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What is MPC?
MPC, or Multi-Party Computation, is a cryptographic technique that allows multiple parties to securely collaborate on computations without revealing their private data to each other. It enables parties with different interests and data holdings to work together on a common goal while maintaining their individual data privacy.
At its core, MPC is designed to address the challenge of secure computation in scenarios where data is distributed across multiple parties, and each party wants to keep its data private. Traditional methods of data sharing and computation, such as data pooling or centralization, may not be suitable due to privacy concerns or legal restrictions. MPC provides a solution by allowing parties to perform computations on their respective private data without sharing the data itself.
The basic idea behind MPC is to use cryptographic techniques to transform the input data of each party into a form that can be securely processed by other parties' computers without revealing its original value. The transformed data, often referred to as "shares," are then used as inputs in the computation, and the outputs are securely combined to obtain the final result.
There are different approaches to MPC, but they typically involve multiple parties agreeing on a protocol that defines how the computation will be performed. The parties run the protocol on their respective data and exchange information in a way that allows them to compute the result without learning each other's private data. The protocols used in MPC are designed to be secure against various types of attacks, including collusion, eavesdropping, and malicious behaviour by some of the parties.
MPC has many real-world applications, including secure data analysis, financial transactions, private machine learning, and secure auctions. It is a powerful tool that enables secure collaboration and computation among multiple parties, while preserving privacy and security.
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What does “MPC nodes” mean?
"Multi-distributed MPC nodes" refers to a setup where multiple MPC (Multiparty Computation) nodes are distributed across different locations or entities in a distributed network. In the context of MPC, a node typically refers to a computing entity or a participant that takes part in the MPC computation.
MPC is designed to enable secure computation across multiple parties, where each party can perform computations on their private inputs without revealing them to others. In a distributed MPC setup, there are multiple nodes that participate in the computation, and these nodes are distributed across different locations or entities. This can be done for various reasons, such as privacy, security, or efficiency.
The term "multi-distributed" in this context implies that there are multiple MPC nodes, and these nodes are distributed across different locations or entities. This can be in the form of a network of computers, servers, or other computing devices that are geographically distributed or owned by different organizations or entities.
Distributing MPC nodes across different locations or entities can provide several benefits, including:
- Privacy: Distributing MPC nodes across different entities can help protect the privacy of the individual inputs, as no single entity has access to all the inputs or the complete computation.
- Security: Distributing MPC nodes can enhance the security of the computation by reducing the risk of a single point of failure or compromise. Even if one node is compromised, it does not compromise the entire computation.
- Scalability: Distributing MPC nodes can enable parallel processing and distributed computation, which can improve the efficiency and scalability of MPC protocols.
- Collaboration: Distributed MPC nodes can facilitate collaboration among multiple parties that may be geographically dispersed or have different ownership or control, allowing them to jointly compute results while preserving privacy.
Overall, the term "multi-distributed MPC nodes" refers to a setup where multiple MPC nodes are distributed across different locations or entities, allowing for secure and collaborative computation across parties while preserving privacy and security.
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Where are your MPC nodes hosted?
The wallet is securely hosted on advanced multi-distributed nodes, which form a strong and reliable infrastructure. You have the option to access the wallet exclusively through Vaultody, a trusted platform for managing and securing your digital assets. This flexibility empowers you to choose the approach that best aligns with your preferences and operational requirements, ensuring effective management and enhanced security for your wallet.
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What is your wallet key management system?
Our MPC Wallet employs cutting-edge Multi-Party Computation (MPC) technology to deliver unparalleled security for your digital assets. Traditional key management systems often pose risks due to key exposure, leaving them vulnerable to unauthorized access and potential attacks. However, with our MPC Wallet, we have mitigated this vulnerability by leveraging distributed computing across multiple nodes. Each node in the MPC network holds only a fraction of the information required to perform key operations. This collaborative approach ensures that no single entity or node has access to the complete set of keys, significantly reducing the risk of compromise. By distributing the computation across multiple nodes, our MPC Wallet provides enhanced security and confidentiality for your private and public keys. To further fortify the protection of your digital assets, our MPC Wallet incorporates advanced encryption algorithms, robust access controls, and multi-factor authentication protocols. These security measures work harmoniously to establish layers of defense, preventing unauthorized access and ensuring your keys remain confidential and well-guarded. Additionally, our MPC Wallet offers a high degree of customizability to cater to your unique business needs. Whether you require integration with other systems or desire additional security layers, our wallet can be tailored to align with your operational requirements. This flexibility ensures seamless integration and a personalized experience for managing your digital assets. In conclusion, our MPC Wallet combines the power of multi-party computation (MPC) technology with advanced security measures and customizability. By eliminating key exposure, implementing robust security measures, and offering customization options, we provide a secure and reliable platform for managing and safeguarding your digital assets.
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How are transactions signed?
