54 days ago • cryptodaily
NFT Collection Purrnelopes Country Club Price, Stats, and Review
Purrnelope's Country Club is a collection of 10,000 randomly generated NFTs that exist on the Ethereum Blockchain. Exclusivity is the name, fun is the game. Browse our twitter, join our discord or go to our website for more info!
Website | Discord | Twitter
The OG
Land | Exclusives
Creations | Kittens | Grandmas
KittyVault Purrks
The total number of owners has reached 3602.
NFT Collection Purrnelopes Country Club Price and Sales
The market capitalization of Purrnelopes Country Club NFT collection is 1,281.50 ETH. For all time, 10,386 collections sales were made at an average price of 0.30 ETH (~$487.11 at the time of writing). This created a total volume in 3,142.143 ETH. The floor price of Purrnelopes Country Club is 0.1099 and the 30-day trading volume is kept at 12.29 ETH. The payment tokens of the Purrnelopes Country Club collection are ETH, DAI, WETH, USDC.
Purrnelopes Country Club traits list
Background
Yellow 1004
Mint 979
Red 1035
Pink 1057
Aqua 918
White 1011
Purple 1005
Blue 1012
Lime 978
Black 1001
Collar
Bow tie 714
Scarf 1023
Name tag 3385
Count 740
Lei 223
Spikes 1232
Knight 148
Formal 890
Ethereum 439
Bitcoin 494
Bangles 438
Flowers 274
Colour
Grey 205
Champagne 229
Ginger 228
Charcoal 215
Amber tabby 263
Walnut 230
Autumn 209
Champagne shaded 244
Muddy 230
Ash shaded 237
Cedar 208
Smoked caramel 201
Brown 232
Black 248
Snow tiger 250
Snow 222
Smoked blondie 239
Caramel blondie 223
Caramel tabby 197
Ash tiger 236
Hickory 232
Smoked steel 233
Calico 247
Cedar shaded 232
Steel 257
Tiger 238
Caramel 237
Steel tabby 219
Grey shaded 222
Steel shaded 233
Hunter 228
Sand 239
Snowy ash 263
Grey tiger 212
Ash 258
Sand shaded 238
Blondie shaded 245
Chocolate 229
Smoked ginger 255
Blondie 237
Steel tiger 213
Ginger tabby 250
Snow shaded 217
Gold 20
Breed
Zeus 513
Mekong 486
Ragamuffin 494
Highlander 542
Savannah 500
Persian 539
Laperm 530
Kurilian 507
Lynx 494
Selkirk 505
Birman 508
Chantilly 486
Ragdoll 475
Balinese 485
Pixiebob 353
Cymric 516
Chartreux 569
Himalayan 479
Norwegianforest 528
Mainecoon 491
Eyes
Angry 1403
Suss 1417
Alert 1371
Puzzled 1379
Excited 1452
Bored 1444
Buttons 104
Quizzical 1430
Mouth
Slight smile 545
Underbite 1185
Cigar 881
Cigarette 744
Anguish 589
Drool 1094
Cheesy grin 879
Cigarette holder 893
Tongue 680
Toothpick 392
Sad 520
Smile 547
Overbite 496
Samurai 41
Grin 514
Glasses
Handlebar mustache 78
Comb mustache 89
Monocle 343
Disguise 197
Stitches 133
Nerd glasses 194
Shades 154
Horseshoe mustache 75
Round sunglasses 62
Pilot glasses 117
3d glasses 291
Teardrop 193
Target 101
Ski goggles 70
Aviators 89
Vr 68
Eyepatch 84
Squad 112
Plaster 137
Hearts 102
Hat
Cap 672
Beret 89
Trilby 127
Bow 613
Headband 604
Bowler 147
Halo 137
Crown 425
Tribal 125
Firefighter hat 142
Visor 228
Plunger 118
Fez 141
Knitted hat 120
Tiara 49
Reporter 162
Police hat 143
Cat 86
Detective 144
Flower 110
Bicorne 142
Sailor 146
Top hat 69
Peaked cap 100
