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Bitget Wallet has just dropped a hand grenade by announcing the launch of an MPC wallet connected with Telegram and the TON blockchain.
This is the first multi-party computation wallet developed within the Telegram ecosystem, capable of offering greater security and flexibility to the community
The collaboration between TON and Bitget could facilitate the onboarding of a mass of users on both sides, pushing the adoption of cryptocurrencies.
Let’s see all the details below.
Summary
What is a “multi-party-computation” (MPC) wallet?
Before delving into the news featuring Bitget Wallet and the TON blockchain of Telegram, let’s briefly see what an MPC wallet is.
The so-called multiparty computation wallets are non-custodial solutions that use public key cryptography in a collaborative way to sign transactions.
Usually, for each private wallet, there is a single holder who holds and safeguards the private keys necessary to carry out operations.
In this case, however, the MPCs are designed to offer shared operations among multiple users, “splitting” the private key into multiple parts: each user holds a share of this resource, sufficient to ensure cryptographic participation on the blockchain.
This type of approach eliminates the need to reveal the complete key on multiple devices, thus improving security in a shared digital environment.
When a transaction requires a signature, the co-owners of the wallet collaborate to generate the signature without fully reconstructing the private key, ensuring that the assets remain secure throughout the process.
The advantages of using an MPC wallet, such as the one designed by Bitget Wallet with support for TON blockchain, are many.
First and foremost, they offer unprecedented security, allowing to mitigate the risks of the self-custody process of mnemonic phrases.
By also offering smooth collaboration between different parties, these solutions add flexibility and maximum control to end users.
It is important to note, however, that there are also disadvantages, as MPCs are generally more expensive to use and sometimes very slow.
Not all MPC wallets are open-source and interoperable, so their usability could be limited: precisely for this reason Bitget has decided to add an integration for the Telegram ecosystem.
Difference between multisig wallet and MPC
It is worth noting how multiparty computation wallets differ from multisignature wallets, even though they have similar characteristics.
In particular multi-signature wallets also allow shared use among multiple users, but require the authentication of TWO OR MORE private keys.
While MPCs are based on the splitting of a single private key, here each co-owner of the wallet holds a key in its entirety.
When one of the constituent parties of the multisignature initiates a transaction, the others must sign the operation by showing their own secret access phrase.
Each private key then corresponds to the public key, that is to the cryptographic address of each “signers”. Usually, these solutions require the signature of only one part of the potential signers, for example, 2 out of 4 or 3 out of 4.
Both multisig wallets and MPCs are designed to enhance cybersecurity on blockchain and offer more flexibility in managing a shared portfolio.
In general, MPC wallets are simpler and more intuitive to implement, while multisig can be considered more impenetrable.
Precisely for this last reason, several teams of cryptographic projects manage their digital finances on multisignature solutions. Safe represents the most well-known and used multisig provider in the blockchain world.
Bitget Wallet launches MPC solution for the Telegram ecosystem and the TON blockchain
After the initial introduction, let’s move on to the heart of today’s news which sees Bitget Wallet launching an MPC solution with integration for the TON blockchain
The choice to develop such a product is motivated by the fact that this type of portfolio is not yet present within the Telegram ecosystem.
In fact, all multiparty computation wallets refer to EVM (Ethereum) and SVM (Solana) environments, in addition to the various coverages existing on Bitcoin.
By doing so, Bitget adds a convenient and secure tool to the TON community, which has been on the rise in recent months thanks to the trend of Telegram’s mini-apps.
The team of the exchange Bitget had already inaugurated in October of last year the MPC technology by launching its own non-custodial shared wallet solution.
With this new move, the cryptocurrency company based in the Seychelles opens up to the vastness of the Telegram world, adding a new technological component.
Questo traguardo sottolinea il commitment di Bitget nel supportare lo sviluppo di un ambiente blockchain sicuro in grado di migliorare l’esperienza utente.
In the future, it is very likely that MPC technology will also be launched on other emerging chains, gradually following the needs of new customers.
Now, with this new product available in the TON field, followers of the Telegram ecosystem can more easily join in interacting with the suite of dapp.
Especially in the gaming sector, this integration opens up new types of digital connections, allowing the management of a wallet by multiple people.
Let’s prepare for the era of team mini-games developed on Telegram and powered by TON with the parallel assistance of Bitget software.
Partnership Bitget and Telegram: growth opportunities on both fronts
The partnership between Bitget and TON, in addition to introducing an advantage on the technological front, creates the conditions for growth of both communities.
Thanks to the support of the social media Telegram, which has almost 1 billion active users, TON has the potential to bring Web2 users into the Web3 space.
This automatically allows Web2 customers to learn about all the products developed by Bitget, with possible onboarding on the crypto exchange.
The fame and popularity of the TON blockchain, which boasts a TVL of 700 million dollars, could therefore attract new customers to Bitget.
It is also worth noting how the TON network, as a demonstration of its massive use, has recently reached the milestone of 100 million transactions. In June of last year, it had just 10 million tx.
At the same time, the MPC solution of Bitget Wallet facilitates the onboarding of new users onto the Telegram ecosystem. In fact, it allows the creation and import of wallets via email, Google, Apple ID and other methods without the need to store mnemonic phrases or private keys.
This new solution is designed precisely to support the next wave of mainstream adoption of cryptocurrencies: it is clear that with the growth of the cryptographic industry, new solutions are needed for non-custodial blockchain support, particularly for the shared management of assets.
Regarding this news, lvin Kan, COO of Bitget Wallet, stated the following:
“Bitget Wallet is dedicated to building crucial infrastructure, introducing innovative products, and promoting the mass adoption of cryptocurrencies. As a leading wallet in the TON ecosystem, we aim to provide an unparalleled entry point into Web3 for Web2 users.”