keyTango, which is Israeli cryptocurrency settlement provider, announced it will launch multi-party computation wallet for the storage of digital currencies.
In contrast to multi-signature crypto wallets, MPC wallets offer a way better level of security, which means that a private key is divided into several parts, and the technology is known as M-of-N, where M and N are both essential to devise a signature, thus facilitating the protection of private data.
Although the system is very secure and offers decent user experience, it is yet to hit the mainstream users, because MPC implementation requires several rounds of communications, which means, the action must be performed at the same time by multiple parties.
It is not the first time, platform from Israel announces innovation, as PayKey has also offered Bank Austria its solution service.
keyTango is aimed to fill up the gap between practicality and security with the help of a new wallet. The company is known for its better UX and incorporation of features like HSM and limit-order functionality. Its protocol also complies with hardware wallets, making it simple for wallet manufacturers to add the following technology into their services.
Dan Danay who is CEO of keyTango noted that even though MPC wallets are very promising, they will not become prevalent unless they provide capabilities and user experience that are equal to the golden standard of the industry.
Prior to this time, MPC wallets were forced to coordinate the signing of any operation, and HSM integration was extremely complicated. keyTango offers the solution by proposing asynchronous MPC wallets.
keyTango announced a partnership with GSR Markets last year to avoid the responsibility of cryptocurrency custody and reduce counterparty risk.
Israel slowly moving to the top
Israel once again proves that it is gradually becoming a country with incredible innovations. The country has made a considerable leap in fintech, cybersecurity, IT and step by step it is striving towards the global dominance in the technological field. It is no surprise because Israel is investing a lot of money to produce powerful technologies with incredible features.