In our MPC Wallet, transaction signing is performed using a secure and robust process that leverages the advanced capabilities of Multi-Party Computation (MPC) technology. When a transaction needs to be signed, the process involves the collaboration of multiple distributed nodes within the MPC network. Each node holds a fraction of the necessary information required for signing the transaction, ensuring that no single node possesses the complete set of keys or transaction details. Through the collective computation performed by these distributed nodes, the transaction is securely signed without exposing sensitive information. The MPC protocol ensures that the signing process remains confidential and resistant to potential attacks or unauthorized access. By leveraging this approach, we can provide a high level of security and integrity to the transaction signing process while maintaining the privacy of your keys and transaction data. It is important to note that the exact technical implementation details of the MPC signing process may vary depending on the specific configuration and setup of our MPC Wallet. However, rest assured that our priority is to ensure the utmost security and privacy during the transaction signing process, utilizing the advanced capabilities of MPC technology to protect your digital assets.
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How do I back up my wallet?
While it is not mandatory, it is highly suggested that you back up your wallet before using it. Backing up your wallet is an important precautionary measure to safeguard your digital assets and ensure their availability in case of unforeseen circumstances.
You must create an RSA key and supply the system with its public key in order to back up the wallet. Your RSA Public Key will be used to encrypt the backup, which will be a file that can only be opened with your RSA Private Key.
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What is RSA Key Pair?
A private key and a public key make up an RSA key pair. The backup file is encrypted using the public key to increase its security in case it is discovered. If you ever need to utilize your backup to get your money back in an emergency, you'll need the RSA Private Key.
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How do I use my wallet backup in case of emergency?
You can utilize the backup file created by Vaultody along with your RSA private key and the Vaultody Recovery Tool (open source) in the event of an emergency or the necessity to recover your wallet in order to relocate all cash. In the event of an emergency, you will be able to relocate all of your cash using our open-source recovery tool.
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Why is wallet backup important?
Because it ensures ownership documentation and makes digital assets available in case of crises or unanticipated circumstances, a wallet backup is crucial.
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What precautions should I take to protect my wallet backup?
To protect your wallet backup, make sure to store it securely offline and in a separate location. Use encryption and strong passwords to secure the backup file, and avoid sharing it with anyone.
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What is Transaction Policy?
Transaction policy is a security feature that enables account owners to add an extra layer of protection to their accounts. It allows account owners to set up a specific approval chain for transactions requiring multiple layers of approval before they can be executed. For example, an account owner may choose to set up a transaction policy that requires two separate approvals before a transaction can be executed. This means that when a transaction is initiated, it will not be executed until it has been approved by two separate individuals or parties, as specified in the approval chain. This extra layer of protection is beneficial for businesses or individuals who deal with high-value transactions or sensitive data, as it helps to prevent unauthorized access or fraudulent activities. Requiring multiple layers of approval ensures that authorized individuals thoroughly review and approve any transaction before it is executed.
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Could I execute the transaction without the transaction policy?
Yes! By default, our transaction policy requires transactions to be approved by the account owner through our secure mobile app. This ensures an additional layer of security and provides the account owner with control over their transactions. However, it is important to note that the transaction policy is a customizable feature that offers flexibility to account owners. They have the option to define specific conditions, approvals, or additional checks as per their preferences and security requirements. If the account owner chooses not to mandate any specific conditions or approvals, or if they have not implemented a transaction policy at all, transactions can be executed without being subject to additional checks or constraints. In such cases, transactions can proceed without the need for approval via the mobile app, simplifying the process for account owners who prefer a more streamlined transaction experience. It is important for account owners to carefully consider their security needs and customize the transaction policy accordingly to strike the right balance between convenience and security.
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Do I need Vaultody's approval to make a transaction?
No, you do not need Vaultody's approval to make a transaction. As the account owner, you have the authority to initiate and execute transactions without requiring approval from Vaultody. The transaction process is designed to be under your control, allowing you to manage your digital assets independently. While Vaultody provides a secure infrastructure for your wallet and offers additional features and services, the approval of transactions rests solely with you as the account owner.
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What are the distinctions between account-based and UTXO-based transactions?
Account-based and UTXO-based transactions are two primary transaction models in blockchain technology. Bitcoin adopts the UTXO (Unspent Transaction Output) model, while Ethereum uses an account-based approach. Both models track the state of the database.The UTXO model operates on a more abstract level. In this model, each transaction uses outputs from previous transactions to generate new outputs for future transactions. Any excess coins are sent to a self-controlled address. The balance of a specific wallet is determined by the total sum of unspent transactions, as the wallet maintains records of such transactions and their associated addresses owned by the user.
In contrast, the account-based model is simpler and resembles the traditional banking system. It represents assets as balances in accounts, where an account corresponds to a single address with a balance. Transactions in this model involve transferring assets from one account to another, with a separation between transactions and output data.
To summarize, the UTXO model allows for the simultaneous processing of multiple transactions, enabling better scalability and parallel transactions. However, it is more complex and less suited for handling smart contract functionalities. On the other hand, the account-based model is simpler, making it more efficient and beneficial for programmers dealing with complex smart contracts.
