Revolutionizing Digital Asset Security: The Strategic Partnership Between SFT Protocol and New Huo Tech
Dear users of SFT Protocol, we are excited to announce that SFT Protocol and New Huo Tech have reached a strategic partnership in the underlying technology, asset security, privacy encryption, among others. We have started testing and promoting the MPC wallet with New Huo Tech, which is one of the ways SFT Protocol ensures the security of all user assets!
New Huo Tech
New Huo Tech (https://www.newhuotech.com/) is a one-stop digital asset service platform, dedicated to leading traditional finance into the world of digital assets with professional, compliant, secure, and efficient services.
What is an MPC Wallet?
Multi-party computation (MPC) enables a group of mutually untrusted parties to collectively compute a function based on their inputs while maintaining the privacy of these inputs. In this paradigm, we create and distribute a portion of the private key, so that no person or machine can fully control the private key — this process is called distributed key generation (DKG). Then, we can jointly generate a public key by merging the partials without exposing the parts between the parties.
Since the key parts are combined and the signature is generated off-chain, transactions generated from the MPC wallet are no different from those generated from traditional private key wallets.
Why did SFT Protocol choose the MPC wallet?
- Using the MPC wallet, SFT Protocol allows users to fully control their asset management rights while solving the trust problem of asset co-management. Through multi-signature and private key recovery mode, the risk of loss/leakage of customer private keys, internal malfeasance risk, and hacker attack risk are avoided.
- SFT Protocol is committed to providing users with a Web 2.0 user experience. The MPC wallet has no private key or mnemonic phrase. Users can freely switch between authorized devices to log in to their accounts, avoiding the tedious operation of frequently entering private keys in the past.
- Off-chain multi-signature reduces the gas cost for SFT Protocol users. In multi-signature solutions, the MPC wallet has the lowest gas cost.
- SFT Protocol uses the hierarchical management and approval function of the MPC wallet to improve team collaboration and financial management efficiency.
- This cooperation will not only expand our user base but also provide us with more opportunities to develop new products and services.
Conclusion
SFT Protocol’s cooperation with New Huo Tech is a big step forward for the project. It is well known that MPC-based solutions are mainly aimed at institutional customers, such as funds, exchanges, and custodians. Through MPC technology providers like New Huo Tech, SFT Protocol can define its own workflows for different types of transactions, keeping the project compliant and secure and providing users with safer and more stable services.
SFT Protocol’s various activities are ongoing, such as gas subsidies, community airdrops, and more. Welcome to join SFT Protocol, experience LSD products, and gain profits!
In the days to come, we will continue to work with leading companies and technical teams in the industry to provide users with more diverse products and services while ensuring safer digital asset transactions.
