The current number of active Bitcoin addresses is only 788,900. Similar to Web2 APP, which frequently has hundreds of millions of daily active addresses, the Bitcoin ecosystem still has huge room for growth.

As the entrance to the world on the Bitcoin chain, the wallet will play a vital role. However, according to The Daily Hodl, at least 4 million Bitcoins have been permanently lost due to lost and stolen private keys, and this number will continue to increase in the future, causing huge losses to holders. In addition, with the influx of a large number of users into the Bitcoin ecosystem along with Inscription, in addition to security, higher requirements have been placed on Bitcoin ecological wallets in terms of convenience and functionality. The emergence of OKX MPC private keyless wallet will help users solve the problem of private keys and explore interactive Bitcoin ecological applications more easily. Recently, OKX MPC private keyless wallet announced its support for BRC 20, becoming the first MPC wallet to support the Bitcoin Inscription ecosystem, which may help Bitcoin network users usher in a large number of new users.

No need to manage private keys, lost and recoverable

The private key represents the only control over the wallet assets. Whether lost or stolen, it means the loss of user assets. OKX MPC private keyless wallet can help users eliminate the need to remember and manage wallet private keys, and can still regain control of the wallet in the face of extreme situations caused by individuals or platforms. For example, when a user loses his mobile phone or deletes his wallet by mistake, he can restore his wallet through iCloud or by logging in to his exchange account. When an emergency occurs on the platform, the emergency escape function can be used to export the private key and withdraw assets through two private key shards that are completely managed by the user.

OKX MPC private keyless wallet is implemented based on multi-party computation MPC and threshold signature TSS technology. The general implementation principle is that when creating a private key, each participant generates a private key shard and keeps it. When a user initiates a signature, all participating parties use the private key shard to participate together to achieve a complete signature. There will be no complete private key in the entire process, nor will the private key sharding between parties be exposed.

Users do not necessarily need to call all private key shards at the same time for signing. OKX MPC private keyless wallet is the first 2-3 multi-chain private keyless wallet on the market, which generates 3 private key shards. It can be completed by using 2 of the private key shards when signing. Specifically, the OKX server generates a private key fragment 1, and the user device generates a private key fragment 2 and a private key fragment 3. The private key fragment 2 is encrypted and stored on the user device, and the private key fragment 3 is encrypted and backed up to iCloud or Google Drive. . Private key fragment 1 + private key fragment 2 are used when signing transactions, and private key fragment 3 is used as a backup.

Different from the multi-signature method on the chain, the signature of the MPC wallet is completed off-chain, which has more advantages in terms of cost, privacy and compatibility. Even if the private key fragmentation is lost, it can be restored by re-fragmentation. Control over wallet. The multi-signature method on the chain is more secure and transparent. When the private key shard is lost, the plan often needs to be re-formulated.

OKX MPC private keyless wallet does not require the management of private keys and can be recovered if lost, which improves the security and convenience of Web3 wallets, is more user-friendly, and realizes a truly decentralized self-hosted private keyless wallet. Users can freely explore in increasingly rich interactions on the chain. Even in the face of various carefully disguised phishing links, resulting in the theft or loss of some private keys, the assets are still safe, and the loss of private key fragments can be recovered in a variety of ways. , the user still has full permissions.

Promote the growth of Bitcoin ecosystem

The Ordinals protocol set off a wave of inscriptions in the Bitcoin and crypto worlds, and as the price of Bitcoin rose, market attention and funds returned to the Bitcoin network. Bitcoin shifted from digital gold to more possibilities, but because Bitcoin has not It does not support smart contracts, and its backward ecological infrastructure brings more opportunities for innovation. More and more projects are trying to replicate the prosperity of Ethereum Layer 2, and by anchoring the value of Bitcoin, Bitcoin Layer 2 appears to be more Expensive, but it will definitely be different from Ethereums DeFi Lego combination paradigm. In addition, with the development of narratives such as Bitcoin spot ETF and halving, the Bitcoin ecosystem will surely show huge room for growth in a new round of bull market.

A large number of new users are pouring into the Bitcoin ecosystem. However, due to pain points in private key security, interaction fees, and wallet functions, higher requirements are put forward for Bitcoin ecological wallets, which will be related to the growth of the Bitcoin network system.

Recently, OKX MPC private keyless wallet announced that it supports the BRC 20 standard and the Ordinals market, becoming the first MPC wallet to support the Bitcoin Inscription ecosystem. Not only does it allow users to enjoy a more secure and convenient wallet experience without having to manage private keys. And through support for the Ordinals market, users can also perform one-stop transfers, transactions, engraving BRC-20 and BTC NFTs, etc., and interact without platform service fees to explore the ever-changing Bitcoin ecosystem.

For the vast number of new user groups, convenience and security are the basic and core competitiveness of wallets. Only wallets like OKX MPC Private Keyless Wallet that build on solid basic skills and continue to carry out diversified innovations can continue to meet and adapt to user needs. .

Web3 infrastructure is immature and application scenario imagination has not yet been opened up. Many products impose abstract concepts and complex operation steps on users that are not within the scope of users consideration, which greatly increases the threshold for use. Although the current applications on the Web3 chain have attracted many speculators, hair-raising users, and developers, these are definitely not regular users in the Web2 world, and they are far from the over 5 billion users of Web2. How to focus on the most frequent and important applications for users, simplify and improve the user experience of these applications, has become the thinking of the industry.