Upgrade your security with an MPC wallet: No seed phrase to babysit or lose!
Tl;dr: Afraid of losing your crypto? You’re not the only one. Since 2010 “Not your keys, not your crypto” has resulted in over $100 billion lost or stolen, specifically because of private key mismanagement.
📣 Wake up sheeple: It’s time to upgrade to a more secure crypto wallet based on MPC wallet technology.
Your Private Key = single point of failure
The mantra of “not your keys not your crypto” is as powerful today as it was in 2017.
But the result? Lost and stolen seed phrases, misplaced private keys, and a flight to CeFi exchanges and ‘crypto banks.’ An estimated $100 billion dollars of crypto has been lost forever, because of private key mismanagement.
Stop stressing about your crypto: Solutions already exist! Simple and secure tech is already being used at the institutional level – helping custody billions of dollars of crypto assets with MPC cryptography. It’s time to upgrade your crypto security.
The false dichotomy: Centralized Exchanges v. Non-Custodial Wallets
For years, the crypto industry has perpetuated a dangerous misconception. Either:
- Custody cryptoassets in a centralized exchange, giving up your freedom, control, and on-chain access in return for relative security, simplicity, and comfort knowing someone else will worry about secure crypto storage.
- Use an on-chain crypto wallet with private keys, rendering assets vulnerable to scammers, hacks, lost or misplaced keys – but knowing you have ultimate control over your crypto: to store, HODL, or lose…
A solution already exists: An advanced type of cryptography called MPC, or multi-party computation, which has been used at the institutional level for billions of dollars of assets for years.
What is MPC and how does it work?
MPC stands for Multi-Party Computation. Leveraging MPC, wallets can securely design an on-chain asset management system that makes recovery easier, while simultaneously increasing secure self-custody by removing the single point of failure of a private key.
MPC allows 2 (or more) parties to securely input information into a system and activate (or unlock) an outcome > without any party being able to see the inputs of the others. Learn more here.
This makes it possible to design a crypto wallet that uses multiple parties to backup or restore a user’s funds > while keeping the funds in the user’s custody at all times.
Why MPC is better than a “seed phrase” wallet
Having a single phrase that can move the entire contents of an account is stressful. Some people are willing to rely fully on themselves to keep something this important safe. Most people are not.
An MPC crypto wallet offers a number of advantages:
- Simple to recover if phone is lost or stolen
- Entirely user controlled (on-chain!)
- No single point of failure for phishing (ex: can’t steal your NFTs by taking your seed phrase – because there’s no seed phrase to steal!)
Champion MPC & Upgrade your Crypto Security
It’s a no-brainer: An MPC wallet is the most secure way for 95% of web3 users to self-custody crypto and NFTs. The security experts in Web3 are already big fans of companies like ZenGo: Try it for yourself – you will be, too.