Wallet and Security
Last updated
Last updated
Daoing has developed a built-in MPC Wallet system along with our technology partner Particle Network to help Web2 users enter the Web3 world easily with their most familiar login methods.
Users can login to our App through Google, Apple ID, Facebook, Twitter and other social methods, and can also login with Email / Mobile number without password.
After the user successfully logs in, our App will automatically create a crypto wallet without a private key. The security is guaranteed by MPC (Multi Party Computing) - based TSS (Threshold Signatures Scheme), which demonstrates better security than traditional Private Key/Seed Phrase approach.
With TSS, each party creates an independent key. They then forge the vault's lock together in a modular way, in which each party shapes a part of the lock that corresponds to its key. The user is always in control of ownership and access to their cryptographic key pair.
Daoing's wallet system supports Ethereum and other mainstream EVM public chains, and will support more public chains including Aptos in the future.
In order to further protect the security of funds, users can set an additional transaction pin when initiating a wallet transaction (of course, you can choose not to set it for convenience), so that even if the mobile phone is lost, the funds can be relatively safe.
When the user chooses to sign on anonymously, a transaction pin must be set.
Daoing deliberately supports importing multiple wallets, including multi-signature wallets, so that users can manage all Web3 wallets and assets with only one account. The currently supported third-party wallet import methods are:
Import from Metamask App and Trust Wallet App
Import from Wallet Connect
Import from EVM Private Key
Import from Safe (Multi-Signature Wallet)
Safe is the most trusted decentralized custody protocol and collective asset management platform on Ethereum and the EVM. There are tens of billions of on-chain assets stored in Safe wallets. Multi-signature wallets like Safe are more secure than ordinary single private key wallets.
Safe requires a minimum number of people to approve a transaction before it can occur (M-of-N). If for example you have 3 main stakeholders in your business, you are able to set up the wallet to require approval from 2 out of 3 (2/3) or all 3 people before the transaction is sent. This assures that no single person could compromise the funds.
