Increasing security concerns like crypto theft and unauthorized access have made the need for robust digital asset security solutions more pressing than ever. Multi-Party Computation (MPC) wallets have emerged as a cornerstone in this landscape, offering a secure option against potential hacks and playing a pivotal role in key management. This article aims to guide you through the best MPC wallets for 2023, focusing on their key features, security measures, and user experience.
Here are our findings in short:
- Zengo: Best overall MPC wallet for individual users looking for a keyless and user-friendly experience.
- Coinbase Wallet: Ideal for institutional clients seeking a multi-signature MPC wallet with a wide range of supported cryptocurrencies.
- OKX Wallet: Perfect for users who want a non-custodial wallet with multi-chain access and built-in decentralized exchange features.
And now, let’s take a deeper dive into each wallet:
Zengo is revolutionizing the concept of crypto wallets with its keyless design, which eliminates the traditional and often cumbersome process of private key management. Instead of relying on a single point of failure, Zengo uses mathematical secret sharing to secure your assets. This means that even if you lose your phone, your assets are safe and can be easily recovered.
Zengo takes a multi-layered approach to security. It offers three-factor authentication, combining biometrics, your device, and the Zengo server to ensure that only you can access your wallet. The wallet also employs a unique color-coding system for transactions. This system helps users easily identify the nature of each transaction, adding an extra layer of security and user-friendliness.
Supported Cryptocurrencies and Features
Zengo supports many cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and many more. It also offers features like a built-in exchange for seamless trading and a savings account feature that allows you to earn interest on your crypto holdings.
The Zengo app offers an intuitive and easy-to-navigate user interface. It's designed with the user in mind, making it suitable for crypto novices and seasoned traders. The app also offers a 'Zengo Guarantee,' a commitment to resolve any issue within 24 hours.
Pros and Cons
By offering a blend of top-notch security features, user-friendly design, and a wide range of supported cryptocurrencies, Zengo stands out as an excellent choice for individual users looking for a secure and easy-to-use crypto wallet.
Coinbase Wallet is a versatile and comprehensive digital asset management solution catering to institutional clients. It is a standalone app separate from the main Coinbase platform, allowing users to explore the decentralized web.
Coinbase Wallet employs a multi-signature MPC (Multi-Party Computation) wallet solution, providing an extra layer of security for digital asset storage. This approach ensures that no single entity has control over the assets, making it a robust choice for institutional clients concerned about security. The wallet also offers a Secure Enclave for private keys, adding another layer of protection.
Supported Cryptocurrencies and Features
The wallet supports many cryptocurrencies, including Bitcoin, Ethereum, and all ERC-20 tokens. It also offers seamless integration with the Coinbase Pro trading platform, allowing users to trade digital assets effortlessly. One of the standout features is the ability to interact with decentralized applications (DApps) directly from the wallet, offering a gateway to the broader decentralized ecosystem.
The user interface is designed to be intuitive, making it easy for both beginners and experienced users to navigate through the wallet's features. The wallet also offers a 'Collectibles' section where users can store and interact with NFTs, adding a unique touch to the user experience.
Pros and Cons
With its robust security features, a wide range of supported cryptocurrencies, and additional functionalities like dApp interaction and NFT storage, Coinbase Wallet is an ideal choice for institutional clients and individual users looking for a comprehensive digital asset management solution. Reviews affirm the wallet's robust security measures and user-friendly features, making it a reliable choice for asset management.
OKX Wallet is a non-custodial digital asset management solution that offers a plethora of features designed for advanced users. It serves as an extension of the OKX exchange, one of the world's leading cryptocurrency exchanges, providing a seamless experience for trading and asset management.
Security is a top priority for OKX Wallet, which employs facial recognition and email verification as part of its multi-layered security protocols. The wallet is non-custodial, meaning users have full control over their private keys, which are securely stored on their devices. This ensures that even if the OKX platform is compromised, the assets in the OKX Wallet remain secure.
Supported Cryptocurrencies and Features
OKX Wallet supports multi-chain access, allowing users to manage assets across over 60 blockchains, including Bitcoin, Ethereum, and many others. One of its standout features is the built-in access to decentralized exchanges and decentralized applications (DApps), offering users a gateway to the broader decentralized finance (DeFi) ecosystem.
