As the leading non-custodial authentication infrastructure provider with over 8M monthly users, Web3Auth has launched 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.
To date, more than 20% of all mined Bitcoin is lost due to mismanaged or stolen seed phrases. 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
Other than Metamask, we are onboarding key Web2 gaming players like NEOWIZ and 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…
What is MPC?
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.
Why use MPC technology?
- MPC is currently the golden standard for enterprise key management which Bitgo and Fireblocks currently 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 existing and familiar UI/UX flows, including simple one-click logins and others.
How is our SDK different from other MPC solutions?
- Our MPC is the perfect Externally Owned Account (EOA) and can be paired with Gnosis Safe and other Smart Contract Wallet infrastructure (more on this coming soon).
- The existing MPC solutions offered today 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.
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
- 1.2-second transaction speed (challenge it if you don’t believe us).
- We are chain agnostic (secp256k1, ed25519, BLS and more support)
- Our SDK can be embedded into any web, mobile, and native application.
- The MPC SDK is geo-distributed and horizontally scaled for global distribution.
For those of you that are already familiar with the multi-factor keys security model at Web3Auth, this blog is just another incremental step towards improving private key security.
For those of you who aren’t familiar, here’s how multi-factor keys work:
Leveraging our MPC SDK, you can expect the following benefits
- Reduces account loss from misplaced seed phrases
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.
Wanna try it?
We have an alpha SDK that you can use today https://web3auth.io/docs/sdk/web/web3auth-mpc. And if you want to take it to production, sign up for early access here https://web3auth.typeform.com/to/efe3zBzt?typeform-source=web3auth.io