Fedora 91
Beanie 50
Helm
Black knight 47
Astronaut 147
Space helmet 145
Gold knight 50
Silver knight 51
Purrnelopes Country Club fees
Buyer fee to dev: 0 basis points
Seller fee to dev: 300 basis points
Buyer fee to opensea.io: 0 basis points
Seller fee to opensea.io: 250 basis points
Buyer fee: 0 basis points
Seller fee: 550 basis points
Purrnelopes Country Club editors list
The approved editor's accounts of Purrnelopes Country Club collection are 0x112e62d5906f9239d9fabab7d0237a328f128e22.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
61 day ago • cryptodaily
NFT Collection Cryptoon Goonz Price, Stats, and Review
The Cryptoon Goonz collection consists of 6,969 generative rubber hose style characters, made up of hundreds of unique traits which not only change the look of a single Goon, but completely change the form a Goon will take. Whether it's a wolf, cat, or ape/marshmallow hybrid, every variety of a Cryptoon Goon is decked out in pop culture, hip-hop, and streetwear references. We have a strong focus on quality art & community. Join us to be a part of our journey building something special.
The Portal has opened. Explore our new world
Claim your Goonz PFP
Our other collections:
Cryptoon Goonz Originals
Cryptoon Goonz Sketches
The total number of owners has reached 2918.
NFT Collection Cryptoon Goonz Price and Sales
The market capitalization of Cryptoon Goonz NFT collection is 3,121.64 ETH. For all time, 14,250 collections sales were made at an average price of 0.47 ETH (~$717.11 at the time of writing). This created a total volume in 6,670.833 ETH. The floor price of Cryptoon Goonz is 0.2667 and the 30-day trading volume is kept at 146.63 ETH. The payment tokens of the Cryptoon Goonz collection are ETH, WETH.
Cryptoon Goonz traits list
Background
Grey 2590
Green 1033
Pink 1483
Yellow 497
Blue 1220
Red 23
Gold 123
Shorts
Red 1394
Yellow 1144
Grey 2783
Blue 568
Patchy 851
Pattern 139
Floral 1
Khaki 60
Denim 27
Cheetah_print 2
Body
Puffy 799
Hairy 945
Regular 2055
Skeleton 672
Green_backpack 197
Red_backpack 602
Tattooed 112
Fuzzy 1285
Studded 93
Scaley 191
Gold_skeleton 18
Accessory
Sad_face 335
X_smiley 238
Skull 137
Heart 291
Kitsune 210
Hannya 326
Fish 162
All_seeing_eye 161
Carrot 301
Bear 313
Flower 317
Plain 17
Beaver 215
Cat 63
Red_striped_scarf 140
Crown 270
Pumpkin 171
Tengu 274
Ape 233
Rocket 62
Cowboy 141
Pot_leaf 190
Bulldog 276
Scream 153
Strawberry 127
Snake 208
Devil 240
Glizzy 37
Yellow_bandana 169
Butterfly 106
Barron 17
Squid 52
Ninja_star 69
White_bandana 112
Ice_cream 25
Alpha 69
Teeth 131
Yellow_scarf 20
Horsey 36
Sandwich 28
Omega 31
Ghost 94
Red_bandana 20
Clown 28
Blue_bandana 3
Goat 15
Grey_scarf 5
Corncob 6
Pawn 5
Sock 3
Rose 3
Rapper 242
Whiskers 72
Head
Anime 108
Flame 100
Elephant_ears 50
Rabbit 170
Punk 170
Flower 101
Angular_hair 123
Chef_hat 22
Dice 114
Cap_blue_hair 162
Sailor_hat 93
Anchor_hat 122
Wolf 133
Coolguy 153
Marshmellow 150
Horns 196
Cap 141
Clown 152
Pointy_cat 186
Flaming_marshmellow 116
