In the era of digital financial systems, crypto wallets transform the way of securing digital assets. All modern-day wallets now come with advanced security features like keyphrases, 2FA authentication, and many more. But still, the necessity of strengthening crypto wallet’s security exists. In this regard, MPC Crypto Wallet Development gains the attention of many cryptoprenuers.
Multi Party Computation (MPC) is a cryptographic technology that allows multiple sources to do computation in order to enhance security. The integration of MPC with crypto wallets improves the wallet’s security to almost no chance of hacking. Considering this, startups or entrepreneurs who look for highly secure crypto wallets choose MPC wallets. The MPC integration in the wallet’s functionality is new to the crypto industry. And so, information about this wallet is very minimal across the web.
So as a startup, it is wise to choose a prominent Crypto Wallet Development Company – ZAB Technologies as your Cryptocurrency wallet Software development partner. We have skillfull developers who are well-experienced in crypto wallet development. Also, our extended support helps you tackle real-time challenges.
But before delving deeper, let us explore the working and use cases of the MPC crypto wallet. Also, we will have a look at the top 5 MPC wallets in the crypto industry and the way to create one for you. Starting with…
What is an MPC Crypto Wallet?
Multi Party Computation wallet is a new addition to the crypto wallet lineup with innovative security measures. Generally, the wallet user has a private key to safeguard the crypto assets. Additionally, some prominent wallet players offer security keyphrases to users to access their wallets. These fundamental security are good enough to keep the wallet protected. But, it is until the user only has access to private key or security key phrases.
The MPC crypto wallet provides a solution to this issue through multiple cryptographic verifications. With this self-custodial wallet, your user will have complete control over their wallets. They can perform normal wallet operations of sending and receiving crypto assets and more. Besides, this wallet is more secure than its counterparts. Because,
- Absence of single keyphrase usage
- Offering secure recovery
- Multi-level authentication like 3FA
- Web3-based self-custodial wallet
- Enhanced Withdrawal protection
Apart from these, you can get this wallet supporting multiple blockchains. Instead of keeping the private keys secure in wallet storage, this wallet follows different methodologies. Amazing isn’t it? Knowing the working principle of this wallet gives you more insights into this.
How does the MPC Crypto Wallet work?
As you know, crypto wallets face security threats when private keys are stolen. This is because of the weak cryptographic protection and single-user key management. The online presence allows the hacker to break the protection easily and steal the key. However, this is not the case when you own an MPC wallet. Because neither your wallet nor the user won’t hold the private key. Your MPC wallet splits the keys into multiple key phrases and keeps them distributed in different places. So no one, even you as wallet owner can not trace the complete keyphrase.
In addition to that, you can provide 3FA authentication to help your users recover their wallets securely. This multi-level authentication will be an additional layer of security that creates trust among your users and gets them engaging. Furthermore, you can extend this level of protection to fund management through multi-signature verification. Hence, your wallet can attract large-scale industry traders, and there is no chance of hacking.
But do you think, security is the only reason you should consider creating a MPC crypto wallet? Definitely not. This wallet consistently replaces the place of traditional wallets in various sectors. Let us check the…
Use cases of MPC Crypto Wallets
The Multi Party Computation wallets serve numerous industries under various use cases. Below are some of the glimpses of MPC wallet use cases. They are…
Secure Cold Storage
Since this wallet’s key phrases are across multiple parties or devices, there is no single point of failure. Also, the cold storage of this wallet does not always need internet connectivity. Hence the chance of hacking is almost zero. So you can use your wallet as a secure cold storage.
The tracing of the private key of the wallet cannot done by anyone even in the transaction. For instance, Zengo’s MPC mobile app offers withdrawal protection with 3D face lock verification. Hence, no one cannot proceed with withdrawal even if the phone is lost. Similarly, your wallet app can offer top-class privacy for privacy-preserving transactions.
Decentralized Finance Applications
The crypto wallet acts as a medium for connecting the users and the decentralized app. For example, Fireblocks’s MPC wallet solution connects the in-app wallet directly to dApps. With this feature, you can allow your users to access DeFi protocols directly. Here you can control and safeguard your users as well as your wallet from risks like data theft.
This Multi Party Computation wallet supports multiple blockchains like Ethereum, Binance Smart chain, and many more. So your wallets can support cross-chain transactions across multiple blockchains.
Generally, the voting system requires graded security and privacy. As we already know, MPC wallets are highly secure and have a grade of privacy. So, your wallet will be a perfect fit for this usage.
