Say Bye to Seed Phrase; Hello to MPC
Harness the security of enterprise-grade MPC and democratize it for users
This week, as the leading non-custodial authentication infrastructure provider with over 7M monthly users, Web3Auth is launching the MPC (Multi-Party Computation) wallet SDK. We are aiming to bring seamless logins and enterprise-grade security from the institutional level to the user level.??
TLDR
Did you know that 20% of Bitcoin is lost due to mismanaged seed phrases and even more were stolen? To remove this main friction of web3 onboarding and key management issue, it’s time to say bye to the seed phrase. On a mission to provide the most seamless login experience for users, wallets and dapps, recently we integrated our MPC via @Metamask snaps. Take a sneak peek at a Web3 world without seed phrases here https://cdn.discordapp.com/attachments/1023805003648999484/1028584432061399050/Screen_Recording_2022-10-09_at_4.12.11_PM.gif
Other than Metamask, we are onboarding key Web2 gaming players like NEOWIZ , Glip NAFEZA. Egypt’s newly launched customs platform for importing and exporting also leverages Web3Auth’s MPC technology to seamlessly and securely onboard its users to the blockchain.?
A lot of exciting partners in the pipeline, but first let’s review some basics…
MPC, or Multi-Party Computation,? is Web3’s version of multi-factor authentication (MFA). It allows users to manage their keys intuitively by using multiple factors to protect their keys, instead of just relying on a single seed phrase to remove it in the process.
This makes it possible to design crypto wallets that rely on multiple factors to access a user’s funds. It is currently the gold standard for enterprise-grade crypto custody solutions and is used widely by exchanges and financial institutions for managing crypto.
MPC is currently the golden standard for enterprise key management which @Bitgo and @Fireblocks constantly push out and offer.
@Coinbase introduced an MPC alpha/beta into their wallet earlier in the year, and now we’re unveiling our MPC SDK that enables any wallet or app to do the same for their users.
Being able to build on the latest and greatest, we’ve optimized the infrastructure to be usable on all devices, across multiple platforms, with support for globally-distributed low-latency signing.?
Our MPC SDK leverages our existing UI/UX flows including simple one-click logins and others, check out the flow here https://cdn.discordapp.com/attachments/1022785836284129320/1034363507157782538/One_Click_flow.gif
Our MPC Is the perfect Externally Owned Accounts (EOA) to be paired with Gnosis Safe and other Smart Contract Wallet infrastructure (more on this coming soon)
Several companies offer MPC solutions today but they are all targeted at large enterprises. These MPC solutions are expensive, require a long setup process, or are just too slow to run on consumer devices.
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We think that MPC is too important and too crucial of a technology to be kept out of reach of the average user. MPC security should be the standard for all web3 wallets today. As a wallet infrastructure provider, we have optimized our MPC SDKs to be usable on all devices, across multiple platforms, with support for geo-distributed low-latency signing. It doesn’t matter if you’re a game, an app, a Chrome extension, or even a web wallet running in a mobile browser - our SDKs support that.
Our MPC technology key feature includes:?
Leveraging our MPC SDK, you can expect the following benefits:
There is no seed phrase to manage - shares are managed by intuitive MFA flows that users are familiar with.
2. Prevent compromised device vulnerabilities
User accounts are not subjected to frontend vulnerabilities as MPC’s joint computation allows for keyless usage.
3. Avoid losing funds from dubious transactions
Safeguard your users’ accounts with a flexible policy engine to set rules - daily transaction limits and blacklist scams.
4. Expect fluid experiences
Expect a low latency of less than 1.5s for both login and transaction signing. Allow your users to focus on engaging with your product.
5. You own the UX, we can be a white-label service provider
Our MPC can be embedded into any dapp and/or wallet - you own the experience.
6. You Don’t need to compromise your stack, any platform any chain
Our MPC SDK is blockchain agnostic, it works on Web, Mobile and Native applications.
Sign up for early access to our MPC SDK here https://web3auth.io/docs/sdk/web/web3auth-mpc