Tue. May 28th, 2024

TLDR: Bitget, the world’s leading cryptocurrency exchange, has upgraded its platform wallets with Multi-Party Computation (MPC) technology to enhance security. MPC technology eliminates the risk of a single point of failure and ensures secure transactions through distributed computing and homomorphic encryption. Bitget’s MPC wallets also incorporate the use of Trusted Execution Environment (TEE) to bolster hardware security. The platform further safeguards user assets through secure key generation and a collaborative signature protocol. This upgrade highlights Bitget’s commitment to providing a secure and reliable platform for its users.

Bitget, the world’s leading cryptocurrency exchange and Web3 company, has announced a significant enhancement to its platform wallet security through the upgrade of Multi-Party Computation (MPC) technology. This update means that all users’ wallet addresses have been upgraded to MPC addresses, showcasing Bitget’s dedication to user security.

Bitget’s MPC wallet addresses introduce several cutting-edge advancements in security standards:

  • Distributed Computing: The implementation of multi-party distributed computing eliminates the risk of a single point of failure, fortifying the overall resilience of the wallet.
  • Homomorphic Encryption: Through innovative encryption techniques, Bitget ensures secure transactions without exposing private keys, providing an extra layer of confidentiality.
  • Trusted Execution Environment (TEE): Bitget’s MPC wallet is fortified by TEE, bolstering hardware security and instilling user confidence in the safety of their digital assets.

In addition to the above advancements, Bitget’s commitment to security extends to the generation and signing of transactions:

  • Secure Key Generation: Distributed key generation ensures the safe and dispersed creation of private key shares, safeguarding against single-point failure and enhancing overall wallet robustness.
  • Collaborative Signature Protocol: The platform employs a distributed collaborative signature protocol during the signature stage, preventing the leakage or aggregation of multiple private key shares. Homomorphic encryption technology further fortifies this process, occurring within a trusted execution environment (TEE) without revealing the complete private key.

Gracy Chen, Managing Director at Bitget, expressed that security is a paramount element in a cryptocurrency company, and the upgrade of MPC technology into the platform’s wallet is a testament to their commitment to user safety. This announcement follows a successful implementation of Bitget’s ongoing commitment to security, with the MPC wallet upgrade enhancing security measures and introducing users to cutting-edge cryptographic technologies.

Bitget, established in 2018, is the world’s leading cryptocurrency exchange and Web3 company. The platform serves over 20 million users in 100+ countries and regions and is committed to helping users trade smarter through its trading solutions and pioneering copy trading feature. Bitget Wallet, formerly known as BitKeep, is a world-class multi-chain crypto wallet that offers comprehensive Web3 solutions and features.

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