Fuzzy_bear 125
Wolf_crown 122
Long_horns 100
Afro 91
Lion 165
Headband 96
Bear 90
Bat 161
Tree_hat 120
Groucho 90
Floppy_hat 95
Fez 35
Beanie 159
Pied_piper 57
Zombie 83
Hood 43
Hobo_cat 151
Bunny_hat 55
Antlers 129
Flat_top 125
Crossbones 125
Aviation_hat 123
Floppy_ears_hat 2
Headphones 123
Frankenstein 11
Elf 69
Bull 16
Sea_monster 45
Straw_hat 123
White_ponytail 77
Holy_hat_white 31
Pumpkin 40
Sheriff_hat 116
Ogre 7
Cow_hat 122
Goggles 148
Block 44
Devil 49
Ape 31
Backwards_hat 75
Lucky 33
Goat 113
Crazy_blue 31
Bandana 82
Evil_pope 14
Fluffy_ears 26
Old_wizard_hat 46
Ponytail 18
Halo 21
Crown 11
Baphomet 2
Adventure_hat 9
Daisy 42
Oval 185
Spiky 43
Party_hat 108
Rat 56
Wide_brim 73
Star_hat 25
Eyes
Unbothered 323
Black 336
Winky 197
Black_highlight 311
Blank_stare 133
Beady_angry 287
Unimpressed 146
Blazed_unbothered 262
Black_and_white 191
Angry_sideeye 213
Sideeye 134
Black_highlight_angry 194
Tattoo 28
Black_eye 290
Black and red 72
One_white 181
Black_highlight_adorable 99
Plotting 195
Yellow 128
Cute 212
Spooky 57
Sunglasses 39
Big_x 200
Teardrop_tattoo 73
Red 236
Blazed 84
Hollow 309
Left_eyelashes 110
Anime 147
Glasses 57
Jack_o_lantern 171
Clown 130
Pumped 55
Surprised 81
Black_and_white_eyelashes 85
Groucho 101
Intense 87
X 276
Sus 2
Crazy 132
Always_tired 89
Angry_white 24
Hypno 28
Glasses_white_eyebrows 39
Heart 13
Scared 32
Wavy 8
Beady 73
Skeptical 7
Wobbly 32
Confused 3
Soulless 10
Big_white 4
Burglar 2
Charming 92
Blinds 61
Mouth
Duct_tape 112
Grill 161
Red_nose_smoking 208
Mustache 39
Wolf 198
Biting_lip 170
Pointy_nose_smoking 126
Grin_smoking 192
Smoking_snout 86
Puppy 54
Smile 125
Fangs_and_tongue 199
Jack_o_lantern 103
Unshaven_ape 168
Smoking 153
Excited 141
Tongue_out 184
Friendly 12
Aggrivated 38
Unshaven_smoking 175
Chipmunk 114
Hollow 22
Sharp_teeth 195
Green_lips 53
Ape 132
Joyous 145
Cute 84
Burping 32
Big_nose_smoking 141
White_beard 28
Depressed 4
One_tooth 75
Open_mouth 156
Unshaven_sad_smoking 177
Beaver 148
Sharp_smile 41
Big_cat 163
Sad 88
Whistling 71
Silly 161
Overbite 50
Handprint 38
Unacceptable 59
Skull 49
Cow 165
Smirk 151
Single_fang 22
Long_snout 2
Scraggly_beard 79
Clown_smoking 110
Jowels 82
Cat 190
Unsure 78
Red_lips 78
Chubby_beak 12
Beak 16
Snowman 96
Fox 36
Unshaven 19
Devilish_grin 10
Snout 86
Pink_nose 45
Septum_ring 5
Worried 43
Pointy_nose 42
Licking_nose 6
Big_smile 30
Rabbit 4
Tenticle 2
Goatee 2
Horse 47
Brown_beard 21
Long_nose 15
Fangs 3
Snake 1
Bull 1
Trunk 2
Rat 185
Rat_sharp_teeth 179
Smiling_rat 146
Hands
Big_sword 154
Nunchucks 175
Pitchfork 125
Killer_knife 144
Machete 193
Sai 90
Chainsaw 184
Flashlight 44
Hockey_stick 228
Barbed_wire_bat 230
Broken_bottle 214
Wrench 140
Brick 88
Axe 197
Regular 101
Gauntlets 136
Flame_sword 104
Yellow_sword 52
Boxcutter 178
Boxing_gloves 151
Bloody_knucks 171
Sword 201
Rhinestone_glove 149
Whip 19
Red_laser_sword 120
Boombox 88
Trident 69
Bat 250
Booze 165
Bird 210
Glizzy 20
Scythe 149
Flame_hands 164
Water_gun 172
Portal_gun 53
Lead_pipe 115
