The story of MPC goes back to the late 1970s when experts started creating special ways for computers to work together on specific jobs. But it wasn’t until 1982 when Andrew Yao introduced a method called secure two-party computation that MPC really took off.
Fast forward to the late 2000s and beyond, people started making MPC better and more useful. They came up with smarter ways for computers to work together, making MPC great for real-life things like voting, auctions, and sharing secret codes.
In 2008, there was a big moment for MPC when it helped run a big auction for sugar beets in Denmark. This showed how MPC could be used for big jobs and caught the attention of many industries.
Then, with the popularity of Web3, people began using MPC technology for crypto asset custody and creating MPC wallets. Before MPC emerged, there were other methods for handling transactions and keeping assets safe. Let’s take a look at them and see why MPC outshines them:
Single-sig: This method is the simplest but the least secure. It’s common because it’s easy to use, requiring only one person with one private key to authorize transactions. But this simplicity also makes it vulnerable. If someone gets hold of your credentials, they can access all your services, apps, or systems.
Multi-sig: Unlike single-sig, multi-sig involves multiple people with their own private keys to authorize transactions. It’s more secure because it adds extra layers of protection, requiring all signers to sign the transaction. However, it’s more complex to set up and use, and it can lead to delays if everyone doesn’t participate or coordinate properly.
MPC advancements and use cases in crypto world
MPC advancements and use cases in the crypto world showcase the evolution of security measures and their practical applications. As institutional investors increasingly demand heightened security for digital asset storage and transactions, Multi-Party Computation (MPC) technology has emerged as a solution. MPC offers a decentralized approach by distributing private keys among multiple computers, mitigating the risk of a single point of failure. This technology surpasses traditional multisig methods in efficiency and adaptability, making it ideal for institutional use in today’s dynamic market.
MPC wallets, built on this technology, have found diverse applications across various sectors within the crypto space. In DAO services and corporate storage, MPC wallets facilitate secure collaboration among multiple parties, ensuring collective asset management and enhanced security measures. Additionally, in escrow services, MPC wallets provide assurance by ensuring compliance with predetermined terms before transactions are executed.
Furthermore, in funds and investment services, MPC wallets enable group decision-making on portfolio management, requiring consensus among participants. They also serve custodial services and exchanges by offering secure asset storage with reduced vulnerability to human error and single points of failure.
Prominent projects like Fireblocks, HyperBC, Safeheron, Copper, and Cobo provide MPC wallet services to their clients, catering to a wide user base. This trend showcases the increasing adoption of MPC technology within the crypto ecosystem.
As Web3 gateways, MPC wallets offer simplified access without complex password management, potentially driving increased adoption of crypto and Web3 products. Aligned with the principles of accessibility and convenience in Web3, MPC wallets are poised to become integral components of future Web3 ecosystems, providing secure storage and facilitating instant transactions for both individual users and corporate entities alike.
Objectives of the HyperBC Team
At HyperBC, our mission is to drive forward a new era of digital asset adoption. We’re dedicated to providing top-notch storage and payment solutions that foster decentralization and financial inclusivity. With our MPC wallet and payment systems, we seamlessly integrate crypto into businesses while ensuring utmost security.
We’re relentless in our pursuit of innovation, always prioritizing asset security and smooth integration into the evolving web3 ecosystem. Armed with cutting-edge technology and a steadfast commitment to security, we empower companies to navigate the crypto landscape confidently. Our ultimate goal? To make web3 an integral part of everyday life, secured by HyperBC.
Want to learn more? BOOK A CALL with the HyperBC team.
