Web3 wallet security and innovation is not the "To be or not to be" dilemma in Hamlet's heart.

Product innovation is done well because security is done well. Security is the cornerstone of continuous technological innovation. OKX Web3 wallet is one of the best wallets in terms of innovation and security. It has pioneered multiple exclusive features while maintaining a zero security incident record. 7X24 guards user asset security. "What we think about every day is how to make the wallet more secure," said Neil, product manager of OKX Web3 wallet.

Within OKX, product security is their "bottom line" that is deeply reflected in the development of all product lines. They continuously implement DeFi business security with caution to achieve zero records of security incidents, and continuously improve CeFi business to meet traditional financial audit standards through technological innovation, doing everything possible to ensure product security.

On July 27th, Jack Davis, an overseas Twitter user, praised OKX for continuously publicly disclosing reserve proof and supporting users to verify it at any time, which made him feel more at ease. OKX CEO Star immediately retweeted this tweet and commented that "there are many scammers in the cryptocurrency field. They talk about their vision like gentlemen in public, but steal baby bottles in private. Talk is cheap, technology doesn't lie." This is the style of OKX, not saying beautiful words, but using technology to achieve secure self-certification.

Web3 is inherently a game of trust, and product security is the iron law of survival. Without this awareness, one is destined to be beaten. OKX has not been beaten, but has instead become an example of industry builders.

How does OKX layout its security? For many users, this is still an "unknown field". Next, we will take OKX Web3 wallet's zero security incident record as the main line, fragment its security features, restore the full picture of its "security foundation", and glimpse its strategic layout plan.

Counting the Pain Points of Web3 Wallet Security, How OKX Web3 Wallet Breaks Them One by One

As more and more users are excited about the ownership revolution brought by Web3 wallets, they are also panicked by asset losses caused by private key loss or theft, airdrop scams, faulty contracts, phishing links, and more.

Currently, the security issues of Web3 wallets exhibit characteristics such as diversity, complexity, and correlation. It is not possible to go into detail about each security issue here, so we will mainly focus on the major security issues at present. Web3 wallets can be mainly classified into two categories: wallet security itself and security in the use of the chain.

The security issues of wallets can be mainly classified into two categories: for users, the main problems are the loss or theft of private keys; for wallets, the more common problems are the misuse of users' private keys and self-theft.

Security issues in blockchain usage can be mainly classified into one category: user security issues caused by contract vulnerabilities, malicious signature fraud, authorization, and other third-party factors.

Faced with the above security issues, how did OKX Web3 wallet break through them one by one?

When it comes to the issue of "self-protection and theft" in wallets, OKX Web3 wallet adopts a very honest approach - open source. This includes the comprehensive open source of multi-chain signature SDK, the open source of MPC non-private key wallet core algorithm, the open source of AA wallet, and the open source of BRC20-S. The biggest advantage of open source is that programmers from all over the world can come to check the code, review vulnerabilities and whether there are any backdoors, and complete security proof for them, never taking away user private keys without authorization, and maximizing user trust. Moreover, it directly demonstrates their responsibility as a leading Web3 technology enterprise, contributes to the industry construction, and invisibly enhances brand reputation, which is more effective than any advertisement.

Regarding the issue of lost user private keys, OKX Web3 wallet has launched multiple backup methods such as iCloud/Google Drive cloud, manual, and hardware mnemonic/private key backup to ensure that user private keys will not be lost. It has become the wallet with the most comprehensive support for private key backup methods on the market. In terms of the issue of stolen user private keys, OKX Web3 wallet has supported the most comprehensive mainstream hardware wallet functions such as Ledger, Keystone, Onekey, etc. to ensure that user private keys will not be stolen. The private keys of hardware wallets are always stored only in the hardware wallet device and are controlled by the user, thus ensuring asset security. In other words, OKX Web3 wallet allows users to securely manage their assets through hardware wallets while also freely participating in on-chain token trading, NFT markets, and various dApp projects interactions.

Although these two features are good, they do not fundamentally solve the problem of users losing or being stolen their private keys. What should we do? Then we can create a wallet that does not require a private key. OKX has started to exert its technological innovation and product "expertise", devoted all its efforts, and took the lead in developing an MPC keyless wallet, as well as an AA smart contract wallet that can recover private keys through social interaction.

On April 4, 2023, OKX Web3 Wallet officially launched its MPC non-private key wallet. This non-private key wallet is developed based on MPC technology and supports 37 public chains. It is the first 2/3 multi-chain non-private key wallet on the market and pioneers the emergency export function. Users can export their private keys and withdraw assets in emergency situations through two self-managed private key fragments, achieving a truly decentralized self-custody non-private key wallet. With OKX MPC non-private key wallet, users no longer need to manage complex private keys or mnemonic phrases, greatly reducing the usage threshold. Within just two weeks of its launch, the number of registered users has exceeded 100,000.

On August 2nd, OKX Web3 officially launched the AA smart contract wallet and is about to support social recovery function. This means that even if users lose their private keys, the assets in the wallet are still safe, and users can also regain account access through social recovery function. In addition, the AA smart contract wallet solves the problem of private key loss and improves the convenience, functionality, and user experience of the wallet to a new industry standard, bringing us closer to the era of mass adoption of Web3 wallets. Currently, the Europex OKX AA smart contract wallet has also open-sourced the smart contract code, covering 7 popular public chains including Ethereum, Arbitrum, Polygon, Optimism, BNB Chain, and Avalanche, aiming to enhance the security and transparency of its Web3 wallet.