Foam_hands 44
Joint 218
Cash 112
Golden_goalie_stick 3
Bo_staff 147
Sawed_off 149
Claws 49
Hammer 71
Sharp_knucks 128
Thwip 27
Nail_bat 118
Dynamite 70
Jump_rope 14
Stick_and_bindle 18
Mallet 28
Money_bag 17
Ax_bass 2
Carrot 25
Shovel 50
Key 6
Laser_gun 231
Smash 50
Rocket 106
Metal_spikes 51
Tree_axe 20
Plastic_pistol 159
One_shot 11
Straight_edge 2
Shoes
Black_knit 185
Wings 261
Black 514
Black_and_white 455
White 326
Yellow_boots 506
Sandals 155
Concrete 95
Brown_boots 476
Fatties 98
Socks 246
White_on_white 224
Dressy 29
Banana 203
Purple_and_yellow 54
Red 91
V1 11
Slippers 11
Alien 347
Slips 98
Colorful 2
Speedy 199
Work 422
Swiss 157
Gluten 249
Troublemaker 313
Cozy 310
Panda 465
Creme 146
Yellow_woven 50
Windy 56
Creme_gold 8
Red_and_green_slips 207
Special
Sliced_in_half 8
Mask
Hockey 18
Skull 28
Tengu 8
Vr 14
Pizza_face 3
Circle 5
Kitsune 1
Triangle 2
Metal_mask 9
Cryptoon Goonz fees
Buyer fee to dev: 0 basis points
Seller fee to dev: 750 basis points
Buyer fee to opensea.io: 0 basis points
Seller fee to opensea.io: 250 basis points
Buyer fee: 0 basis points
Seller fee: 1000 basis points
Cryptoon Goonz editors list
The approved editor's accounts of Cryptoon Goonz collection are 0x19d38600e9912ffbbdc0007c7ed827b37bfef3ff.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
62 days ago • cryptodaily
CFTC Warns About Self-Certification Of Tokens By Exchanges
The CFTC has urged lawmakers to prevent cryptocurrency exchanges from “Self Certifying” and listing cryptocurrency tokens without proper oversight.
The CFTC commissioner, speaking at an event, stated that the current process was inadequate to ensure sufficient oversight.
“Self Certifying” Poses Risks
United States Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero has urged Congress to stop allowing cryptocurrency exchanges to self-certify and list tokens on their platform without proper oversight. Speaking to the audience at an event focusing on FTX and its collapse, she stated that the current process did not ensure adequate oversight. Romero stated,
“I urge Congress to avoid permitting newly-regulated crypto exchanges to self-certify products for listing under the current process that limits CFTC oversight. It is critical to institute guardrails against regulatory arbitrage, and that includes prohibiting the use of the self-certification process.”
Under current rules, cryptocurrency exchanges are able to self-certify the safety of their products before listing unless the CFTC blocks the listing of the token within 24 hours. According to Romero, this process, which is utilized to list a host of products, such as crypto futures, needs to be revised. She went on to add that crypto businesses and exchanges looking to issue tokens could refer to the CFTC’s own crypto regulatory framework and circumvent registration with the United States Securities and Exchange Commission (SEC). Several proposals to give the CFTC increased oversight of the cryptocurrency industry were mooted in 2022.
