- MPC protocols enable multiple parties to jointly compute a function over their inputs without revealing those inputs to each other.
- Each party in an MPC protocol holds a secret input, which is encrypted and processed in a way that ensures the final result is the desired function while keeping the values secure.
- Designing secure and efficient MPC protocols involves addressing challenges such as protecting against malicious attacks, ensuring privacy of inputs, and optimizing computational resources and communication costs.
MPC: An Overview
Multi-Party Computation (MPC), also referred to as secure computation, secure multi-party computation (SMPC), or privacy-preserved computation, is a cryptographic protocol developed in the late 1970s to facilitate secure computational processes without relying on third-party entities for enhanced security measures.
In essence, MPC offers cryptographic techniques that enable multiple parties to jointly compute data without the need to disclose it to any individual party. The fundamental idea behind multi-party computation (MPC / SMPC) is to enable distributed computation, where each participant can securely and privately handle specific components of the overall computation process.
What this means is that MPC allows multiple parties to work together on computations without revealing their private data. It ensures that the inputs remain confidential and the outputs are correct, all while protecting the privacy of the participants. MPC is designed to enhance the security of online processes, such as authentication and key management, by balancing privacy and computation.
The overarching objective of MPC is to bolster online authentication, identification, and key management processes while safeguarding the privacy of the participants. By preserving the privacy of sensitive information, MPC protocols yield valuable results that aid in making critical business decisions without compromising the confidentiality of the underlying data.
How does MPC Work?
In a general sense, Multi-Party Computation (MPC) allows multiple participants, each holding their own private data, to jointly compute a function without disclosing their individual private information or any related secret data. The fundamental objectives that an MPC protocol must achieve are privacy and accuracy.
Within all implementations of MPC techniques designed for privacy, the inputs of the participating parties are always kept secret. Regardless of the number of parties possessing the secret keys, no participant can access the inputs or the final results of the computation. This stringent privacy guarantee ensures confidentiality among the parties involved.
Take the following hypothetical into consideration:
A specified number of participants possess individual private data (d1, d2, …, dN). Together, they aim to compute the value of a public function (F) on their private data (d1, d2, …, dN) while preserving the confidentiality of each participant’s respective data.
To illustrate this concept, consider a situation where three individuals, John, Rob, and Sam, want to determine who among them has the highest salary without disclosing the actual salary figures to each other. This scenario represents a classic example known as “The Millionaire’s Problem” within the realm of multi-party computation. Using only their respective salaries (d1, d2, and d3), they aim to ascertain the highest salary without revealing specific numbers to one another.
Mathematically, their goal is to compute:
F(d1, d2, d3) = max(d1, d2, d3)
If a trusted third party, such as a mutual friend known for their ability to keep secrets, were involved, each individual could disclose their salary to this intermediary. They could then determine the maximum salary (F(d1, d2, d3)) without learning the precise salaries of each other.
The objective of MPC is to design a protocol where John, Rob, and Sam can learn F(d1, d2, d3) solely through message exchanges among themselves, without revealing their individual salaries or relying on an external third party. The information gained through engaging in the MPC protocol should not exceed what they would have learned by interacting with their trustworthy mutual friend.
What is an MPC Wallet?
When it comes to ensuring the security of private keys controlling cryptocurrency assets, Multi-Party Computation (MPC) provides wallet holders with robust protection against potential security breaches.
Instead of creating a single master private key and storing it on a device that could be vulnerable to compromise, MPC adopts a distributed approach. The key is divided into shards, which are then distributed among the devices of participating parties.
MPC leverages another cryptographic protocol called zero-knowledge proof, which enables information verification between parties without revealing the underlying information itself. By utilizing zero-knowledge proofs, a key shard can demonstrate its authority to co-sign a transaction without disclosing any sensitive information.
The distinctive aspect of MPC is that the key responsible for executing the transaction is never generated as a complete entity or stored on any single device. Instead, it is collectively generated through the combination of key shards held by multiple parties. This approach effectively eliminates the possibility of a successful attack aimed at stealing the complete key. Moreover, it safeguards against internal fraud and collusion, as no single employee or group of employees possesses the complete key that could be misused.
By employing MPC, wallet holders can benefit from enhanced security measures that protect against key theft, internal fraud, and collusion, ensuring the integrity and safety of their crypto assets.
Advantages of an MPC Wallet
MPC wallets offer several advantages that make them an appealing choice for users. These benefits include the elimination of the need to trust third parties, enhanced data privacy, improved accuracy in computations, the elimination of single points of failure, increased resistance to hacking attempts, and reduced reliance on cold storage solutions.
Trustless authentication system
One notable advantage of MPC wallets is the removal of the need to rely on trusted third parties. With MPC technology, data can be distributed among multiple parties without the involvement of intermediaries, ensuring that users have direct control over their assets and reducing the risk of reliance on potentially untrustworthy entities.
Data privacy is another key benefit of MPC wallets. Through the use of encryption, both at rest and in transit, sensitive information remains protected. This ensures that no private data is compromised or exposed during storage or transmission, offering users a higher level of confidentiality and control over their personal information.
The accuracy of computations is significantly enhanced with the application of MPC technology. By employing cryptographic techniques, MPC enables precise and reliable results for various computations, providing users with accurate outputs while maintaining the confidentiality of their private data.
Protection against SPOF
By distributing key shards among multiple parties, MPC wallets effectively eliminate single points of failure (SPOF). Unlike traditional wallets that rely on a single location or device to store private keys, MPC wallets distribute the key fragments across different systems and locations. This decentralized approach mitigates the risks associated with the compromise or loss of a single storage location, thus increasing the overall security and resilience of the wallet system.
The Future of MPC
The future prospects of Multi-Party Computation (MPC) technology are highly promising, as it has demonstrated its ability to establish secure and reliable connections between the most sensitive datasets. This paradigm shift in data sharing has revolutionized the way we approach privacy and has unlocked a multitude of innovative products and services focused on preserving individual confidentiality.
MPC has empowered us with techniques that enable us to extract valuable insights from data while ensuring robust privacy and data protection, and this capability has become increasingly vital in an era marked by escalating concerns regarding privacy breaches and security vulnerabilities. Consequently, organizations across various sectors must embrace MPC-based technologies to forge a future that prioritizes personal data control and shields against potential security breaches and privacy infringements.
By adopting MPC, organizations can establish a strong foundation for data-centric operations that respect privacy and empower individuals with greater control over their personal information. This technology provides a means to collaborate on sensitive data without the need to expose it to unauthorized parties, thus instilling trust and confidence in data-driven processes.
As the importance of privacy and data security continues to grow, MPC stands as a crucial enabler for realizing a future that upholds privacy rights and thwarts security threats. By embracing MPC-based technologies, organizations can navigate the complex landscape of data sharing and analytics while maintaining compliance with evolving privacy regulations and instilling confidence in their stakeholders.
In summary, MPC wallets provide several advantages, including the removal of reliance on third parties, improved data privacy, enhanced accuracy, elimination of single points of failure, increased resistance to hacking attempts, and reduced reliance on cold storage solutions. These benefits collectively contribute to the overall security, control, and convenience offered by MPC wallets in managing and safeguarding cryptocurrency assets.
Follow Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) to stay up-to-date with all of our latest events, findings, and promotions, and let Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) be your premier gateway into the Web3 space.
For media inquiries, please contact: [email protected]