Shared-Custodial Wallet for Multi-Party Crypto-Asset Management
Blockchain wallets are essential interfaces for managing digital assets and authorising transactions within blockchain systems. However, typical blockchain wallets often encounter performance, privacy and cost issues when utilising multi-signature schemes and face security vulnerabilities with singl...
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| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2024-12-01
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| Series: | Future Internet |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1999-5903/17/1/7 |
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| _version_ | 1832588389413552128 |
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| author | Yimika Erinle Yebo Feng Jiahua Xu Nikhil Vadgama Paolo Tasca |
| author_facet | Yimika Erinle Yebo Feng Jiahua Xu Nikhil Vadgama Paolo Tasca |
| author_sort | Yimika Erinle |
| collection | DOAJ |
| description | Blockchain wallets are essential interfaces for managing digital assets and authorising transactions within blockchain systems. However, typical blockchain wallets often encounter performance, privacy and cost issues when utilising multi-signature schemes and face security vulnerabilities with single-signature methods. Additionally, while granting users complete control, non-custodial wallets introduce technical complexities and security risks. While custodial wallets can mitigate some of these challenges, they are primary targets for attacks due to the pooling of customer funds. To address these limitations, we propose a chain-agnostic Multi-Party Computation Threshold Signature Scheme (MPC-TSS) shared-custodial wallet with securely distributed key management and recovery. We apply this solution to create a wallet design for wealth managers and their clients, consolidating the management and access of multiple cryptocurrency tokens and services into a single application interface. |
| format | Article |
| id | doaj-art-06f7da1cfc2e4a79a9f0d30ff4b79bad |
| institution | Kabale University |
| issn | 1999-5903 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Future Internet |
| spelling | doaj-art-06f7da1cfc2e4a79a9f0d30ff4b79bad2025-01-24T13:33:32ZengMDPI AGFuture Internet1999-59032024-12-01171710.3390/fi17010007Shared-Custodial Wallet for Multi-Party Crypto-Asset ManagementYimika Erinle0Yebo Feng1Jiahua Xu2Nikhil Vadgama3Paolo Tasca4Centre for Blockchain Technologies, University College London, London WCIE 6BT, UKCollege of Computing & Data Science, Nanyang Technological University, Singapore 639798, SingaporeCentre for Blockchain Technologies, University College London, London WCIE 6BT, UKCentre for Blockchain Technologies, University College London, London WCIE 6BT, UKCentre for Blockchain Technologies, University College London, London WCIE 6BT, UKBlockchain wallets are essential interfaces for managing digital assets and authorising transactions within blockchain systems. However, typical blockchain wallets often encounter performance, privacy and cost issues when utilising multi-signature schemes and face security vulnerabilities with single-signature methods. Additionally, while granting users complete control, non-custodial wallets introduce technical complexities and security risks. While custodial wallets can mitigate some of these challenges, they are primary targets for attacks due to the pooling of customer funds. To address these limitations, we propose a chain-agnostic Multi-Party Computation Threshold Signature Scheme (MPC-TSS) shared-custodial wallet with securely distributed key management and recovery. We apply this solution to create a wallet design for wealth managers and their clients, consolidating the management and access of multiple cryptocurrency tokens and services into a single application interface.https://www.mdpi.com/1999-5903/17/1/7cryptocurrency walletcrypto assetsmulti-party computationwallet securitywallet designkey management |
| spellingShingle | Yimika Erinle Yebo Feng Jiahua Xu Nikhil Vadgama Paolo Tasca Shared-Custodial Wallet for Multi-Party Crypto-Asset Management Future Internet cryptocurrency wallet crypto assets multi-party computation wallet security wallet design key management |
| title | Shared-Custodial Wallet for Multi-Party Crypto-Asset Management |
| title_full | Shared-Custodial Wallet for Multi-Party Crypto-Asset Management |
| title_fullStr | Shared-Custodial Wallet for Multi-Party Crypto-Asset Management |
| title_full_unstemmed | Shared-Custodial Wallet for Multi-Party Crypto-Asset Management |
| title_short | Shared-Custodial Wallet for Multi-Party Crypto-Asset Management |
| title_sort | shared custodial wallet for multi party crypto asset management |
| topic | cryptocurrency wallet crypto assets multi-party computation wallet security wallet design key management |
| url | https://www.mdpi.com/1999-5903/17/1/7 |
| work_keys_str_mv | AT yimikaerinle sharedcustodialwalletformultipartycryptoassetmanagement AT yebofeng sharedcustodialwalletformultipartycryptoassetmanagement AT jiahuaxu sharedcustodialwalletformultipartycryptoassetmanagement AT nikhilvadgama sharedcustodialwalletformultipartycryptoassetmanagement AT paolotasca sharedcustodialwalletformultipartycryptoassetmanagement |