While the user interface may be complex for beginners, it offers a range of advanced features that seasoned traders will find invaluable. These include a built-in aggregator for instant token trading and a portfolio tracker to monitor asset performance.
Pros and Cons
With its non-custodial nature, multi-chain support, and a range of advanced features, OKX Wallet is a compelling choice for experienced users looking to manage and trade a diverse range of digital assets. Reviews affirm that the wallet's extensive functionalities make it a robust choice for those who can navigate its complex interface.
Comparison of the Best MPC Wallets
We've conducted a focused analysis of the three best MPC wallets: Zengo, Coinbase Wallet, and OKX Wallet. The table below provides a side-by-side comparison based on essential features and functionalities:
Other Honorable Mentions
Lit Wallet employs multi-party computation technology for enhanced security, allowing users to split their private key into multiple shares. This eliminates the need for a single party to possess the complete key. The wallet is compatible with various blockchain networks and offers granular access controls.
Fireblocks Wallet offers an institutional-level digital asset custody solution that supports multiple blockchain protocols and cryptocurrencies. It features fast transaction signature signing and integrates with major exchanges. Enterprise-grade security features include multi-factor authentication and audit logs.
Sepior Wallet utilizes multi-party computation technology to provide enhanced security for digital asset storage and transfers. It offers granular access controls and a key recovery system, making it a reliable choice for digital asset management.
Qredo offers a secure storage and management solution for digital assets through its MPC-based wallet. It provides granular access controls and supports EVM-compatible blockchains, making it a versatile choice for digital asset management.
Account Abstraction Wallets: A Viable Alternative to MPCs
Account abstraction wallets emerge as a groundbreaking alternative in the cryptocurrency wallet landscape, offering a fresh perspective to the traditional MPC (Multi-Party Computation) approach. It streamlines user experience by simplifying gas payments and transaction formats. By utilizing smart contract accounts instead of the typical Externally Owned Accounts (EOAs), it enhances security and reduces risks associated with private key management. This approach allows for flexible transaction models, such as batched transactions and scheduled payments, as well as optimizing gas fees in the process. Designed with Ethereum and its sub-chains in mind, Account abstraction wallets inherently support rich Web3 and DeFi interactions, all while operating without the need for off-chain coordination, ensuring swift transaction processing.
One Account abstraction wallet is Ambire Wallet. It stands out by harnessing the power of Account abstraction but still keeping it simple and easy to use. Designed to simplify and enhance Web3 interactions, Ambire offers a range of features that set it apart:
Seedless Accounts: Ambire eliminates the challenges of managing mnemonic phrases, offering users seedless email accounts for hassle-free access & easy recovery.
Robust Security & Scam Prevention: Ambire ensures that users' assets are safeguarded with multiple layers of security, including multi-signature authorization with hardware wallets or/and two-factor authentication. Additionally, the wallet incorporates advanced scam prevention mechanisms, alerting users to potential threats and ensuring a safe transaction environment.
Advanced Transaction Capabilities: Ambire Wallet boasts features like transaction batching, allowing users to bundle multiple transactions into a single operation, and transaction simulation, enabling users to preview the outcome of a transaction before it's executed.
Gas Abstraction: Ambire addresses the challenges of fluctuating gas fees, allowing users to pay fees in stablecoins or other ERC-20 tokens and even offering cashback mechanisms. Users can estimate the gas fee before they sign a transaction.
In the face-off between MPC and account abstraction wallets, Ambire Wallet emerges as a compelling alternative, offering users the best of both worlds – the security of MPC and the flexibility of Account abstraction. Create your free Ambire wallet today:
In the rapidly evolving world of cryptocurrencies, the security of digital assets remains paramount. As cyber threats become more sophisticated, the need for robust and secure wallet solutions intensifies. MPC wallets, with their advanced cryptographic techniques, have emerged as a frontrunner in this race, offering users a blend of security and usability. From established names like Coinbase Wallet to innovative newcomers like Zengo, the options are diverse. However, as with any technology, it's crucial to stay informed, conduct thorough research, and choose a wallet that aligns with your specific needs and preferences.