Multiparty computation: The Trojan Horse of crypto regulation
MPC is a regulated, fee-centric model that is almost an exact replica of today’s banking system. Every once in a while, the crypto community crowns a new king for secure transactions, and the latest king seems to be multiparty computation, or MPC. This year, MPC adoption by custodial and noncustodial players has progressed and gained market traction at a rapid pace.However, it could come at a price. MPC providers offer regulators a backdoor into cryptocurrency transactions. As the industry becomes more reliant on MPC for security, it could end up compromising on the long-held principles of....
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It is important to note this Trojan Horse has not infected any specific Bitcoin wallet or payment system at the time of writing, as it seems tailored towards affecting individual Windows users only. Bitcoin users always need to be on their toes when accessing their wallet or completing payments. A recent statement by BitPay shows how some purchases have been affected by a Trojan Horse, called Coinbitclip. When dealing with Bitcoin transactions, most users tend to rely on the clipboard service of their device to fill in a recipient address. For computer users, Ctrl+c and Ctrl+V action is....
Multiparty computation is being leveraged to ensure private key security and decentralization within Web3 platforms. But why use it? Protecting user data and private keys is crucial as Web3 advances. Yet, the number of hacks that have occurred within the Web3 space in 2022 alone has been monumental, proving that additional security measures, along with greater forms of decentralization, are still required. As this becomes obvious, a number of organizations have started leveraging multiparty computation, or MPC, to ensure privacy and confidentiality for Web3 platforms. MPC is a....
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