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Why is my transaction not yet mined? Why is my transaction “stuck”?
A "stuck" transaction refers to one that has been unconfirmed and pending mining for an extended period. There are several reasons why a transaction may remain in the queue without being mined. These reasons can include factors such as having a low transaction fee, containing dust outputs (tiny amounts of cryptocurrency), being a double spend of another transaction, spending from an unconfirmed transaction, and other potential causes. It's important to consider these factors when experiencing delays in transaction confirmation to better understand the possible reasons for the delay.
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Could I execute the transaction without the transaction policy?
While it is technically possible to initiate a transaction without adhering to the transaction policy, it is strongly recommended to follow established guidelines and policies in order to ensure transparency, accountability, and compliance. The transaction policy serves as a framework that outlines the expected standards and procedures for conducting transactions, including any legal, ethical, or regulatory requirements. Adhering to the transaction policy demonstrates a commitment to responsible and lawful practices, promoting trust and integrity within the transactional process.
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My transaction is not yet mined. Will it be dropped and when?
In a blockchain network, transactions undergo a verification process known as mining, which involves the confirmation, processing, and addition of transactions to the blockchain. However, each individual node has the autonomy to decide how long it will retain unconfirmed transactions in its memory pool (mempool). Consequently, there is no specific or default timeframe after which an unconfirmed transaction is automatically dropped from the mempool. Nevertheless, it has been observed that many nodes tend to remove unconfirmed and unmined transactions from their mempool after approximately two weeks. It is important to understand that during this period, the coins associated with the transaction do not actually leave the customer's wallet, but they are also not reflected as "available" for use.
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Can I cancel my transaction?
Once a transaction is initiated on a blockchain network, it becomes part of the transaction history and undergoes the process of verification and confirmation. It is important to note that, in general, blockchain transactions are intended to be irreversible and, once confirmed, cannot be directly canceled or reversed. This characteristic is inherent in the design and security principles of blockchain technology. While it is not possible to cancel a transaction directly, there are certain scenarios in which a transaction may remain unconfirmed or experience delays. In such cases, you have the option to replace the transaction with a new one that includes a higher transaction fee or adjust other parameters to incentivize miners to prioritize its confirmation. However, it is crucial to exercise caution when attempting to replace or modify transactions, as it requires careful consideration of the network conditions, transaction fees, and potential implications. It is advisable to consult with our technical support team to understand the available options and potential consequences of managing transactions in such situations.
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What are Advanced API keys?
Advanced API keys are special API keys that provide additional functionality and control over the activities that can be performed using the API key. They allow users to set and manage access permissions, rules, and restrictions for different activities on their accounts.
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How do Advanced API keys enhance security?
Advanced API keys provide enhanced security by allowing users to set access permissions and rules for each API key. Users can whitelist specific IP addresses, generate passphrases, and define permissions for different wallet activities, such as creating wallets, generating deposit addresses, and creating transaction requests. This helps restrict any activity outside of the API key settings, reducing the risk of assets vulnerability and providing advanced security measures.
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What are the benefits of using Advanced API keys?
The benefits of using advanced API keys include:
- Customizable access permissions: Users can define permissions for each API key, allowing only authorized activities.
- IP address whitelisting: Users can whitelist specific IP addresses to restrict API key access to trusted sources.
- Passphrase generation: Users can generate passphrases for added security, making it harder for unauthorized entities to access the API key.
- Activity restriction: Users can limit the activities that can be performed using the API key, reducing the risk of unauthorized actions.
- Lowering assets vulnerability: Advanced API keys provide additional security measures to minimize the risk of assets vulnerability.
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How can I use Advanced API keys to secure my account?
To use advanced API keys to secure your account, you can follow these best practices
- Set appropriate access permissions: Define permissions for each API key based on the activities that are necessary for your use case and limit access to only what is needed.
- Whitelist trusted IP addresses: Whitelist specific IP addresses that are trusted and authorized to access your API key, restricting access from unauthorized sources.
- Generate strong passphrases: Use passphrase generation features to create strong, unique passphrases for each API key to prevent unauthorized access.
- Regularly review and update settings: Periodically review and update the settings of your advanced API keys to ensure that they align with your current security requirements and best practices.
- Monitor and audit API key activities: Regularly monitor and audit the activities performed using your advanced API keys to detect any suspicious or unauthorized actions.
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What activities can be controlled with Advanced API keys?
The activities that can be controlled with advanced API keys depend on the specific functionalities provided by the API provider. Some examples of activities that can be controlled with advanced API keys include:
- Generating deposit addresses
- Creating transaction requests
- Performing account-related actions
- Accessing specific features or functionalities of an API
It is important to refer to the documentation or guidelines provided by the API provider to understand the exact functionalities and activities that can be controlled using advanced API keys.
Remember, utilizing advanced API keys can provide additional security measures to protect your account and assets. Follow best practices, set appropriate access permissions, and regularly review and update settings to ensure the highest level of security for your API key-based activities.