The recent announcement of the CYBAVO VAULT™ is an important milestone in the industry’s migration toward more secure, multiparty computation (MPC) -based cryptocurrency wallets and expands the rapid adoption opportunities to a far wider range of users.
Some of the industry’s largest and most technologically advanced financial services firms are implementing MPC to maximize transaction security on their exchanges and custodial wallets. (See the blog An Introduction to Threshold Signature Wallets with MPC) However, a much larger pool of digital asset exchanges and custodians, fund managers, token issuers, DApp developers, and payment gateways want to enjoy the benefits of increased security without developing their own MPC-based wallets. CYBAVO VAULT gives these prospective wallet providers a turn-key, MPC-based threshold signature wallet solution that can be branded and marketed as their own.
MPC-based wallet technologies, such as Sepior™ ThresholdSig, use MPC to generate and secure the private key which generates an ECDSA signature used in online transactions such as Bitcoin and other cryptocurrencies. MPC-based threshold signatures provide higher levels of security and transaction privacy than is practical to achieve with standard single signatures or multi-signature (MultiSig) based solutions. (See the blog Are Threshold Signatures Really More Secure Than MultiSig?) This allows cryptocurrency wallet providers to offer the highest security in the industry, to alleviate the concerns of cryptocurrency theft.
CYBAVO’s holistic approach allows their customers to simply and rapidly deploy a secure, business-ready and user-friendly digital asset storage and management platform. Users can start using it out of the box, without requiring any development from their side. This turn-key approach also eliminates the risk of private keys (and crypto asset) loss due to security breaches introduced by the integration of multiple systems by skilled developers who may lack end-end security expertise. The result is that MPC-based threshold signature wallet solutions are now even more simple to implement and more secure than ever before.
