Published: 2018-11-27 17:38:06
Unbound Tech announced today it has made available its bank-grade security solution via open source. The company’s newly released blockchain-crypto-mpc library is now available for free on GitHub. It’s an open source library for blockchain and crypto assets that protects cryptographic keys using the company’s MPC-based technology used by the Fortune 500.
A Long-Needed Answer
Today, crypto assets valued in billions are compromised and lost, and existing approaches for dealing with protection of crypto assets keys and secrets are repeatedly proven as insufficient. For the first time, Unbound’s blockchain-crypto-mpc library allows blockchain developers to create wallets and applications using a library that provides cryptographic foundations for resolving that ongoing challenge associated with crypto asset and blockchain applications: the protection of cryptographic signing keys and seed secrets.
Based on Secure Multi-Party Computation (SMPC), Unbound’s library harnesses the company’s flagship technology that innovatively splits cryptographic keys into random shares which are located on separate machines and enables all operations to be conducted with the keys split. Seeds and private keys are always protected and never exist in complete form – even during generation, while in use or at rest.
Keys Cannot Be Compromised
It is guaranteed mathematically that unless all machines are breached simultaneously, the keys cannot be compromised or used for signing a transaction. No key material or secret is ever in the memory. Wallet developers can, therefore, offer the highest level of key protection built into their offerings, without the need to rely on ledger-specific mechanisms such as multi-signature, expensive hardware security modules (HSMs), or appliance-as-a-service options.
Offers Core Capabilities of Unbound’s CASP
Unbound’s blockchain-crypto-mpc serves as an opportunity for developers to gain some of the core capabilities of the Unbound Crypto Asset Security Platform (CASP), the industry’s only solution designed for banks, custodians and exchanges that works with any asset, ledger, device or platform, and is built for the unique needs of crypto asset key protection. Based on the blockchain-crypto-mpc, CASP includes SMPC implementation of all blockchain cryptography, including ECDSA, EdDSA and HD wallets.
Big Benefits for Blockchain and Crypto Asset Wallet Developers
As a low-level API, Unbound’s Blockchain Crypto MPC provides the ability for simple two-party approval processes; it can be compiled into virtually any platform and offers a secure zero-knowledge backup mechanism. Wallet developers gain numerous benefits through blockchain-crypto-mpc, including security that’s fully built into the application and not reliant on costly external hardware that can be lost or stolen. Developers are also not locked into ledger-specific mechanisms such as multi-signature – all while gaining the unique MPC advantage of sharing key custody between different parties without the need for multiple keys. It stands as a fast and easy way to enable the creation and extension of applications to support any ledger and any asset.
Unbound’s three options include:
- The blockchain-crypto-mpc library – The free open source offering available on GitHub for blockchain and crypto asset wallet developers
- Pro Library – Designed specifically for technology platform providers, integrators and commercial wallets
- CASP – Designed for exchanges, banks and institutional custodians of crypto assets
“Through the release of blockchain-crypto-mpc, we are offering a distinctly superior alternative to today’s crypto asset security options,” said Oz Mishli, vice president of products at Unbound. “It’s pure software, open-source and free to use. We see this as a doorway to a new level of security that is backed by proven deployments at tier 1 global banks and tech companies as well as by the world-renowned expertise of our co-founders, Prof. Yehuda Lindell and Prof. Nigel Smart.
“Users will gain unparalleled protection and functionality while also opening doors for speedy scalability and further innovation – it’s a pivotal tool the market is looking for in order to address the fundamental trust, usability and security problems it currently faces,” Mishli continued. “We are delighted to make this contribution to the community, with hopes that it will enable secure, convenient and easy-to use-blockchain applications for all.”
The views and opinions expressed in the article Unbound open sources security protocol for blockchain and crypto asset wallet developers do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.