Introduction to UXUY
What is an MPC Wallet
MPC (Multi-Party Computation), also known as Secure Multi-Party Computation, is a cryptographic method used to perform computations among multiple participants while preserving the privacy of data. This technology is typically employed for secure data sharing and computation, where participants do not wish to share their raw data with others but still need to collaboratively accomplish certain computational tasks.
The MPC algorithm used by UXUY
UXUY, a digital currency wallet and trading platform, places a strong emphasis on user privacy and security to provide the best digital asset management experience. In a bid to further enhance asset security and data privacy for users, UXUY is proud to announce a strategic partnership with Safeheron. Safeheron is a leading cryptography security company renowned for its outstanding Multi-Party Computation (MPC) security algorithm, which holds an excellent reputation in the fields of digital currency and data privacy.
Keyless Secure Wallet
A non-custodial secure wallet is a type of wallet that never generates or retains the complete private key or mnemonic phrase at any point. During the creation of an MPC (Multi-Party Computation) wallet, only MPC unit shards are generated through algorithms, and no private key is generated throughout the entire process, only the existence of MPC unit shards. When signing transactions, private keys are not used for signing; instead, irreversible signatures are created using MPC unit shards.
What are the advantages of MPC wallets over traditional wallets
| MPC Wallet | MPC Wallet EOA Wallet (Traditional Wallet) | |
|---|---|---|
| Single Point of Failure | None | Existence |
| Key Management | Simplified Diversity | Easy to lose |
| Private Key Security | Utmost Security | Vulnerable to attacks and leaks |
| Signature Methods | Offline Signing, Online Signing, Multi-Signature | Online signature |
In simple terms, an MPC wallet is more secure and versatile compared to an EOA wallet. It effectively addresses the risks associated with traditional wallet key storage, single points of failure, and signature leakage. Additionally, it further enhances the security of both wallet usage and signature processes for users.
The types of sharding used by UXUY
2/2 Shard Unit: UXUY employs a 2/2 sharding approach to create MPC wallets for users. Users manage one shard unit and host one shard unit. 3/2 Social Recovery: Users can upgrade their 2/2 shard unit to a 3/2 shard unit for social wallet recovery. The development of 3/2 social recovery is currently underway. Stay tuned for updates!"