The warnings from the CFTC commissioner come as lawmakers are coming together to draft legislation to help them gain better oversight of the crypto space, which has seen a host of bankruptcies during 2022. These were made worse with the sudden and spectacular collapse of FTX and the allegations of fraud against management at the exchange, including founder Sam Bankman-Fried.
Crypto Industry Urged To Step Up
During her interaction at the event, the CFTC commissioner urged lawyers, compliance professionals, pension fund investors, and venture capital firms to step up and conduct much stricter due diligence on crypto firms and projects. Romero stated,
“Gatekeepers themselves also need to step up and call for compliance, controls, and other governance, without allowing the promise of riches and the company’s marketing pitch to silence their objections to obvious deficiencies.”
Speaking about the FTX collapse, Romero stated that these “gatekeepers” should have raised questions about the operational environment at the FTX exchange in the weeks leading up to its spectacular collapse. She further added that the digital asset industry has a considerable amount of work to do if it wishes to regain the trust of users.
FTX Collapse Not Due To A Lack Of Regulations
However, some industry experts and observers have pushed back, arguing that the FTX collapse cannot be pinned on the digital asset space or on a lack of regulation. Ludovic Shum, the managing director of Swiss Crypto Bank SEBA’s Hong Kong branch, stated,
“At the end of the day, it goes back to the trust regarding the checks and balances [...] It was just unfortunate that it happened in this fast-growing area of the crypto world where it could have easily happened to banks, securities, houses, asset managers.”
However, there were opposing viewpoints, such as those of the founder and CEO of blockchain development agency Labrys, who stated that the industry needs more oversight but not necessarily more regulation, to prevent further FTX-type collapses.
“The FTX scandal didn’t happen because of a lack of regulation. FTX operated [allegedly] illegally, disregarding the existing regulations rather than capitalizing on an absence of regulation. There should probably be more oversight to stop unscrupulous players and activity before situations escalate, but we don’t need masses of new regulations and red tape that deters innovation. We need clarity on the existing regulations.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
62 days ago • cryptodaily
NFT Collection dotdotdots Price, Stats, and Review
Dotdotdots are strange cultish creatures that live inside solidity. They disguise themselves as decimals in the code and are rarely seen naturally by human eyes. They are often referred to as bugs, but their species is unknown.
Dotdotsdots can be minted directly from the contract using the mint function with a price of 0.05 ETH, up to a max of 5 per transaction. There will be 4360 dotdotdots initially for mint, but will increase as the all time high price of Ethereum rises, with a cap of 10,000.
The total number of owners has reached 2588.
NFT Collection dotdotdots Price and Sales
The market capitalization of dotdotdots NFT collection is 361.85 ETH. For all time, 10,316 collections sales were made at an average price of 0.64 ETH (~$973.70 at the time of writing). This created a total volume in 6,557.128 ETH. The floor price of dotdotdots is 0.074 and the 30-day trading volume is kept at 7.98 ETH. The payment tokens of the dotdotdots collection are ETH, DAI, WETH, USDC.