With the above-stated use cases, the MPC crypto wallet becomes an ideal option for your business. Because MPC wallets reduce the risks in key management through secure key validation, private transactions, and multi-stage key recovery authentications. As a result, you will get guaranteed business growth and financial benefits from your potential user base
To get more clarity on this, let me show you the top 5 MPC wallets that provide better business benefits to both wallet users and owners.
Top 5 MPC Crypto Wallets of 2023
Here is the list of industry-leading MPC wallets compiled based on the type of key management and unique features.
It is a self-custodial Web3-based Multi Party Computation wallet. Coinbase wallet has two key shares; one is with the wallet platform and another one is with the user. The user should authenticate the wallet platform with the key share to get access to the wallet. Through mobile app and browser extension, Coinbase makes an annual revenue of approximately 2.6 billion US dollars.
Spatium is an MPC crypto wallet popularly known for its mobile app. This crypto wallet app has biometric authentication, multi-device signs, and more as security features. Also, the wallet doesn’t store the key shares resulting in no possibility of hacking. Supporting the Android and IOS platforms, Spatium opens up the next level of mobile crypto wallet usage with MPC technology.
Zengo is also a mobile-based MPC crypto wallet that supports advanced security features. Here the key shares are distributed with Zengo servers and the user’s phone. Matching the key shares only allows the users to access the wallet. In case of key recovery, 3FA authentication does the needed security check. Thus, being one of the oldest MPC wallets, Zengo proved its stance with world-class security.
OKX is a decentralized web3-based wallet that recently migrated to Multi Party Computation Technology. This wallet follows multiple device authentication to safeguard the secret key phrase. Here the user has a unique feature ‘Emergency Escape’. This feature allows the users to safeguard the available crypto assets immediately If the user feels the secret key phrases were compromised.
Qredo is a distributed multi-party computation wallet. This wallet uses its network as a vault to safeguard the assets. That means the distribution of private key phrases across the nodes of the Qredo network. Each node will generate tamper-proof keys to validate the keyphrase. This two-layer multi-level verification enhances the security one step forward.
These are the top 5 crypto wallets functioning based on the Multi Party Computation technology. Here, you can see that each wallet follows a different type of key management. You can also built your wallet with diverse key management to protect the wallet from hacks. However, you must ensure your wallet is programmed accordingly. Also, the technical capabilities are enhanced with professional supervision. In this regard, ZAB Technologies will help you meet your enterprise requirements. Having a look at our development process justifies the reasons for that as well.
How to Create MPC Crypto Wallet?
The main goal of this MPC concept is to provide unbreakable security to the wallet. To achieve this, we follow certain steps to launch your MPC wallet secured all the way. They are,
In this step, we listen to your thoughts to create an MPC wallet effectively. Then we analyze the market competition, feature requirements, and security protocols that safeguard the assets.
Designing and Development
This is the step to design and develop the wallet interface, integrating the features and security modules into your wallet. This step involves deeper domain knowledge and technical expertise. Don’t worry! Our expert will take care of everything.
In this stage, our professionals will do multiple-stage testing to ensure the wallet’s performance. This includes UI/UX performance, Key management, wallet features like swapping, and security auditing.
Once the testing process has ended, our expert team will take the necessary steps to deploy the wallet as per your decision.
Support and Maintenance
Your MPC wallet needs real-time monitoring assistance to ensure stable performance and keep it updated with market trends. Our dedicated expert support will be there if you need any assistance.
With these top-class development procedures, we provide you with a safe and feature-rich MPC wallet. Our seasoned blockchain experts do market research and integrate required feature sets to make your wallet stand ahead of your counterparts. So you can do effortless marketing for your Multi party computation wallet. Apart from these, there are a lot more reasons to choose us for your MPC wallet development.
Why choose ZAB Technologies to Create MPC Crypto Wallet?
ZAB Technologies is a prominent Crypto Wallet Development Company in the crypto space. We have skillfull developers who are experienced in creating different types of crypto wallets. With the fine-tuned technology stack and proficiency of our developers, creating an innovative MPC crypto wallet is not a difficult task when you connect with us.
Further, our wallets are feature-backed, highly scalable, and customizable to meet your business needs. This is the secret that helps us bring many cryptoprenuers to succeed in their crypto wallet business. So get connect with us. Let us together bring your dream crypto wallet business to realization with MPC wallet development.