We are pleased to announce an international patent application related to Xwallet has been approved!
The most common crypto asset wallets today are wallets where the users themselves hold the private keys. This method is considered high risk for hacking due to private keys being controlled by the individual. In addition, hard wallets that are not connected to an autonomous decentralized network, which were developed to mitigate this risk, have limited convenience.
CROSSTECH has developed and received an international patent approval for technology solving this issue, enabling secure and convenient operation in the financial technology market.
Electronic allocation type storage method and its operation system (Patent No. 2019-052099)
Shamir Secret Sharing (SSS) is a type of MPC* in which the secret key is divided into several components and stored on different nodes. When a complete secret key is needed, it is collected from multiple nodes at certain points.
From the Xwallet design perspective, the private keys should be divided into multiple components (e.g., 3 or more) and stored on different nodes. Whenever a transaction needs to be executed, the private key is reconstructed from multiple nodes.
Most importantly, we recommended never storing complete private keys in one location. Private keys should always be divided into multiple parts and stored in different locations. This approach enhances the security of Xwallet.
Illustrated as follows:
SSS is performed when the majority of nodes are validly set.
*MPC = multiparty computation
CROSSTECH continues to pursue advanced and market-leading technologies.