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MPC Wallet
This page describes Nuvo's upcoming MPC wallet architecture.
Nuvo is proud to announce partnership with Sinohope to upgrade existing wallet to state-of-the-art MPC wallet architecture. MPC-TSS combines the concepts of shared key fragments and collaborative signatures to eliminate a single point of failure. It is
- More autonomy than centrailized custody
- Independent control of funds, immune to "misappropriation" and scams
- T-N multi-parties signature
- Multi-level management of digital assets for enterprices
- More secure than decentralized wallet
- Allows multi-parties to manage private key share to mitigate the risk of traditional private key storage
- No need to keep "invisible" private keys, no mnemonic words
- Multi-level disaster recovery plan, private key fragment recovery shceme in multiple scenarios
- More user-friendly than hardware wallet
- Wallet creation in seconds, no private key; no mnemonic words
- Private key fragment accessible online with zero storage difficulty
- Web2 product in form, easy to operate and quick to master
- More versatile than contract wallet
- No Gas fee for address creation, and low transaction fee
- Applicable to most mainstream blockchains
- Off-chain multi-parties signaturesto protect privacy
Upcoming Nuvo MPC will employ a 3-3 multi-party signature scheme (which also supports t-n threhold signature), where the ustomer holds one private key share and the other two private key shares are stored on SINOHOPE MPC self-custody system (sgx+ cloud storage). Only all three private key shares together can effect a transaction signature (because only the private key share held by the customer can initiate a transaction, while the other two shards stored on SINOHOPE system can only do verification signatures, the SINOHOPE system has no control of customers' assets).
While using the SINOHOPE MPC wallet, a complete private key will never be generated on any device, and there are no mnemonic words, for hackers to attack. If any one of the private key shares is lost, users can quicly recover the wallet through other private key shares, allowin users to fully control their own digital asset, and solving the trust problem in relation to asset co-management. In addition, SINOHOPE MPC self-custody system adopt multi-level encyption and backup for private key shares stored on the system. In case of. loss, it can be recovered by the admin appointed by users. In extreme cases, user can export and recover the complete private key offline, to avoid the risk of private key losss, leakage, attack, or internal malicious behaviour.
