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iSunOne-MPC Partnership to Develop First-Ever Islamic Financial Blockchain System in Malaysia

iSunOne, a financial services company, has collaborated with Malaysia Productivity Council (MPC) to develop the first-ever Islamic financial network based on blockchain technology. Explicitly, MPC was created as a joint undertaking between the Malaysian federal government and the United Nations Special Fund.

iSunOne is expected to be allocated more funds for the project, whereas MPC will be mandated with carrying out technological tests and proof-of-concept inquiries. MPC will also be tasked with motivating the government and the financial services sector to support and embrace blockchain technology.

According to Tian Chua, a noteworthy confidant of the Works Minister of Malaysia, Muslims comprise 24% of the global population. Nevertheless, 71% of them do not hold financial bank accounts.

He noted:

“The financial system of the Islamic world is still very traditional and backward. In this promising market, iSunOne provides global digital banking services on blockchain and delivers an innovative solution for both Islamic finance and conventional finance. iSunOne protects personal privacy and can make a difference in Islamic finance.”

Chairman of iSunOne, Chen Ping, stipulated that Malaysia is a multi-ethnic nation and by selecting the company in steering the nation’s blockchain financial system depicted iSunOne’s expertise in this sector. As a result, iSunOne has an advantage due to the fact that it will deal with Islamic finance, a unique area, where interest is prohibited as risk/profit sharing is necessitated.

MPC is instigating the development of blockchain expertise in Malaysia as it has to come up with amicable strategies. Blockchain is set to be part of the fourth industrial revolution or 4IR based on its distribution and decentralized network.

Image via Shutterstock

Coinbase Launches WaaS to Simplify Adoption of Web3 Wallets

Coinbase, a leading cryptocurrency exchange, has unveiled Wallet-as-a-Service (WaaS), a new business solution that simplifies the adoption of Web3 wallets. WaaS provides enterprises with a technical infrastructure to create and launch customizable on-chain wallets via a wallet application programming interface (API). The API enables businesses to develop wallets for simple customer onboarding, loyalty programs, and in-game purchases.

Web3 wallets have struggled to gain wider mainstream acceptance due to their complexity, poor user experience, and the challenges of maintaining mnemonic seeds. Coinbase’s WaaS solves these complexities by providing end-to-end product experience control, reducing implementation cost and complexity, and improving security while reducing risks.

Patrick McGregor, the head of product at Coinbase’s Web3 Developer Platforms, explained that WaaS avoids the key loss issues that plague traditional self-custody platforms with its MPC cryptographic functionality. The WaaS toolkit includes MPC, a form of cryptography that allows multiple parties to jointly compute a function without revealing their inputs to each other. MPC enhances private key security within Web3 platforms, as it splits users’ private keys into multiple parts and distributes them among the protocol’s parties involved.

Companies such as Floor, Moonray, thirdweb, and tokenproof are currently using Coinbase’s WaaS infrastructure. The introduction of WaaS by Coinbase comes amid the current crypto winter, as startups, corporations, and investors seek to define the future of the decentralized internet. Although not everyone is convinced that current Web3 modalities advance the principles of decentralization, developments around MPC and decentralized privacy suggest that many in the industry are taking it seriously.

McGregor noted that many companies are “building for Web3 ahead of the next bull market,” a period where cryptocurrency prices generally rise. Coinbase is “seeing strong excitement about token-gated content (for both online opportunities and physical real-world use cases), moving loyalty programs on-chain, deep integrations between games and assets owned by users, and more.” With the introduction of WaaS, Coinbase aims to streamline the adoption of Web3 products and services, paving the way for broader mainstream acceptance of Web3 wallets.

OKX Wallet is First in Web3 to Utilize Leading-Edge MPC Technology Together With Support of 37 Blockchains

Victoria, Seychelles, April 4th, 2023, Chainwire

Wallet upgrade also includes first-of-its-kind independent ‘Emergency Escape’ 2/3 asset recovery feature

OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today upgraded its OKX Wallet to become the first Web3 wallet to utilize leading-edge multi-party computation (MPC) technology in combination with its support of an industry-best 37 blockchains.

