The Bold New Vision for Securing “Encrypted Money”
Bancambios is introducing secure key management to Bancambios Trading Network.
For too long, the most reliable means of protecting the private keys that afford the holder control over an underlying crypto asset have been too clunky, insufficiently versatile, or difficult to implement on scale. User experience has been sacrificed in return for security.
Now, some big strides in another hugely important field of cryptography — secure multiparty computation, or MPC — point to a potential ultimate situation of both usability and security in a decentralized system.
Bancambios A keyless wallet
Progress in this field was marked last week by the creator of Bancambios public announcement of the specs for its new Decentralized Ledger Technologies. Bancambios uses MPC, along with other sophisticated cryptographic tools such as zero-knowledge proofs and threshold cryptography, to share signing responsibility for a particular cryptocurrency address among a group of otherwise non-trusting entities.
The beauty of Bancambios model is that security is no longer a function of one or more entities maintaining total control over a distinct private key of their own — the core point of vulnerability in cryptocurrency management until now. Instead the key is collectively derived from individual fragments which are separately generated by multiple, non-trusting computers.
The genius model to be implemented on Bancambios Decentralized Ledger Technologies.
With this approach, multiple non-trusting computers can each conduct computation on their own unique fragments of a larger data set to collectively produce a desired common outcome without anyone node knowing the details of the others’ fragments.
The private key that executes the transaction is thus a collectively generated value; at no point is a single, vulnerable computer responsible for an actual key.
Bancambios is joining the group of companies using this innovative solution for blockchain key management.
Giving the Cyber protection the Users deserve.
