MPC wallet, also known as a Multi-party Computation wallet, is fast becoming the preferred digital asset wallet today. Several different digital asset exchanges and investment firms now make use of this latest wallet to run their digital transactions. Now, top analysts in the industry advise clients and business owners to either use MPC or blockchain-as-a-service.
With a lot of people now using a multi-party computation wallet, the question has shifted from “why do you need to use this wallet” to “how do you choose the right wallet to buy crypto, for staking crypto, and secure your transactions?” In the rest of this blog, you’ll find everything you need to know about how to pick the right MPC wallet provider, such as Escrypto.
1. Database-driven or Consensus-driven?
Is the multi-party computation wallet database-driven or consensus-driven? This is the very first question you need to ask when selecting an MPC wallet provider.
Many people think the most important part of multi-party computation is its protocol. While the MPC protocol is vital, the most essential aspect is the “storage” and “management” of ownership rights, done with the help of the governance layer.
Most MPC providers offer a database-driven governance layer. Unfortunately, a database-driven governance layer is easy to attack by hackers. A few crypto payment platforms, such as Escrypto, offer a consensus-driven MPC governance layer. This option will allow you to create custom rules to oversee your wallet activities and transactions. Without the approval of the selected parties, no transaction can go through in your wallet.
2.How is sensitive data stored & secured?
Governance layer apart, another essential factor you need to consider when hiring the best MPC wallet provider is the storage measure for your sensitive data.
- How exactly is the sensitive data stored?
- Who will hold the keys to the storage facility?
You need answers to these questions before going ahead to pick the right service provider.
Speaking of security, Escrypto is one of the few reliable crypto payment service providers that offer triple-layer protection with its multi-party computation wallet. The triple-layer protection includes:
- MPC-CMP protection system helps to prevent malicious activities by making sure the private key is split across multiple devices.
- SGX key storage helps to prevent keys from being extracted by just anybody.
- The Escrypto policy engine allows you to set up and specify how approval processes should be for various transactions.
3. Theft protection
Does the MPC wallet have theft protection? This question certainly matters to better understand how secure your wallet is. With theft protection, you can always rest assured that your private keys are secure.
The escrypto theft protection system works by automatically monitoring and scanning for any suspicious transactions. With this protection system, you’ll be able to identify any potentially suspicious activity on your wallet.
Use the right MPC wallet provider today
Unarguably, Escrypto is one of the most reliable crypto payment service providers out there today. This provider doesn’t only offer top-not security features for its wallets. In addition, these wallets are also available at affordable prices. The good news is that you’ll also be able to buy cryptocurrency with your wallet. Learn more about how the Escrypto wallet works, including how you can buy crypto with it.
