Zhen joins Steve to chat about the decentralization of key management in cryptocurrency.
During the podcast, Zhen discusses how tKey works on the backend. To explain it briefly: tKey leverages on Shamir Secret sharing to split a user’s key into three parts. One share remains on the Torus network (a decentralized network run by large ecosystem stakeholders like Binance, ENS, Etherscan, Ontology, Zilliqa, Tendermint, Skale and Matic), while the other two are available to the user, with one share being stored on their device, and the other behind a backup password/seed phrase.
The multi-factor authentication is built so that even if the user’s social account is hacked or compromised, the hacker would still need to find out the recovery passphrase or gain access to the user’s device to get their private key. This maintains high levels of security for the user, whilst maintaining the convenient onboarding flow that mainstream users are familiar with.
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