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Here’s How the Brand New Crypto Security Vision Works

June 10, 2019 | Cryptocurrency | Technology

Cryptography advances are converging in a way that the developers can bring blockchain applications closer to the principles of core decentralization, the underlying basis of the blockchain. With inventions such as atomic swaps, Lightning-based smart contracts, and zk-SNARKS, not only did the dream of true peer-to-peer transactions is realized but also an exponential rise in non-custodial and decentralized exchange (DEX) services has occurred. Despite these advances, secure key management is a problem due to which widespread adoption of crypto is being hindered.

 

Both usability and security in a decentralized environment can be potentially maintained by multiparty computation or MPC. Tel Aviv-based KZen’s new ZenGo wallet uses MPC along with other sophisticated cryptographic tools including threshold cryptography and zero-knowledge proofs. The specialty of the KZen model is that security is no longer a function of one or more entities that are controlling distinct private key of their own which is otherwise the core point of vulnerability in the conventional model of cryptocurrency management. KZen model shares signing responsibility for a specific cryptocurrency address among a group of non-trusted entities.

 

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