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Hyper BC CEO: MPC technology will boost the deep binding of wallets and regulators

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Web3 entrance revolution - the experience and popularization of MPC wallet

Original source: Hyper BC

January 10th, hosted by MarsBit, co-organized by Hong Kong Innovation Industrial Park Cyberport, G-Rocket Gao Nuo International Accelerator, and element "POW" ER Hong Kong Web3 The Innovators Summit was held in Hong Kong, and Chan Mao-po, Financial Secretary of the Hong Kong Special Administrative Region Government, attended and delivered a speech.

< p>At the meeting, Joseph Zhang, CEO of Hyper BC, Pengyu Wang, founder of particle Network, Song Liu, founder of BitiZen, Raymond Lam, co-founder of Custonomy, and Peet Chen, founder & Revolution——Experience and Popularization of MPC Wallet” for a roundtable discussion.

< p>Joseph shared his views on the spontaneous coin withdrawal movement caused by the FTX thunderstorm from two dimensions. The first is the market dimension. After the FTX thunderstorm incident, hardware wallets represented a record high in ledger sales, and multi-signed smart contract wallets On behalf of Gnosis Safe, the inflow of more than 800 million US dollars, the pioneer of MPC wallet zengo user deposits reached the highest level in history, the market's feedback on decentralized wallets is very direct;

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Secondly, in terms of capital latitude, the financing of the entire industry in 2022 will be about 27 billion, of which the infrastructure will rank first at 7.5 billion US dollars, and the decentralized wallet track will account for a large proportion of it. Whether it is the market or capital, these signals are relatively obvious. Decentralization will be the trend. The key is how to balance security, ease of use, and scalability. Of course, this is not an absolute thing. It can still be combined with custody, self-management, and semi-custody, and multi-dimensional asset management settings can be made according to the use of funds.

Joseph emphasized that the current MPC wallet is still in the early stage of rapid growth, the concept is popularizing, and the heat is heating up. Now there are many MPC wallets on the market, and each MPC wallet has its own main business processes and service groups, which may be standard in the future. However, the HyperBC team’s personal experience when implementing MPC enterprise-level services is that the algorithm layer is very complex, the threshold is relatively high, and rich technical reserves and high investment are required. If there is no engineering experience in the bottom layer of the blockchain, it may It will cause great security problems. As a member of the MPC Alliance, HyperBC often conducts industry sharing and collisions with Web2 giants and MPC technology pioneers in the alliance in exchange meetings, which will bring very positive benefits to the evangelization and implementation of mpc technology at the current stage.

< p>In terms of wallet security, Joseph also put forward his own views. He believes that everyone agrees that security is the basic skill of wallets, but the reality is that security is also the biggest challenge. A series of things need to be assisted to be established. It is only technical security, but this may not be enough. At the same time, a series of comprehensive security capabilities such as auditing, AML, compliance, license, insurance, etc. must also be considered. Consider exploring the combination of technology and compliance, such as trying to design a more complete private key sharding storage solution, deploying some private key shards on audit institutions or specific compliance institutions, and implementing wallets and supervision through MPC technology The deep binding of institutions enhances the confidence of users and the market.

At the end of the roundtable discussion, Joseph summarized the past, present, and future of HyperBC on the B side Prospects:

The current application areas of MPC wallets are typically waas and custody, and HyperBC has made some subdivisions on this basis Product optimization in the field, through the collection and payment of waas, to the fine customization of risk control strategies on the co-management wallet, and then to the cold wallet to form a closed loop. Worry about infrastructure such as wallets;

In addition, MPC technology has more scenarios to solve some pain points, such as governance Regarding the issue of smart contract permissions, HyperBC is currently working on some small and beautiful tools to optimize the management of Owner permissions through MPC technology. By associating the address of the smart contract, the abi contract interface is fully analyzed, and the owner's private key authority is replaced by the mpc fragment private key. During the contract governance process, a piece of private key can be assigned to the Dao organization for management. Using MPC as the decentralization of Owner permissions can effectively improve the security of the project and is more in line with the spirit of decentralization;

The recently released erc 4337 proposal has reinvigorated the account abstraction (aa). For example, some time ago, visa was exploring the concept of combining account abstraction to create a new account contract called a delegable account, which can be delegated to a pre-approved smart contract. Complete automatic payment operations, these are very applicable scenarios and practical significance. Based on this, the HyperBC team is also doing some brainstorming, such as whether it is possible to realize the inheritance of digital heritage through the mode of mpc+aa, etc. Of course, this is still in the early stage of exploration, but it has indeed brought great benefits to everyone. imagination.

About MPC

MPC, the full name of Multi-Party Computation (multi-party secure computing), is an important encryption security measure. MPC wallet refers to the verification method implemented under the chain by performing multi-party calculation on the private key. The original private key is replaced in the form of private key fragments. These fragments can be stored in different places. When needed, through a set of MPC protocols, a legal signature can be finally obtained in a distributed multi-round interaction. The signature generation process, including the shard generation process, can be regarded as a multi-party secure calculation, and all intermediate data generated and exchanged will not be leaked in plaintext. In the entire life cycle of key management, the real private key has never appeared, which is the essence of MPC wallet.

About HyperBC

HyperBC is the market leader in asset custody solutions, dedicated to providing enterprises with the ability to securely store and manage their digital assets on the blockchain Serve. HyperBC has more than 10 years of technical experience and has accumulated cutting-edge security and risk control technologies. It provides customized services and scalable solutions for enterprises. Its core products include HyperPay wallet, HyperCard digital currency credit card, Hpay payment, and digital currency ATM machines.