dotdotdots traits list
Background
Brick 519
Sand 555
Storm 463
Jungle 592
Blizzard 545
Watching 382
Gravel 593
Hgkxkca3u9 86
None 635
River 292
Midnight 197
Sigil 11
Mask
Bad haircut 399
Uwu 448
Teardrop 315
Fierce deity 427
No face 106
Ninja 373
Duality 436
Owl 199
Plain 447
Third eye 30
Wassie 319
Jack 215
Whiskers 445
Skull 305
Locke 401
Sapphire 5
Garmet
None 815
Tummy 641
Belt 471
Luna 232
Feathers 506
Pendant 186
Bells 512
Talisman 556
Tie 392
Coat 305
Ribs 98
X 122
Sun alter 27
Vines 7
Horn
Halo 386
Radiant 377
None 448
08 valk 100
Antenna 377
Winked bunny ears 154
Wisp 379
Krampus 307
Saturno 283
Bunny ears 415
Tinky winky 93
Embedmau5 64
Ram 359
Crown 244
Goat 10
Antlers 305
Necromancer 42
Sol 200
Sprite 327
dotdotdots fees
Buyer fee to dev: 0 basis points
Seller fee to dev: 250 basis points
Buyer fee to opensea.io: 0 basis points
Seller fee to opensea.io: 250 basis points
Buyer fee: 0 basis points
Seller fee: 500 basis points
dotdotdots editors list
The approved editor's accounts of dotdotdots collection are 0x74b01c2371988f6bc173e7386f3e012790e57f8a.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
71 day ago • cryptodaily
Bridge Champ Announces NFT Badge And Crypto Integration
Playing bridge online has become much more accessible thanks to the Bridge Champ platform. The team leverages blockchain technology to connect players and now seeks to advance its solution through crypto rewards and NFT badges.
Bridge Champ Takes The Next Step
The concept of playing bridge online - either as a novice, expert, or club - has remained elusive for a very long time. Things began to change with the help of Bridge Champ and its blockchain-based solution. Built on Ignis, the first child chain of Jelurida's Ardor technology stack, the platform prides itself on thwarting cheating. In addition, the ledger secures all relevant game data.
So far, Bridge Champ has proven relatively successful. There is tremendous global interest in the online bridge platform. Global demand for online and competitive bridge play becomes more outspoken, and players make their way to the blockchain platform in droves. Continuing that momentum - and potentially accelerating it - is the next major objective.
Bridge Champ's new roadmap seeks to enhance the platform and align it to the team's initial vision. That includes organziing online tournaments, cryptocurrency rewards, token payments, and adding NFTs. For the latter, Bridge Champ will support NFT badges tied to in-game achievements on the platform. Based on player performance, they can unlock cryptocurrency rewards.
Other aspects of the roadmap include unifying the mobile and web experience, credit card payment support, and official leaderboards. Bridge is a very social game, as using NFT badges, achievements, rankings, and rewards makes the blockchain platform stand out among other online providers. In addition, the roadmap enhancements allow more people to get acquainted with cryptocurrencies.
A Different Take On Play-to-Earn
When people think about NFTs, they may consider the play-to-earn industry. However, P2E games traditionally require players to make an upfront NFT purchase before accessing the ecosystem. Bridge Champ takes the opposite route, as the blockchain-based platform is accessible to anyone at no cost. Their use of NFTs is more social-oriented rather than money-driven.
More importantly, the play-to-earn aspects will elevate Bridge Champ's social features. Those features allow for building a global network of bridge players, clubs, and federations. With native support for guided play and pre-made hands, anyone can pick up a bridge in hours. Using an NFT badge to show one's progress is a badge of honor and one that can lead to crypto rewards.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
113 days ago • cryptodaily
The Solution To Crypto Private Key Management Has Arrived
Anyone who knows anything about crypto safety and security will have heard of the mantra “not your keys, not your coins”.
For those who really care about securing their crypto, it’s imperative to maintain control of your private key - a randomly generated string of letters and numbers that provides access to your crypto wallet. Those who don’t control the keys do not control their funds, as customers of the popular crypto exchange FTX recently found out. Anyone who leaves their crypto in an exchange account is essentially trusting that platform to hold onto their funds for them - and that clearly isn’t a good idea.
But as foolish as it is, people continue to trust cryptocurrency exchanges. That’s because so-called non-custodial wallets have indirectly caused the loss of an estimated $100 billion worth of Bitcoin alone, due to people losing their private key and being unable to access their funds.
It’s no joke, as Briton James Howells discovered back in 2013 when he accidentally threw away a hard drive containing Bitcoin that is now estimated to be worth $200 million. The private keys were saved on the same hard drive that is now buried in a landfill site, meaning that he has no way to recover his lost fortune.
