Wallet as a Service (WaaS) is a software-as-a-service (SaaS) platform, based on Multi-Party Computation (MPC) cryptographic key management, that provides secure storage for crypto assets. These wallets provide a convenient way to perform secure transactions on the blockchain and broader web3 ecosystem. The security features offered by MPC wallets improve upon traditional wallet security. While traditional non-custodial wallets were often susceptible to key interceptions and theft, MPC wallets offer increased security, speed and ease of use.

Multi-Party Computation is a cryptographic key management technique that splits a private key into multiple pieces. This distributed private key ensures that no one person has full access to the traditional private key. It also ensures that output is correct and privacy is preserved. The system can be adapted to support many different signature formats.

MPC technology has been embraced by many companies and institutions in the crypto world. Coinbase, for instance, has embraced the technology as a way to enhance security for digital assets. The company has incorporated it into its software and has begun working with companies to build out a secure crypto ecosystem. This technology is also gaining traction among major financial institutions. They have begun to transition to MPC technology for institutional-grade custodial solutions.

mpc wallet have emerged as the preferred method for conducting transactions on the blockchain. These wallets can support multiple currencies at once and are also more secure than traditional wallets. They provide the same level of security as multi-signature wallets, but with a more convenient interface and a greater degree of integration between hardware and software. In addition, MPC wallets can also be used to perform recovery transactions. Recovery transactions prevent theft by preventing the loss of funds. The only way to gain access to a MPC wallet is if the conditions are met when the wallet is created. This is a security benefit over a multi-signature wallet, which can be difficult to recover.

The technology behind MPC wallets is highly advanced and can be used to enhance security against both external and internal attack vectors. MPC wallets use ECDSA and other signature formats, as well as multiple security schemes. In addition, asymmetric cryptography allows safe generation of public keys. The ability to synchronize the signatures of each user with their private key makes MPC wallets even more secure.

MPC wallets can also be synchronized with signature devices, like Schnorr firms. This improves security by eliminating the need for an external third party. Another feature is the ability to use common ECDSA, ECDSA lite, and ECDSA plus other signature formats. The ability to add approvers on the go allows users to easily adjust approval quorums and customize policies.

While the original paired devices are only capable of controlling funds, MPC wallets can be set up to perform recovery transactions. Recovery transactions can prevent theft by sending funds to a secure custodian. This method also makes MPC wallets more secure than regular wallets, since a potential attack is limited to a single security key.