So far, OKX Web3 wallet has completed the transformation from "prevention to cure" in terms of its own security issues. After breaking down the first type of security issues, let's talk about the second type of on-chain security issues.

Security issues related to on-chain usage of Web3 wallets, much like telecom fraud, are no longer solely within the realm of product security, but are mainly caused by third parties. However, OKX Web3 wallet places great emphasis on this issue and has built a powerful protection system, with the most powerful being the KYT Sky Eye Security System, which provides 24/7 protection for Web3 wallet users.

Due to the numerous functions involved in the system and its continuous upgrades, only a few of the more important functions will be discussed here.

One of the functions of this system is risk authorization reminder. The current system has a library of 300 million+ on-chain address tags, which is constantly updated. It can effectively detect and automatically alert users when they encounter malicious addresses or suspicious transactions. According to Neil, the product manager of OKX Web3 wallet, the address tags will be processed in layers in the future, with normal prompts for whitelist addresses, normal risk prompts for graylist addresses, and direct interception for blacklist addresses.

For example, when users encounter risky situations such as "Pixiu disks" or phishing websites, the KYT Tianyan Security System will automatically identify and provide risk warnings to avoid risky transactions for users.

Another feature is the one-click authorization management function. This function is relatively easy to understand. If the user makes a mistake during the on-chain interaction, and there is a risk contract authorization involved, the OKX Web3 wallet can be used to manage the risk contract authorization with one click, clearing risks regularly and avoiding pitfalls in advance.

There is one more important feature, which Neil said is currently under development and has not yet been officially launched - pre-execution. This means that users can pre-execute the data that is about to be put on the chain before signing the transaction. The system will display potential risks to avoid blind signing scams.

Amazingly, the OKX Web3 wallet has recently supported Flashbot to protect users from MEV attacks. Users can click "More" in the ETH chain SWAP transaction of the OKX Web3 wallet and enable MEV protection to effectively prevent MEV attacks. The wallet sends transactions to trusted third-party nodes (such as Flashbots private pools) instead of regular transaction pools to ensure that the transaction order is not changed.

Regardless of the security of the wallet itself or the security issues of on-chain usage, OKX Web3 wallet has provided users with comprehensive protection, which is why they have created a zero security incident record for the industry's Web3 wallet.

In addition, according to Neil, OKX Web3 wallet is planning to further strengthen its security protection system from the aspects of risk prevention, risk cleaning, and risk hedging. The main focus will be on increasing user education, upgrading wallet security types, and providing security backup, in order to upgrade to a brand new industry standard.

Above is the full picture of the "Security Foundation" of OKX Web3 wallet. They deeply understand that there is no 100% security, only continuous addition.

Security is the foundation of innovation for OKX Web3 wallet, and our strategic focus has never changed

Twitter user 0xUnicorn once wrote that while having dinner with friends from OKX, they talked about how they invested in 400 people for over a year, which was a hard investment that no one in the industry except Binance could afford. The revolution of CEX is inevitable, and OKX foresaw this. Their Web3 wallet is already very advanced.

The investment of talents and funds is just the tip of the iceberg of OKX Web3 wallet's high-level strategy, and the high-dimensional vision behind it is worth considering. The best way to predict the future is to create it. A successful company must know who they are, where they come from, and where they are going. As the world's second-largest cryptocurrency exchange, OKX has a keen sense of future trends and is willing to explore. As the entry-level product that connects most frequently with users, OKX Web3 wallet has repeatedly achieved breakthrough innovations and is the core product of OKX's DeFi business. It originated in 2021 on the eve of BTC's new high of $69,000 and has been deeply rooted in the cryptocurrency industry for more than two years during the long bear market.

OKX Web3 Wallet has now grown into one of the most comprehensive, advanced, and user-friendly wallets in the industry, supporting 70+ public chains and unifying the App, plugin, and web interfaces. It covers five major areas: wallet, DEX, DeFi, NFT market, and DApp exploration. It also supports Ordinals market, creating MPC wallets, exchanging Gas, backing up mnemonic phrases to iCloud/Google Drive, customizing networks, and connecting hardware wallets.

Behind these functions undoubtedly rely on the security foundation of the wallet. Security is the fundamental of all technological innovations. Losing security is like a flower in a mirror or water in a scoop. From the above analysis of the "foundation of security", it is not difficult to see that OKX Web3 wallet puts product security at a strategic height no less than product innovation. They deeply understand that only by taking product security as the foundation can user assets and privacy be guaranteed. It can be seen that they start from solving user security pain points, maintain a "build" mentality, and continue to promote industry co-construction.

Although the current number of Web3 users has grown to the scale of billions, the number of active users is only in the tens of millions, which is still in the early stages compared to traditional internet. As the entry point for user on-chain interaction, Web3 wallets are a key scenario for achieving large-scale adoption of Web3. In this narrative, higher requirements have been put forward for the usability, stability, and security of Web3 wallets. Wallets should seize this opportunity and win with unique product advantages.

If the essence of product innovation is to maintain a leading position and cross the "Darwinian sea", then the essence of security is the trust that is gained. For products that involve user asset security, "trust is only given once, once it is destroyed, it can never be regained".

Imagine that once industry-leading gateways like OKX Web3 Wallet are adopted, they can continue to exert their influence, driving significant growth in Web3 users and generating immense value. Of course, this also presents significant challenges to their technical capabilities, especially with the introduction of standards such as ERC-4337. In addition to traditional EOA wallets, AA smart contract wallets, MPC wallets, and others will also experience rapid development. In the rapidly evolving world of cryptocurrency, only continuous and rapid iteration can meet the growing demands of Web3 users.

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