With $3 Million in Funding, Martian Wallet Builds Multi-Party Computation to Enhance Web3 Security
Martian Wallet, a leading self-custodial wallet that supports the Aptos and Sui blockchains, is deploying $3 million raised in a prior funding round. This capital injection is facilitating further development in Martian’s technology stack, focusing on enhancing Web3 security through technologies like Multi-Party Computation (MPC).
With an ambition to onboard the next billion users onto Web3, Martian has emerged as a player in the crypto wallet space, particularly for the Aptos and Sui ecosystems.
Martian Wallet’s co-founders, Utkarsh Sinha and Siddharth Jain, have emphasized the importance of technical innovation. In the words of Utkarsh Sinha, “at Martian, our growth is testament to the robust technology and processes we’ve put in place.”
And Siddharth Jain adds, “at the heart of Martian is an unwavering commitment to technical innovation.” With the recent funding, Martian Wallet is well-positioned to leverage MPC and other technologies to further the security and efficiency of its platform.
MPC is a cryptographic tool that enables the creation of decentralized systems by allowing distributed computation with secret values. The essence of MPC is to allow multiple parties to jointly compute a function over their inputs while keeping those inputs private.
In the blockchain space, MPC is particularly valuable for enhancing privacy and security. One of the major security challenges in blockchain technology is private key security. MPC helps manage this threat by breaking up a private key into multiple key shares, thus decentralizing control over blockchain accounts and reducing the risk of private key theft.
Integrating MPC in Martian Wallet can be viewed as an alignment with the fundamental principles of blockchain technology – decentralization and security. MPC provides a means to perform computations and make decisions without relying on a single party.
This is especially important for a wallet like Martian, which supports multiple blockchains. Additionally, MPC is more efficient and preserves privacy compared to multi-signature approaches, as it generates a single signature, which requires less data and conceals the identities of the signers3.
By incorporating MPC, Martian Wallet is not just taking a step towards securing its user’s assets but also contributing to the broader goal of making Web3 more secure and accessible.
Organization: Martian Wallet
Contact Person: Frederik Bussler
City: New York City
Country: United States
Release Id: 0507234546
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