- Unbound Tech has unveiled a range of libraries aimed at improving security of blockchain projects
- The libraries rely on private key splitting as one of the protection layers from hacker attacks
According to a recent announcement by Unbound Tech, formerly known as Dyadic Security, the firm is the first to offer open-source bank-grade security solution to blockchain community. The solution in question is the company’s newest blockchain-crypto-mpc library that is able to protect cryptographic keys by utilizing the MPC-based solution also used by Fortune 500. It is available for download on GitHub and is free.
Unbound offers three types of libraries:
- The blockchain-crypto-mpc library – targeted at crypto asset wallet developers
- Pro Library – targeted at technology platform providers, integrators and commercial wallets
- CASP – targeted at exchanges, banks and institutional custodians of crypto assets
As practice has shown, most existing solutions designed for protecting cryptographic keys and other secret information incorporated in blockchain products are not safe enough. The solution of Unbound, on the other hand, grants developers a blockchain-crypto-mpc library designated for creating applications, such as wallets, that guarantees the powerful protction of cryptographic signing keys and seed secrets.
Splitting the Keys for Security
The library is based on SMPC (short for Secure Multi-Party Computation). The main improvement compared to previous systems is Unbound’s in-house technology that allows all of the operations to be made with the private keys separated into several parts. At no point of any operation do the keys or seeds exist in their original, complete form, which makes the system practically invulnerable to hackers’ attacks.
The only way for hacker attack to be successful is to breach all the machines at the same times, which is nearly impossible. Unless that happens, the keys can’t be used for signing a transaction or compromised in any way. Because No key material or secret is ever in the memory, the developers of wallets can guarantee the highest level of key protection built into their offerings. What’s more, it is needless to rely on options like ledger-specific mechanisms such as multi-signature, hardware security modules (HSMs), which can be expensive, or appliance-as-a-service.
Why are developers going to benefit?
Unbound’s solution offers a range of benefits for developers. Company’s Blockchain Crypto MPC is a low-level API that can be compiled into virtually any platform. Wallet developers gain security that’s fully built into the application through blockchain-crypto-mpc; also, the solution does not rely on expensive external hardware. Furthermore, they are not limited to ledger-specific mechanisms, for example, multi-signature – all while gaining the advantage of sharing private key control between different agents without the need for several keys offered by MPC.