In addition, the wallet upgrade also includes a first-of-its-kind asset recovery feature, called independent ‘Emergency Escape.’ The independent Emergency Escape feature is unique in the market because it allows users to recover access to their assets without the involvement of OKX. To recover access in an emergency situation, users will need two of three (a.k.a. 2/3) access credentials: a device, a cloud backup, or an OKX account login.

MPC technology eliminates the need for traditional written down keys and seed phrases by splitting a user’s private key into three parts, greatly improving security and eliminating a single point of failure. The upgrade adds to the existing features of the leading OKX Wallet, which is a decentralized, multi-chain wallet that allows users to take custody of their own crypto, trade NFTs, access DeFi protocols, and explore thousands of DApps.

OKX Chief Marketing Officer Haider Rafique said: “This milestone signifies the beginning of a future where crypto wallets are more accessible, interoperable, and ubiquitous while being safe and secure. Those accustomed to the fast-paced, decentralized Web3 world often must choose between agility and security when it comes to the wallet experience. OKX Wallet, now upgraded with MPC technology, gives users the best of both. OKX hopes to accelerate the growth of Web3 and spur mainstream adoption by delivering user-friendly experiences that keep users and their assets safe.”

OKX Head of Web3 Product Nate Zou said: “The philosophy of Web3 centers around self-custody, which empowers individuals to take control of their financial future. However, removing intermediaries from the equation also means assuming greater responsibility for securing one’s on-chain property, including digital artwork and crypto. Our overarching goal is to democratize access to Web3, enabling everyone to leverage the potential of crypto. By utilizing MPC technology in the OKX Wallet, we have made it even simpler for users to protect their assets and participate in the Web3 economy of the future.”

Discover more about OKX Wallet here.

About OKX

OKX is a world-leading technology company building the future of Web3. Known as one of the fastest and most reliable crypto trading platforms for investors and professional traders everywhere, OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users.

OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.

OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

Contact

Mediamedia@okx.com

Coinbase Uses Multi-Party Computation to Enhance Crypto Wallet Security and User Experience

Coinbase is making strides towards simplifying the onboarding process for web3, bolstering both security and recovery for crypto wallets. The company is deploying a cryptographic technique called Multi-Party Computation (MPC) to eliminate key management hurdles that have long been a barrier to mainstream web3 adoption.

The MPC technique allows multiple parties to collectively compute a function on their private inputs, all while ensuring their inputs remain confidential. This technique increases the security of wallet private keys by requiring at least two participants to create valid signatures. It further simplifies key management by distributing individual key shares among the participants, thereby reducing the likelihood of wallet break-ins.

According to research by Chainanalysis, an estimated 20% of bitcoin tokens, equivalent to over $100 billion in market value, are lost due to key mismanagement. Coinbase aims to address this issue by deploying MPC technology within its products, highlighting its benefits to end users.

In traditional web3 wallets, a user’s private key unlocks wallet ownership, much like an account password. However, there are no reset or recovery options for standard wallets. A lost private key results in the loss of access to the wallet’s funds. Coinbase believes that for web3 adoption to increase, private keys need to be secure yet recoverable. The application of MPC technology allows key control to be distributed among multiple parties, offering more reliable key recovery and stronger security.

Coinbase’s use of MPC technology addresses three major workflows: Key generation, signing, and key backup & recovery. The company leverages a threshold ECDSA (tECDSA) MPC cryptography protocol, which requires at least two out of total key shares to participate in signing to reach a consensus.

To make the wallet experience more user-friendly, Coinbase provides user-owned backup options like cloud, local, and hardware backups. These are faster and offer offline recovery, allowing users to transfer or recover their wallet without involving Coinbase servers.

In addition, Coinbase Wallet-as-a-Service (WaaS) splits the encryption key of the backup between the user and Coinbase, allowing users to authenticate themselves and regain access to their wallet while preserving their privacy and legal identity.

With its focus on bringing the next billion users on-chain, Coinbase is looking forward to setting the industry standard in the web3 ecosystem by removing friction and complexity from crypto transactions and dapp interactions. The company is currently developing products for both developers and users, including a new SDK for native apps to connect with Coinbase Wallet, and an open dapp marketplace accessible without a Coinbase account.