Bitget Upgrades Platform Wallets with MPC Security Technology

Announcement posted by Bitget 26 Jan 2024

Bitget, the world's leading cryptocurrency exchange and Web3 company, announces a significant enhancement to its platform wallet security with the upgrade of Multi-Party Computation (MPC) technology, which means that Bitget upgraded all users' wallet addresses to MPC addresses. This strategic update exemplifies Bitget's dedication to user security, incorporating cutting-edge technologies such as the Threshold Signature Scheme (TSS) and Trusted Execution Environment (TEE) to set new industry standards.

Bitget's MPC wallet addresses introduce a paradigm shift in security standards by leveraging the following cutting-edge advancements:

1. 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.

2. Homomorphic Encryption: Through this innovative encryption technique, Bitget ensures secure transactions without exposing private keys, providing an extra layer of confidentiality.

3. 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.

Aside from the above, 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. This approach safeguards against single-point failure, enhancing the overall robustness of the wallet.

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, "Security is a paramount element in a cryptocurrency company, and Bitget remains at the forefront of adopting innovative technologies to fortify our users' assets. The upgrade of MPC technology into our wallet is a testament to our commitment to providing a secure and reliable platform. Users can trust Bitget to continue implementing state-of-art solutions that prioritise their safety."

This announcement follows a successful implementation of Bitget's ongoing commitment to security. Previously, Bitget Wallet also unveiled the MPC upgrade, enhancing security measures and introducing users to the benefits of cutting-edge cryptographic technologies. The MPC Wallet empowers users with added layers of protection, securing their digital assets in a continuously evolving threat landscape.

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Understanding MPC Wallets

Multi-Party Computation (MPC), also referred to as secure computation, secure multi-party computation (SMPC), or privacy-preserved computation, is a cryptographic protocol developed in the late 1970s to facilitate secure computational processes without relying on third-party entities for enhanced security measures.

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About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organiser PGL.

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