keyTango, an Israeli based cryptocurrency dealer, declared that it is going to launch a multi-party computation wallet for digital currency storage named MPC crypto wallet.
Unlike few multi-signature crypto wallets, MPC wallets provide better security, which states that the private key provided by the MPC wallet is divided into several parts. This technology is known as M-of-N. M and N are both necessary to frame a signature, which further makes it easy to protect private data.
The implementation of MPC requires actions performed at the same time by multiple parties, because of which conventional users yet can’t make use of it. But, it can’t be denied that the MPC system doesn’t offer a secure and decent user experience.
With the help of this new wallet, keyTango primarily aims to form a link to fill the gap between practicality and security. The keyTango agreement is abided with hardware wallets, which eventually makes it simple for the wallet makers to include technologies like HSM, and limited-order functionality into their services.
The CEO of keyTango Dan Danay, believes that it will take a long time for MPC wallets to become a widespread service until they provide capabilities and user experience equal to the well-established standard of the industry.
Previously, MPC wallets were compelled to sync with the signing of any operation, whereas it was difficult to incorporate HSM at the same time. Unlike previously, MPC wallets are currently speculated to be asynchronous.
Last year keyTango proclaimed a partnership with GSR Markets to refrain from the custody of cryptocurrency and reduce chances of risk while making financial transactions with the opposite party in the contract.
This is not the first time when Israel has made a declaration about an innovation. A solution service named PayKey was also offered to the Austrian Bank, which helped the users to have immediate access to countless financial services and make P2P payments and check balances through mobile apps.
Israel is steadily growing in the technological era. It is turning up a country with incredible innovations. It has already made a mark gradually in the field of fintech, cybersecurity, IT, and taking one step at a time to enter completely in the technological field. Israel has been persistently making investments to create powerful technologies with incredibly advanced features.