Multi party computational reconstitution of private keys has never been needed more, at first it was Paid Network and then PolyNetwork was exposed.
After the Polynetwork hack, the importance of proper multi-key management solutions increases and the design of the security infrastructures which are implemented need restructuring. Polynetwork had 4 keepers in a 3/4 multisig configuration before the attack. The attacker got hold of at least 3 keepers and then used them to change the keepers to a single keeper. Having majority of the keys and being able to control the access as per requirement opened a vulnerability for the entire stack of funds held by an entire organization. This is where the uniqueness of projects like Unido steps in and I believe their multi-key management solution is the dire need of the hour.
Unido’s proprietary multi-sig key management technology is powered by Unido Core, a proprietary key management and transaction signing technology. It uses an innovative private key obfuscation algorithm that breaks up private keys and securely encrypts and shares the key with multiple users. This reduces the chances of the key being lost or stolen, and it allows multiple members of a wallet or account to approve or refuse transactions, as needed. Transactions from a given wallet can only be authorized/executed if/when a group of clients who share a wallet hold enough private key fragments to authorize the transaction.
The product offering of the Unido enterprise platform delivers an integrated custodial function, which is cross chain interoperable, and has blockchain-level multi party sign-off for private key operation, making it suitable for all investor classes, including the underserved enterprise and asset manager investor segment. UnidoEP offers a Defi dashboard, which aggregates various 3rd party yield farming and staking solutions over various digital assets on multiple blockchains, presented as an investment “market place”. EP will also include access to tokenized real assets, such as precious metals and hard assets, broadening the investment options beyond blockchain-native utility tokens.
Unido is an enterprise blockchain platform for decentralized capital markets, was designed to help financial institutions invest in crypto markets by bridging the gaps between cryptocurrency-powered DeFi and traditional, fiat-based finance.
Learn more about Unido’s Proprietary Multi-sig Key Management System: https://medium.com/unidocore/what-is-multisig-what-is-key-management-in-crypto-6d08b6ffbeae
Check out UDO on CoinGecko: https://www.coingecko.com/en/coins/unido-ep