares in minute intervals, protections against more advanced attackers, and an out-of-the-box Universally Composable secure computation proof.

Fireblocks has made MPC-CMP open to peer review to ensure its strength and efficiency in order to implement the new algorithm by end of Q2 2020.  The company is an enterprise-grade platform that aims to move, store and issue digital assets.

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Keywords: secure multi party computation, Digital Asset, Fireblocks, transaction speed, innovation
Categories: DeFi & Crypto & Web3
Countries: World
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DeFi & Crypto & Web3