MPC Wallet Development – Overview
MPC wallet development is the process of creating a cryptocurrency wallet equipped with multi-party computation technology and blockchain technology to protect cryptocurrency assets. Even though blockchain technology is safer for storage, MPC encryption technology is used to create MPC crypto wallets for an additional layer of security. While entering the cryptocurrency space, every user wants to secure their cryptocurrency assets (it’s a basic requirement after all!).
To meet the wishes of all users, many novice startups and entrepreneurs have participated in creating multi-secure wallets. To gain user attention and trust, many startups are creating feature-rich MPC wallets. Therefore, if you are a startup, you should be familiar with MPC wallet development.
If you want to know more about MPC wallet development, read the blog completely. First, let’s be clear about MPC wallet.
What is MPC Wallet?
MPC, or multi-party computation wallets, are highly secure wallets that ‘share’ a user’s private keys between multiple parties. A cryptocurrency wallet’s private key or seed phrase is provided to multiple parties in the MPC protocol. Private keys are shared in a decentralized manner under the name ‘share’. The private key ‘shared’ is never revealed or shared within the parties. To execute a successful transaction, all parties must combine their ‘stakes’ and proceed.
Private key ‘shares’ are combined through a mathematical function. The MPC protocol ensures that no party has access to all ‘shares’ combined. So the chances of theft or fraud are zero. If a single party fails to provide their ‘share’, the transaction attempt will fail. This has led to the wallet gaining more attention from users who prefer an advanced level of security. Therefore, cryptocurrency users prefer to have their own MPC wallet to execute cryptocurrency transactions.
As the need for these wallets increases, many startups have shown interest. Cryptocurrency wallet development It uses the MPC protocol. While looking into developing an MPC wallet, you need to know how it works. Our team has provided the necessary information regarding the work process for your reference.
How MPC Wallet Works
MPC Crypto Wallet works based on secure encryption technology. Apart from that, Threshold Signature Scheme (TSS) and MPC are also injected into the wallet. This works in four steps:
- Initially, a new MPC wallet is created where both public and private keys are generated.
- Private keys are generated following multi-party participation.
- The MPC protocol ensures that the privacy and security of a party’s ‘shares’ are not disclosed to anyone else.
- A mathematical function is used to combine private keys to execute a transaction.
- Once MPC wallet creation is complete, signatures from all parties are collected to ensure successful creation.
- A public input is created to bring all parties together to execute the transaction.
- Transactions are registered on the blockchain through digital signatures.
- Any user familiar with the wallet’s public key can verify transactions stored on the blockchain.
This is how MPC wallets work with multiple parties. Users can still access their cryptocurrency funds if they follow compliance, even if a single party’s ‘share’ can be recovered through advanced level technical aspects. MPC wallets benefit users in many aspects, not just security measures.
No one is ready to say ‘no’ to a profitable cryptocurrency wallet.
Advantages of developing an MPC wallet
As mentioned above, the need for MPC wallets is high among users. Hence, they have now turned into profitable business ideas for startups and entrepreneurs. Some of the important advantages of developing an MPC wallet include:
strong security measures
MPC wallets are created solely for end-to-end security protocols and features. This ensures users’ trust in storing their crypto assets. The development of the MPC wallet will help us reach a broad user base in the cryptocurrency space.
End-to-end privacy protection
Even if a private key is shared with a variety of parties, the privacy of the private key is maintained appropriately. This reduces the chances of scams, hacks, and other fraudulent activities occurring.
zero probability of failure
Multiple parties hold parts of the private key address. So one might think that a ‘share’ deal would fail if a single party lost. But that is completely wrong. Even if the ‘share’ of the private key is lost, recovery is possible. Therefore, the transaction success rate is high.
Effective backup facilities
As much as the MPC protocol integrates security, it also provides user-friendly backup options. The MPC protocol maintains a ‘shared’ portion for each individual.
User-friendly interface
Users can easily understand the operating characteristics and processes of cryptocurrency wallets. The wallet process may seem like a difficult task, but it is not. Therefore, even cryptocurrency beginners can use it.
MPC or multi-party computation wallets are readily available and have now been adopted by various streams in the cryptocurrency space. We have listed some of them for your convenience.
Read more: How much does it cost to create a cryptocurrency wallet?
MPC Wallet Development Use Cases
Cryptocurrency users utilize the MPC cryptocurrency wallet in many ways. Did you know that nearly 100 billion Bitcoins were lost due to lack of private key management? For this reason, MPC wallets are widely adopted in the cryptocurrency space.
secure data transaction
MPC Wallet allows you to trade highly sensitive information such as medical records and financial statistics.
Integration into managed wallets
Managed wallets also use MPC encryption for advanced security. The private key ‘shared’ is disclosed to the company’s servers for security purposes.
Secure Voting Purpose
MPC wallets are more transparent while remaining secure. Voting on decentralized exchanges takes place in secret. Voter Secrecy will be activated on the platform once the required requirements are met. Therefore, for reliable and accurate results, DeFi platforms use MPC wallets.
Here, MPC wallets are widely used by cryptocurrency traders and users. With its use in a variety of fields, many well-known companies are offering their own MPC wallets with potential features.
Best MPC Wallet of 2024
As a startup, you may want to consider creating your own MPC wallet. For this, a business model is essential. In that spirit, we have selected some of the best MPC wallets of 2024.
If you want to participate in MPC wallet development, you can take one of the above wallets as your business model. You can also customize features based on your business requirements. Now, let’s take a closer look at the production process.
MPC wallet development process
If you want to enter the cryptocurrency space with a wallet, you should have some basic ideas about the MPC wallet development process.
Cryptocurrency Market Analysis – First, identify your target audience, competitors, and market scope. This makes it easier to achieve your business goals.
MPC Wallet Design – While creating a wallet, give sufficient importance to front-end and back-end design, user interface and display. The design of your cryptocurrency wallet is also a decisive factor in attracting more users.
technology stack – Use relevant backend technologies for MPC wallet development. Integrates blockchain, Threshold Signature Scheme (TSS) and Multi-Party Computing (MPC) technologies into cryptocurrency wallets.
test – Run sample tests before launching your wallet on the cryptocurrency market. Testing helps reduce technical bugs and errors.
Launch and Marketing – After the testing and debugging process, the MPC wallet can be released to the market. You can follow various marketing strategies to promote your wallet.
By following these simple steps, you can get started with the MPC cryptocurrency wallet for cryptocurrency users. You should only focus on choosing an MPC wallet developer. There are numerous development companies involved in creating cryptocurrency wallets. However, there are only a few who can endure others and meet the needs of their customers. One of them is Coinsclone, a well-known wallet development company in the cryptocurrency industry.
but…
Why choose Coinsclone for MPC wallet development?
Coinclone is a leading Cryptocurrency wallet development company It offers the best features at a reasonable cost. Our blockchain developers, technologists, creators and testers have ample experience in creating the perfect cryptocurrency wallet.
We provide cryptocurrency wallet development services with best features, user-friendly interface and potential backend features. Our team of developers will guide you through the process of creating a cryptocurrency wallet with incredible features tailored to your business strategy. We help you integrate additional features into your revenue-generating stream.
Despite the existence of various wallet development companies, we stand out here due to our dedication to cryptocurrency projects. Cooperate with our expert team to get more profits.