There Is An Unbound Open Source Security Protocol To Be Used By Developers Of Crypto Asset And Blockchain Wallets
The Unbound Tech has just announced that it has made the bank-grade security solution available through the open source. This is a new blockchain-crypto-mpc library that has been launched by the company, one that has been made available on GitHub.
It has been designed as an open source library that can be used for the crypto and blockchain assets that are able to protect the cryptographic keys; this has been achieved through the use of the company’s technology based on the MPC that is used by the fortune 500.
It Has Been Considered To Be the Long-Needed Answer
As the blockchain technology keeps growing billions of crypto assets tend to get compromised or just lost in the market. Consequently, the current protection been offered for crypto assets in the market have proved to be insufficient. But for the very first time, the Unbound blockchain-crypto-mpc library has been specially designed.
It is able to allow the blockchain developers the ability to easily create wallets and different applications using the library, one that is able to provide cryptographic foundations that will be able to resolve the ongoing challenges within the market. The problems that have been associated with blockchain applications and the crypto assets, it is from the lack of adequate cryptographic signing keys together with the seed secrets.
The system has been based on the secure Multi-Party Computation, SMPC, has unbound the library harnesses, which is the company’s flagship technology, one that has been able to innovate the splits cryptographic keys into the random shares. These are usually located on a separate machine, one that will be able to enable all the operations to be conducted with the keys split easily.
With the new technology, the private keys and the seeds will always be protected and would not exist in complete form, this is even during generation, both at test or while it is in use.
The System Has Ensured That the Keys Cannot Be Compromised
The company has gone the extra mile to ensure that the keys cannot get compromised, this is through a guaranteed mathematical process. The only time, which is unlikely, is if all the machines get breached all at the same time, so the keys cannot be used for the signing of any unauthorized transactions. The company has also ensured that no key or even secret is saved in the memory.
Thus as a wallet developer, you will be able to offer users the highest level of key protection that is built into their offerings. All this will be made possible without having to rely on ledger specific mechanisms, such as the use of a multi-signature feature, the appliance-as-a-service option or even the HSMS, which is the use of expensive Hardware Security Modules.
There are significant benefits that are coming to crypto asset and blockchain developers in the market
This new type of technology will provide the ability to have a two-part approval process put in place. One that will quickly be compiled in almost any platform in the market, and will be able to offer a zero-knowledge backup mechanism.
As a wallet developer, there are several benefits you will be able to enjoy; this is from proper security that has been entirely built into the applications. One that will not rely on the costly hardware’s in the market that could easily get stolen or just lost. As a developer, you also won’t get locked to the ledger specific mechanisms, like the use of a multi-signature feature.
All these benefits, plus much more, are available while still gaining the unique MPC advantage of being able to share the key custody between the different parties without having to create multiple keys. This makes it very easy and fast for the creation and the extension of applications that is able to support any asset or ledger efficiently.
There Are Three Options That Are Offered On The Unbound
Blockchain-crypto-mpc library – This has been designed as a free open source that is available on the GitHub, for use in crypto asset and blockchain wallet developers.
The Pro Library – This is specially designed for the technology platform providers, commercial wallets and the integrators.
CASP – It has been designed to be used for the exchanges, the different institutional custodians of crypto assets and banks.