Breakthrough Innovation Provides Institutional Grade Security for Online Digital Asset Wallets
Sepior ThresholdSig represents a true breakthrough in cryptocurrency wallet security which benefits the wallet holder, and the exchange facilitating transactions. The wallet holder benefits from the highest available security where multiple parties must approve each transaction using a key that never exists in whole on any device, making it practically impossible to steal. The exchange provider benefits from the best available security for their customers and their own wallet which may hold large amounts of digital assets during the settlement process, as well as compelling operational benefits resulting from off-chain policy administration.
“We’re really excited to bring the industry’s first thresholdsig wallet security technology to market”, said Ahmet Tuncay, chief executive officer of Sepior. “The cryptocurrency market is rapidly evolving, transitioning from the early adopter phase of highly risk tolerant, tech savvy individuals to exploding interest by the mainstream institutional investor market. This market, and the exchanges and wallet providers who serve them, require the best available security, and we know that Sepior ThresholdSig is the perfect solution.”
The cryptocurrency market has been reeling from the loss of more than $1.6 billion in today’s values from cryptocurrency thefts since 2014, and the vast majority of the events are linked to insufficient wallet security. Cryptocurrencies, such as Bitcoin, use a public key and a private key to authorize a transaction. The public key identifies the address of the wallet where funds are to be deposited or withdrawn. The private key is typically stored in the wallet and generates the signature to authorize the transfer of bitcoins from the wallet with the corresponding address. If the key is stolen, the bitcoins stored in online “hot” wallets can be stolen and are virtually impossible to recover. As a result, effective private key security is paramount to cryptocurrency security.
Sepior is pioneering the use of threshold cryptography to provide industry leading cryptocurrency security with threshold MPC. Sepior’s technology team is founded and led by some of the industry foremost leaders in cryptography and multiparty computation. These experts in collaboration with industry leading exchange providers have optimized the implementation of threshold MPC to allow a threshold of multiple independent parties, such as 3 out of 4 potential approvers, to collectively approve transactions using a single private key for the blockchain signature, without ever having a full key present on any single device.
MultiSig is the current alternative for multiple parties to approve a cryptocurrency transactions, however it uses a separate private key for each party, and multiple key addresses are recorded with the transaction. This multi-key, multi-signature model may result in substantially larger transaction sizes and can reduce the number of MultiSig transactions to as few as half the number of ThresholdSig transactions per block. Bitcoin transaction processing is already at or approaching capacity limits, so transaction density efficiency is an important attribute.
More information about the role of Sepior’s ThresholdSig wallet security software can be found at: https://sepior.com. Be sure to visit Sepior at Money20/20, (Booth 1379) and at Blockchain Expo North America (Booth 727).
About Sepior ApS
Founded in 2014, in Aarhus, Denmark, Sepior is enabling trust for online financial transactions and enterprise data protection applications, such as cryptocurrency custodial wallets, public or private blockchains, and cloud-based SaaS offerings, using threshold-based multiparty computation (MPC). Using patented threshold cryptographic protocols, Sepior’s RSA award-winning team of renowned cryptography experts has revolutionized key protection and management required for online security and privacy. The result is a customer-definable security framework that operates with any hardware, virtual device, or platform, using a distributed-trust model, optimized for current and emerging fintech, cloud, IoT, and distributed ledger applications and services, allowing our customers to transact with trust.
For more information, visit https://sepior.com.
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