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Keyless Wallets

Leave Seed Phrase Weaknesses Behind

Keyless Wallets replace the traditional private key or seed phrases with three independently created mathematical "secret shares". The Personal Share is stored on your mobile device, the Remote Share is encrypted on the Self Chain, and the Recovery Share is sent to users for secure backup.

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How Does It Work?

The keyless wallet utilizes the best of the two worlds, namely Multi-Party Computation and Threshold Signature Scheme which are used in different parts of the system.

The main idea behind this technology is the splitting of a random seed phrases into multiple parts.
The initial setup uses a 2-of-3 shares:

Personal Share

This is a share that is securely stored on the user's device.

Remote Share

Is encrypted using the public key of the MPC Nodes network. This is a BLS threshold key that is split via MPC across the nodes that comprise the MPC network. this encrypted share is further stored within a smart module on the Self Chain.

Recovery Share

A backup share that is meant to be used in case the user adds a new device or has lost the current device.

Keyless Wallet Creation Process

1Download The Wallet App.
2Log in via OAuth 2.0 (phone number, social, email).
3During wallet creation, a random seed is generated and split into 3 shares (Personal, Remote, Recovery).
4Personal Share is encrypted locally on the device.
5Remote Share is collectively encrypted using the MPC nodes' collective public key and stored on Self Chain for security.
6Recovery Share is sent to the user via login information for device recovery.

Keyless Wallet Recovery Process

1Install the wallet app on a new device and log in with OAuth 2.0.
2Choose the wallet recovery option.
3Personal Share is stored on the old device and inaccessible. Use Recovery Share for wallet restoration.
4Input Recovery Share in the wallet app.
5Retrieve encrypted Remote Share from Self Chain.
6Send encrypted Remote Share and JWT tokens to all MPC nodes.
7Nodes validate requests and return decryption shares to the wallet app.
8Combine decryption shares to get Remote Share plaintext.
9Transactions are signed with the collaboration of MPC network nodes. Shares never combined or met.

Self Chain Powered Keyless
Wallet Benefits

Enhanced SecurityEnhanced SecurityMPC and TSS reduce theft or compromise risks by dividing private key functions and providing a distributed security layer.
Reduced RiskReduced RiskThe absence of a complete private key minimizes data theft, phishing, and man-in-the-middle attack risks.
Innovative ApproachInnovative ApproachSelf Chain's MPC and TSS integration offers a ground breaking solution to traditional wallet security challenges, ideal for modern digital finance.
Simplified User ExperienceSimplified User ExperienceUsers can use familiar credentials like email or biometrics for secure transactions instead of managing complex private keys.
No Single Point of FailureNo Single Point of FailureDistribution of key functions eliminates central vulnerabilities, ensuring security even if one share is compromised.

Multi-party Computation,
No Seed Phrase Vulnerability

There are several benefits of using MPC technology for wallets, namely not needing to trust third parties, increased data privacy, higher accuracy, removing single points of failure, MPC wallets are harder to hack, and MPC wallets rely less on cold storage.

Trusted third-partyData can be shared in a distributed manner without any third parties.
Data privacyData is encrypted at rest and in transit so no private information is revealed or compromised .
High accuracyMPC provides highly accurate results for different computations using cryptography.
Removes single points of failure (SPOF)Private keys are not stored in one single place.
Hackers need to work much harderA hacker would need to attack multiple parties across systems and locations.
Less reliance on cold storageUsers can only hold their assets online and no longer need cold-storage devices.


Why are Keyless Wallets more secure than private key or seed phrase wallets?

Keyless wallets work by slipping the traditional private keys or seed phrases into multiple pieces, and then distributing them in multiple places to ensure no one person has full access to the key. So that the private key is always used in a distributed manner, there is no single point of vulnerability. Even if an attacker tries to get access to one of the two shares, they can’t access all of the “secret shares” simultaneously, making your digital assets much safer than in the traditional private key architecture.

What is MPC nodes network?

A network of parties will collectively provide private input to a specific function (digital signing process) and collectively compute the output of that function (digital signature).

What are Self Chain’s roles in building keyless wallet?

At its core, a state machine is a computational model that undergoes transitions between various states based on predefined inputs or events. In the context of the Self Chain, the state machine acts as a control center that orchestrates the intricate dance of data, interactions, and processes involved in Multi-Party Computation (MPC). This technology is at the heart of the Self Chain, responsible for key generation, transaction signing, and security enhancements.

Is MPC new technology?

MPC technology is actually dozens of years old – initial development began in the 1980s – but applying MPC technology to crypto wallets is a relatively recent technological innovation in the last decade. A number of billion-dollar institutions are using MPC technology, including Fireblocks, Coinbase...etc

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