Fireblocks, a digital asset security company with offices in New York and Tel Aviv, claims to release a secure multi-party computation (MPC) algorithm that pushes that digital asset transaction up to 800% more than what current digital networks can achieve.
Fireblocks made the announcement in press release published on Wednesday, May 13. The press release announces the release of MPC-CMP, a new, open, and free-to-use MPC protocol developed by the Fireblocks R&D team.
According to Fireblocks, MPC-CMP protocol surpasses the speed of Gennaro and Goldfeder’s protocol, a current industry standard for MPC. MPC-CMP protocol accomplishes 8X speed by “slicing the number of interactive rounds in half and combining the method of pre-processing with non-interactive signing.”
All digital asset custodian and MPC vendors can access this protocol free as Fireblocks is not going applying for patent for this protocol.
The mutli-party computation is a form of cryptography that enables multiple parties to calculate the output of a function, taking inputs from each party, while keeping those individual inputs private and secure. According to the company, while Gennaro and Goldfeder’s algorithm requires 9 rounds to sign a transaction, MPC-CMP only requires 1.
Three members for Fireblocks R&D team, Prof. Ran Canetti, Dr. Nikolaos Makriyannis, and Udi Peled, revealed the CMP protocol in an academic paper, named on first letters of their last names.
“Designed to support institutions with large retail customer bases, such as the biggest exchanges, lending providers, and banks. MPC-CMP enables them to execute high-volume withdrawal requests. Additionally, it allows institutions located in areas with strong regulations around cold storage to utilize MPC in an offline wallet.”
The new MPC-CMP algorithm features many security improvements that include “automatically refreshing key shares in minute intervals, protections against more advanced attackers, and an out-of-the-box Universally Composable secure computation proof.”
Ran Canetti, member of Fireblocks’ R&D team and professor of Computer Science at Boston University and Tel Aviv University, commented:
“The MPC-CMP algorithm developed by our cryptography team is ushering in the next generation of threshold cryptography. It demonstrates that strong security need not compromise on efficiency.”
Firelocks, founded in 2018, protects digital assets in transit, focusing on protecting the transmission of customers’ digital assets between exchanges, counter brokers, hot wallets and cold stores. The company aims to secure blockchain based assets to create a transparent, efficient and fraud-free financial system.
Michael Shaulov, CEO and co-founder of Fireblocks, commented:
“As financial institutions look to launch and operationalize digital asset services, we believe MPC-based technology will be paramount to delivering an experience comparable to the speed of traditional assets. We’re freely providing custodians and MPC vendors with our new algorithm to drive innovation, boost adoption, and prepare digital assets for the broader institutional market.”