The enthusiasts of cryptocurrencies, promise to build a decentralized monetary system that allows people to trade freely without the intervention of any intermediary. It's an optimistic picture, but recent events in vulnerability security measures indicate that the decentralized world might not be working as well as believers still imagine.
That's why entrepreneurs, infused with venture capital, are racing to make crypto apps more secure. One of them is Safeheron, based in Singapore, which recently raised $7 million in a pre-Series A funding round.
The purpose of Safeheron is to make the private keys are more secure. Private keys, critical to decentralized cryptographic applications, allow individuals to take control of your digital assets through self-custody wallets, rather than leaving control to a centralized institution.
When users make a transfer from their self-custody wallet, they must sign the transaction with these passwords: users become their own banks.
However, this arrangement carries risks. If hackers obtain certain secret codes and empty the corresponding wallets, users have no way to recover their funds in the absence of a centralized party to take responsibility.
The solution of Safeheron to strengthen the security of private keys take cues from concept of MPC. In the context of digital assets, MPC works by distributing the signing process among several computers, in contrast to the conventional way of relying on a private key to approve transactions.
bruce wang, CTO of Safeheron, He explains it like this: “Let's say you have a safe. Instead of using a single original key, we are using multiple keys to open it.”
Other startups are also using MPC to enable distributed signing of crypto transactions, but Wang pointed to the fact that Safeheron is open source, giving your customers more transparency into their source codes. “Being open source is key to building trust among users”Said Yu Chen, a partner at Yunqi Partners, which co-led the latest round of Safeheron with Web3Vision.
Since launching your product in October, Safeheron has promoted more than 20 clients, who in total have in custody more than $ 100 millones in cryptocurrencies and have facilitated more than $ 4 billion in transactions using the wallet Safeheron as service.
The young startup has just incorporated a heavyweight client, the popular wallet Dappradar based on Ethereum, which had amassed more than 30 million monthly active users as of March. By adding Safeheron's MPC capabilities, MetaMask may allow users to sign transactions using multiple devices or applications instead of just one.
