Fireblocks Releases New Free to Use MPC Algorithm, Boosts Transaction Speed by 800%
Arming digital asset custodians with a faster, safer way to transact
NEW YORK, May 13, 2020 /PRNewswire/ -- Fireblocks (www.fireblocks.com), announced today it has developed a new MPC (secure multi-party computation) algorithm that pushes digital asset transaction speeds up to 8X faster than what's currently possible. Fireblocks' new protocol, called "MPC-CMP," is based on and surpasses the speed of Gennaro and Goldfeder's protocol, a current industry standard for MPC, and Lindell et al.'s protocol. Starting today, all digital asset custodians and MPC vendors can access Fireblocks' MPC-CMP protocol and use it for free as Fireblocks will not be applying for patents on this technology.
MPC technology is allowing advanced fintech platforms to flourish because it removes the single point of compromise by transforming private keys into liquid form through securely distributed transaction signing. In an academic paper released this week by the Fireblocks Research Team, Prof. Ran Canetti, Dr. Nikolaos Makriyannis, and Udi Peled, revealed the new cryptographic security protocol. In the paper, Canetti, Makriyannis, and Peled (CMP) outline how to securely cut the number of rounds needed to sign an MPC transaction by 10-fold. While Gennaro and Goldfeder's algorithm requires 9 rounds to sign a transaction, MPC-CMP only requires 1.
Designed to support institutions with large retail customer bases, such as the biggest exchanges, lending providers, and banks. MPC-CMP enables them to execute high-volume withdrawal requests. Additionally, it allows institutions located in areas with strong regulations around cold storage to utilize MPC in an offline wallet.
By slicing the number of interactive rounds in half and combining the method of pre-processing with non-interactive signing, MPC-CMP accomplishes 8X faster transaction speed. "The MPC-CMP algorithm developed by our cryptography team is ushering in the next generation of threshold cryptography," said Ran Canetti, Professor of Computer Science at Boston University and Tel Aviv University. "It demonstrates that strong security need not compromise on efficiency."
The new algorithm introduces major security improvements, such as automatically refreshing key shares in minute intervals, protections against more advanced attackers, and an out-of-the-box Universally Composable secure computation proof.
"As financial institutions look to launch and operationalize digital asset services, we believe MPC-based technology will be paramount to delivering an experience comparable to the speed of traditional assets," explains Michael Shaulov, CEO and Co-Founder of Fireblocks. "We're freely providing custodians and MPC vendors with our new algorithm to drive innovation, boost adoption, and prepare digital assets for the broader institutional market."
MPC-CMP delivers:
- The fastest digital asset transaction signing protocol on the market
- Cold/offline MPC key signing
- Automatic key share refreshing to improve security
- Universally Composable protocol
- 100% free usage
Fireblocks has made MPC-CMP open to peer review to ensure its strength and efficiency in order to implement the new algorithm by end of Q2 2020.
About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets. The platform enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through patent-pending SGX & MPC technology. Fireblocks has secured the transfer of over $30 billion in digital assets, and offers a unique insurance policy that covers assets in storage & in transit. For more information, please visit www.fireblocks.com.
SOURCE Fireblocks
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