It’s a dilemma that’s bad for crypto. With no easy system in place for people to retain control of their funds, the industry will probably never be able to achieve its goal of onboarding billions of people around the world into an alternative financial system.
However, it doesn’t have to be this way. There’s a misnomer in crypto that users have a straightforward choice between using a centralized exchange, which means entrusting their funds with a third-party, or a non-custodial wallet, where they retain the private key. Leaving your funds in a crypto exchange means giving up your control and freedom in return for the peace of mind that, if you somehow lose your password, you’ll still be able to recover it through email and access your funds. It’s a trade off though, because exchanges have shown time and time again that they can’t be trusted to manage their customer’s funds. The only alternative is to manage your private keys yourself, and run the risk of one day misplacing them and losing access to your funds forever.
Introducing the MPC Wallet: A Safer Option
What few people realize is that there’s actually a third option, which offers a much better way. It’s a relatively unknown solution called the Multi-Party Computation wallet and can be thought of as a kind of hybrid between the two above options.
MPC wallets are a viable solution that have already been adopted by institutional investors for some time already. Services such as Fireblocks, for instance, have been helping big-bucks investors retain safe custody of millions of dollars worth of crypto assets for years, and it’s about time that this technology has the same impact in the consumer space.
What is an MPC Wallet?
MPC wallets use some cryptographic wizardry to create a secure key management system that allows multiple parties to generate a new key, sign and verify transactions, securely and without any single point of failure.
The way they work is quite technical, but essentially what happens is that the private key is split into multiple pieces that are linked using cryptographic techniques. As such, the task of verifying a transaction is split into smaller parts that are completed by multiple, different parties. Once all of these individual parts have been completed, they can be combined to verify the final result. It’s an approach that provides greater security and anonymity to users.
The advantages of MPC wallets is that the user never has to deal with the private key. It means they can always access their wallet and the funds within it, and there’s no single point of failure that would enable hackers to access it.
What MPC Wallets Are There?
MPC wallets were traditionally only been available to institutions through a provider called Fireblocks. Its MPC wallet service essentially breaks up the private keys into multiple shards that are distributed between various parties, who must each verify a transaction before it can be confirmed.
The requirement for multiple parties to be involved meant that it was difficult to provide this kind of service to consumers, but that has changed with the availability of MPC wallets from Coinbase and ZenGo.
Coinbase introduced its MPC wallet earlier this year, allowing users to access a range of third-party dApps directly within the Coinbase applications. ZenGo, meanwhile, has actually been around for several years.
In both cases, the way it works is that the user retains a part of their private key, with Coinbase or ZenGo storing the other part and helping the user to verify transactions. In this way, the wallet provider is unable to access the user’s funds. The main benefit for users is that they don’t have to worry about losing their private key as they never actually see it.
Coinbase promises users that, even if they lose access to their device, the key to their wallet will remain safe and can be accessed with the company’s assistance through its live support channels. In the case of ZenGo, it relies on an encrypted biometric scan, email authorization and recovery software that’s installed on the user’s smartphone or laptop. By combining these technologies, ZenGo provides a simple way for users to access their wallet, without them ever having to worry about the private key.
Recoverability Encourages Adoption
The harsh reality is that it’s impossible to recover a traditional non-custodial wallet if you lose the private key. On the other hand, MPC wallets provide a familiar recovery experience, similar to the process of restoring access to a social media account.
This kind of recoverability capability is likely to be crucial going forward. With episodes like FTX, users have become acutely aware of the dangers of keeping their funds on an exchange. Yet the alternative of trying to securely store a private key somewhere and never losing it is not appealing. It’s fair to say that many people simply do not trust themselves to look after something that’s so important.
If the crypto industry is to onboard billions of users around the world, a safe and secure recovery method is absolutely a must-have. By providing a way for new users to hold assets without worrying about losing their private key, MPC is opening the door to crypto for millions of new users.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice