Unbound Releases Open Source Library for Blockchain Developers, Provides Proven Security for Crypto Assets

NEW YORK, Nov. 27, 2018 /PRNewswire/ -- Unbound Tech announced it is the first to bring the blockchain community a bank-grade security solution via open source. Released today, the company's newly released blockchain-crypto-mpc library is available for free on Git Hub. It's an open source library for blockchain and crypto assets that protects cryptographic keys using the company's MPC-based technology used by the Fortune 500.

A Long-Needed Answer

Today, crypto assets valued in billions are compromised and lost, and existing approaches for dealing with protection of crypto assets keys and secrets are repeatedly proven as insufficient. For the first time, Unbound's blockchain-crypto-mpc library allows blockchain developers to create wallets and applications using a library that provides cryptographic foundations for resolving that ongoing challenge associated with crypto asset and blockchain applications: the protection of cryptographic signing keys and seed secrets.

Based on Secure Multi-Party Computation (SMPC), Unbound's library harnesses the company's flagship technology that innovatively splits cryptographic keys into random shares which are located on separate machines and enables all operations to be conducted with the keys split. Seeds and private keys are always protected and never exist in complete form – even during generation, while in use or at rest.

Keys Cannot Be Compromised

It is guaranteed mathematically that unless all machines are breached simultaneously, the keys cannot be compromised or used for signing a transaction. No key material or secret is ever in the memory. Wallet developers can therefore offer the highest level of key protection built into their offerings, without the need to rely on ledger-specific mechanisms such as multi-signature, expensive hardware security modules (HSMs), or appliance-as-a-service options.

Offers Core Capabilities of Unbound's CASP

Unbound's blockchain-crypto-mpc serves as an opportunity for developers to gain some of the core capabilities of the Unbound Crypto Asset Security Platform (CASP), the industry's only solution designed for banks, custodians and exchanges that works with any asset, ledger, device or platform, and is built for the unique needs of crypto asset key protection. Based on the blockchain-crypto-mpc, CASP includes SMPC implementation of all blockchain cryptography, including ECDSA, EdDSA and HD wallets.

Big Benefits for Blockchain and Crypto Asset Wallet Developers

As a low-level API, Unbound's Blockchain Crypto MPC provides the ability for simple two-party approval processes; it can be compiled into virtually any platform and offers a secure zero-knowledge backup mechanism. Wallet developers gain numerous benefits through blockchain-crypto-mpc, including security that's fully built into the application and not reliant on costly external hardware that can be lost or stolen. Developers are also not locked into ledger-specific mechanisms such as multi-signature – all while gaining the unique MPC advantage of sharing key custody between different parties without the need for multiple keys. It stands as a fast and easy way to enable the creation and extension of applications to support any ledger and any asset.

Unbound's three options include:

• The blockchain-crypto-mpc library – The free open source offering available on GitHub for blockchain and crypto asset wallet developers
• Pro Library – Designed specifically for technology platform providers, integrators and commercial wallets
• CASP – Designed for exchanges, banks and institutional custodians of crypto assets

A full table of features for each is available at https://www.unboundtech.com/cryptoasset-security-platform/packages/.

"Through the release of blockchain-crypto-mpc, we are offering a distinctly superior alternative to today's crypto asset security options," said Oz Mishli, vice president of products at Unbound. "It's pure software, open-source and free to use. We see this as a doorway to a new level of security that is backed by proven deployments at tier 1 global banks and tech companies as well as by the world-renowned expertise of our co-founders, Prof. Yehuda Lindell and Prof. Nigel Smart.

"Users will gain unparalleled protection and functionality while also opening doors for speedy scalability and further innovation – it's a pivotal tool the market is looking for in order to address the fundamental trust, usability and security problems it currently faces," Mishli continued. "We are delighted to make this contribution to the community, with hopes that it will enable secure, convenient and easy-to use-blockchain applications for all."

Unbound Co-Founder to Speak at Real World Crypto 2019

Prof. Yehuda Lindell, an Unbound Tech co-founder, is scheduled to present a session during Real World Crypto 2019 titled, "A Full Cryptocurrency Custody Solution Based on MPC and Threshold ECDSA." The event, organized by the International Association for Cryptologic Research (IACR) takes place January 9-11, 2019 at the San Jose Marriott in San Jose, CA.

About Unbound Tech

Unbound Tech equips companies with the first pure-software solution that protects secrets such as cryptographic keys, credentials or other private data by ensuring they never exist anywhere in complete form. The Unbound Distributed Trust Platform stands as a new foundation for trust using secure multiparty computation to ensure secrets are always split into multiple shares and thereby eliminate any single point of compromise.

Adopted by Fortune 500 companies, Unbound's elastic and agile platform protects secrets on untrusted infrastructure and removes existing dependence on dedicated security hardware, delivering a novel approach to security and privacy designed for the digital era. Serving as an engine for uninhibited growth, it allows enterprises to gain new levels of control over their secrets on any cloud, server or endpoint, and opens new possibilities for digital innovation. Founded in 2014, Unbound has been recognized with numerous industry awards and named in multiple Gartner Hype Cycle Reports. Be Trusted. Be Unbound. Visit www.unboundtech.com.

Unbound Company Contact:
Debbie Schuval
[email protected]

SOURCE Unbound Tech

Related Links

http://www.unboundtech.com/