Shard X is a digital asset security provider specializing in Secure Multi-Party Computation (MPC) applications for use by exchanges, custodians and other blockchain interfacing businesses. Shard X’s software solution provides a unique way of generating wallets without a private key. This removes the single point of failure of blockchain assets – the private key and offers security comparable to cold storage while maintaining the ability to transact as quickly as with a hot or "networked" wallet.
Goal: Develop an implementation of MPC-based technology for storing and managing digital assets on Stellar Network
Timeline: 6 - 8 Months
Description:
Shard X is a technology service provider specializing in the development of secure multi-party computation technology. Shard X has had success in building Bitcoin and Ethereum implementations of this technology and now intends to build an implementation for the Stellar Network with a long term goal of lowering the barrier to entry for businesses to build on or gain exposure to Stellar-based assets
MPC-based technology removes the single point of failure of blockchain assets which is the private key and has a number of inherent advantages over established mechanisms, including:
The ability to generate and transact from wallets without construction of a private key translates to a much higher degree of security
Replacing a private key with multiple unique and independently generated secrets ("shares") makes blockchain assets easier to manage in organisations
The ability to transact using variable quorum (M-of-N) without construction or reconstruction of a private key
Enables businesses to change quorum structure at any given time based on changing business requirements, i.e. easily moving from a 3-of-3 to 3-of-5 quorum scheme
Systematic refreshing of keys to maintain a high degree of security and privacy
More private than multi-signature or smart contract (looks like normal signature)
Highly scalable (software only)
The result is a software solution for generating and managing institutional grade wallets on Stellar Network which lowers the barrier to entry for businesses to make use of the Stellar Network and in turn improving rates of adoption.
Links:
Website: www.shardx.io