Bitget, the 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 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 introduces “a paradigm shift in security standards” by leveraging the following advancements:
- 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 this innovative encryption technique, Bitget ensures 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.
Aside from the above, Bitget’s commitment to security extends to the generation and signing of transactions:
- 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 said:
“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 reliable platform. Users can trust Bitget to continue implementing state-of-art solutions that prioritize 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, preserving their digital assets in a continuously evolving threat landscape.”