Unbound Tech announced today that it has made its bank-level security solution available via open source. The new blockchain-crypto-mpc library of the company is now available for free on GitHub. It is an open source library for blockchain and cryptographic resources that protects cryptographic keys using the MPC-based technology of the company used by Fortune 500.
A long-lasting answer
Today, the cryptographic assets valued in billions are compromised and lost, and the existing approaches to manage the protection of keys and secrets of cryptographic assets have repeatedly been shown to be insufficient. For the first time, Unbound's blockchain-crypto-mpc library allows blockchain developers to create portfolios and applications using a library that provides cryptographic bases to solve the ongoing challenge associated with encrypted and blockchain applications: cryptographic signature key protection and of the seed secrets.
Based on Secure Multi-Party Computation (SMPC), the Unbound library leverages the leading technology of the company that innovatively splits cryptographic keys into random shares that are located on separate machines and allows all operations to be conducted with the key division. The seeds and private keys are always protected and never exist in complete form, even during the generation, while they are in use or at rest.
The keys can not be compromised
It is mathematically guaranteed that, unless all the machines have been violated at the same time, the keys can not be compromised or used to sign a transaction. No key or secret material is ever present in the memory. Wallet developers can therefore offer the highest level of integrated key protection in their offerings, without the need to rely on specific general accounting mechanisms such as expensive and multi-signature hardware security (HSM) modules, or appliance-as-a -service options.
It offers basic features of unbound CASP
Unbound's blockchain-crypto-mpc is an opportunity for developers to capture some of the key features of the Crypto Asset Security (CASP) security platform, the industry's only solution designed for banks, custodians and exchanges which works with any resource, ledger, device or platform, and is built for the unique needs of cryptographic resource key protection. Based on the blockchain-crypto-mpc, CASP includes the SMPC implementation of all blockchain cryptography, including ECDSA, EdDSA and HD portfolios.
Great benefits for Blockchain and Crypto Asset Wallet Developers
As a low-level API, Unbound's Blockchain Crypto MPC offers the possibility of simple two-part approval processes; it can be compiled into virtually any platform and offers a secure and knowledge-free backup mechanism. Wallet developers gain numerous benefits through blockchain-crypto-mpc, including security that is fully integrated into the application and not dependent on expensive external hardware that can be lost or stolen. Developers are also not constrained to specific mechanisms of general accounting such as multiple signatures, all of which obtain the exclusive MPC advantage of sharing the key custody between the different parts without the need for multiple keys. It is a quick and easy way to allow the creation and extension of applications to support any ledger and any resource.
The three Unbound options include:
- The blockchain-crypto-mpc library – The free open source offer available on GitHub for blockchains and encrypted asset wall developers
- Pro Library – Designed specifically for suppliers of technology platforms, integrators and commercial portfolios
- CASP – Designed for institutional exchanges, banks and custodians of cryptographic assets
"By issuing blockchain-crypto-mpc, we are offering an alternative far superior to current cryptographic resource security options," said Oz Mishli, vice president of Unbound products. "It is pure software, open source and free to use.We consider this as a gateway to a new level of security supported by proven implementations at global top level banks and technology companies as well as the world-renowned skills of our co-founders, Prof. Yehuda Lindell and the prof. Nigel Smart.
"Users will gain unprecedented protection and functionality, while also opening the door for rapid scalability and further innovation: it is a key tool that the market is looking to address the fundamental problems of trust, usability and security it currently faces" , continued Mishli. "We are pleased to make this contribution to the community, with the hope that it will enable safe, affordable and easy-to-use blockchain applications for all."