Blockchain technology service provider ChainUp has unveiled its latest NFT solution. Leveraging multi-party computation (MPC) technology, this innovative offering facilitates multi-main chain NFT asset management, collection, transfer and decentralized finance applications.
ChainUp’s MPC-based NFT solution aims to serve as a reliable bridge between NFTs and the Web3 decentralized internet ecosystem, allowing seamless integration with blockchain technology. The solution caters to institutional investors, including asset management firms, insurance companies, banks, exchanges, payment providers and wallet providers.
By embracing this solution, entities can venture into emerging sectors such as digital art and virtual reality, tapping into the vast potential of the NFT space. Furthermore, the comprehensive range of services supports the transition from traditional digital assets to NFTs.
In the realm of NFTs, ensuring robust security measures is paramount. Recognizing this need, ChainUp’s NFT solution employs MPC technology to address asset management security and privacy protection requirements.
Advanced security measures, including multi-factor authentication (MFA) and risk management, are implemented to provide a secure storage and transaction environment for NFT holders. These measures guarantee a seamless user experience while ensuring the secure and reliable management of NFT assets.
Established in 2017, ChainUp Group stands as an end-to-end blockchain technology solutions provider, offering infrastructure development and ecosystem support.
The company supports businesses through blockchain technology, providing comprehensive and compliant solutions encompassing digital asset exchange systems, NFT trading systems, wallet solutions, liquidity solutions and digital asset custody and management.
Sailor Zhong, founder and CEO of ChainUp Group, expressed the growing significance of NFT solutions based on MPC technology in the Web3 era, saying that “NFTs are emerging strongly as an upstart in the digital asset space.”
Alongside its robust security features, ChainUp’s NFT solution for asset management emphasizes flexibility and choice in trading. Users can conveniently trade their NFT assets with various mainstream cryptocurrencies, including ETH, BTC and USDT.
Rising adoption of MPC technology
Earlier this year, OKX, the world’s second-largest cryptocurrency exchange by trading volume, enhanced its wallet using cutting-edge MPC technology.
This upgrade makes OKX Wallet the first Web3 wallet to implement MPC, significantly improving its security measures. MPC divides OKX users’ private keys into three parts, reducing the risk of unauthorized access and key theft.
MPC is a cryptographic technique that allows multiple parties with private data to compute a result collectively without revealing individual inputs. It allows a secure collaboration between separate entities, each holding a fragment of information that, when combined, can reveal a secret or perform a computation.
The technology ensures that dishonest participants cannot force others to disclose private data or influence the outcome of their computation. It also guarantees that the result does not hint at the participants’ inputs. The concept of MPC originated in the 1980s, and since then, it has evolved through various breakthroughs and applications.
The OKX Wallet upgrade also introduces a unique asset recovery feature — Emergency Escape — allowing users to regain access to their assets without OKX’s assistance. This functionality requires users to provide access credentials for their device, cloud backup or OKX account during emergencies.
By incorporating MPC technology, OKX Wallet offers improved security, allowing users to securely participate in the Web3 economy.