- Unbound Tech presented a series of libraries aimed at improving the security of blockchain projects
- Libraries are based on the subdivision of private keys as one of the levels of protection against hacker attacks
According to a recent Unbound Tech announcement, formerly known as Dyadic Security, the company is the first to offer an open-source banking security solution to the blockchain community. The solution in question is the most recent blockchain-crypto-mpc library of the company able to protect cryptographic keys using 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 – for developers of cryptographic asset wallets
- Pro Library – intended for suppliers of technology platforms, integrators and commercial portfolios
- CASP – aimed at exchanges, banks and institutional custodians of encrypted assets
As demonstrated by practice, most existing solutions designed to protect cryptographic keys and other secret information embedded in blockchain products are not secure enough. The Unbound solution, on the other hand, provides developers with a blockchain-crypto-mpc library designed for creating applications, such as wallets, which guarantees the powerful protection of cryptographic signature keys and seed secrets.
Split the keys for security
The library is based on SMPC (short for Secure Multi-Party Computation). The main improvement over previous systems is the internal technology of Unbound that allows you to perform all operations with private keys separated in several parts. At no time of any operation keys or seeds exist in their original and complete form, which makes the system practically invulnerable to hacker attacks.
The only way for hackers to succeed is to break all the machines at the same time, which is almost impossible. Unless this happens, keys can not be used to sign a transaction or be compromised in any way. Since no key or secret material is ever present in the memory, wallet developers can guarantee the highest level of protection of the keys integrated into their offers. Furthermore, it is useless to rely on options such as general accounting-specific mechanisms such as multi-signature hardware security (HSM) modules, which can be expensive or appliance-as-a-service.
Why will developers benefit?
The Unbound solution offers a number of advantages for developers. Blockchain of Crypto's company MPC is a low-level API that can be compiled on virtually any platform. Wallet developers gain complete security in application through blockchain-crypto-mpc; moreover, the solution does not rely on expensive external hardware. Moreover, they are not limited to the specific mechanisms of the general ledger, for example the multiple signature, all gaining the advantage of sharing the control of private keys between different agents without the need for different keys offered by MPC.