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Shared-Custodial Wallet for Multi-Party Crypto-Asset Management

Author

Listed:
  • Yimika Erinle

    (Centre for Blockchain Technologies, University College London, London WCIE 6BT, UK
    DLT Science Foundation, London WC2H 2JQ, UK)

  • Yebo Feng

    (College of Computing & Data Science, Nanyang Technological University, Singapore 639798, Singapore)

  • Jiahua Xu

    (Centre for Blockchain Technologies, University College London, London WCIE 6BT, UK
    DLT Science Foundation, London WC2H 2JQ, UK)

  • Nikhil Vadgama

    (Centre for Blockchain Technologies, University College London, London WCIE 6BT, UK
    DLT Science Foundation, London WC2H 2JQ, UK)

  • Paolo Tasca

    (Centre for Blockchain Technologies, University College London, London WCIE 6BT, UK
    DLT Science Foundation, London WC2H 2JQ, UK)

Abstract

Blockchain wallets are essential interfaces for managing digital assets and authorising transactions within blockchain systems. However, typical blockchain wallets often encounter performance, privacy and cost issues when utilising multi-signature schemes and face security vulnerabilities with single-signature methods. Additionally, while granting users complete control, non-custodial wallets introduce technical complexities and security risks. While custodial wallets can mitigate some of these challenges, they are primary targets for attacks due to the pooling of customer funds. To address these limitations, we propose a chain-agnostic Multi-Party Computation Threshold Signature Scheme (MPC-TSS) shared-custodial wallet with securely distributed key management and recovery. We apply this solution to create a wallet design for wealth managers and their clients, consolidating the management and access of multiple cryptocurrency tokens and services into a single application interface.

Suggested Citation

  • Yimika Erinle & Yebo Feng & Jiahua Xu & Nikhil Vadgama & Paolo Tasca, 2024. "Shared-Custodial Wallet for Multi-Party Crypto-Asset Management," Future Internet, MDPI, vol. 17(1), pages 1-19, December.
    • Handle: RePEc:gam:jftint:v:17:y:2024:i:1:p:7-:d:1557765
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