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Supporting BRC20, OKX MPC non-private key wallet boosts the growth of the Bitcoin ecosystem.

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Recently, OKX MPC, a keyless wallet, announced its support for the BRC20 standard and the Oridinals market, becoming the first MPC wallet to support the Bitcoin Inscription ecosystem.

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Source: OKX

The current number of active Bitcoin addresses is only 788,900, compared to Web2 APPs with daily active users in the hundreds of millions. There is still a huge growth potential for the Bitcoin ecosystem.

As the entrance to the Bitcoin on-chain world, wallets will play a crucial role. However, according to The Daily Hodl, at least 4 million bitcoins have been permanently lost due to private key loss and theft, and this number will continue to increase in the future, causing huge losses to holders. In addition, with a large number of users pouring into the Bitcoin ecosystem, there are higher requirements for Bitcoin ecosystem wallets in terms of convenience and functionality, in addition to security. The emergence of OKX MPC non-private key wallet helps users to explore interactive Bitcoin ecosystem applications more easily while solving the private key problem. Recently, OKX MPC non-private key wallet announced support for BRC20, becoming the first MPC wallet to support the Bitcoin inscription ecosystem, which may help Bitcoin network users to achieve large-scale growth.

无需管理私钥、丢失可恢复

No need to manage private keys, recoverable if lost

The private key represents the unique control over wallet assets, and losing or being stolen means the loss of user assets. OKX MPC non-private key wallet can help users to not have to remember and manage wallet private keys, and still be able to recover control of the wallet in extreme situations such as personal or platform issues. For example, when a user loses their phone or accidentally deletes their wallet, they can recover their wallet through iCloud or logging into their exchange account. In the event of an emergency on the platform, the "emergency escape" function can be used to export the private key and withdraw assets through two private key fragments managed entirely by the user.

OKX MPC is a keyless wallet that is implemented based on the multi-party computation (MPC) and threshold signature (TSS) technologies. The basic implementation principle is that when creating a private key, each participant generates their own "private key shard" and keeps it safe. When a user initiates a signature, the participating parties use their "private key shards" together to achieve a complete signature. The entire process does not involve the complete private key, nor does it expose the "private key shards" of the parties involved.

Users do not necessarily need to call all "private key shards" for signing. OKX MPC's non-private key wallet is the first 2-3 multi-chain non-private key wallet on the market, which generates three "private key shards". When signing, two of them can be used to complete the process. Specifically, the OKX server generates a private key shard 1, and the user's device generates private key shards 2 and 3. Private key shard 2 is encrypted and saved on the user's device, and private key shard 3 is encrypted and backed up to iCloud or Google Drive. Private key shard 1 + private key shard 2 are used for transaction signing, and private key shard 3 is used for backup.

Unlike on-chain multi-signature, the signature of MPC wallet is completed off-chain, which has advantages in terms of cost, privacy, and compatibility. Even if the "private key shard" is lost, control of the wallet can be restored by re-sharding. On-chain multi-signature is more secure and transparent, but when the "private key shard" is lost, a new plan often needs to be formulated.

OKX MPC is a non-private key wallet that "does not require management of private keys and can be recovered if lost", which improves the security and convenience of Web3 wallets, is more user-friendly, and achieves a truly decentralized self-hosted non-private key wallet. Users can freely explore in the increasingly rich chain interaction, even if faced with various carefully disguised phishing links, which may result in some private keys being stolen or lost, assets are still safe, and private key fragments can be recovered in multiple ways, and users still have full control.

助力比特币生态增长

Assist in the growth of the Bitcoin ecosystem.

Ordinals protocol ignited the wave of inscriptions in the Bitcoin and crypto world, and with the rise of Bitcoin prices, market attention and funds have returned to the Bitcoin network. Bitcoin has shifted from digital gold to more possibilities, but because Bitcoin does not support smart contracts, its backward ecological infrastructure has brought more opportunities for innovation. More and more projects are trying to replicate the prosperity of Ethereum Layer2 and make Bitcoin Layer2 appear more "expensive" by anchoring Bitcoin value, but it will definitely be different from Ethereum's DeFi stacking paradigm. In addition, with the development of Bitcoin spot ETF, halving and other narratives, the Bitcoin ecosystem will show huge growth space in the new round of bull market.

A large number of new users are entering the Bitcoin ecosystem, but due to pain points in private key security, transaction fees, and wallet functionality, higher requirements have been put forward for Bitcoin ecosystem wallets, which will affect the growth of the Bitcoin network system.

Recently, OKX MPC, a keyless wallet, announced its support for the BRC20 standard and the Oridinals market, becoming the first MPC wallet to support the Bitcoin Inscription ecosystem. This not only allows users to enjoy a more secure and convenient wallet experience without managing private keys, but also supports the Oridinals market, allowing users to transfer, trade, and engrave BRC-20 and BTC NFT in one-stop, with no platform service fees, exploring the rapidly changing Bitcoin ecosystem.

For the vast new user group, convenience and security are the basic and core competitiveness of the wallet. Only wallets like OKX MPC non-private key wallet that have solid basic skills and constantly innovate in diversity can continuously meet and adapt to user needs.

Web3 infrastructure is not yet mature, and the imagination of application scenarios has not been fully realized. Many products impose abstract concepts and complex operation steps that are not within the scope of user consideration onto users, greatly increasing the usage threshold. Although Web3 on-chain applications currently attract many speculators, power users, and developers, these are by no means regular users in the Web2 world, and are far from the super 5 billion user scale of Web2. How to simplify and improve the user experience of these applications by cutting in from the most frequent and important applications for users has become an industry consideration.