Managing private keys is difficult and risky. We’ve eliminated the private key flaw in blockchains and created a keyless wallet.
A typical crypto wallet stores your private keys. Without your private keys, you cannot access your bitcoin and other cryptocurrencies, no matter how much you try. This simply means that if you lose of your private key, you’ve lost your coins.
A keyless wallet that uses Multi-party Computing and Threshold Signatures
We’ve built a wallet that does not use private keys. You don’t need to worry about remembering or storing a private key, because you don’t have one. We have replaced the traditional private key using an advanced cryptography protocol, Multi-party Computation (MCP). The basic idea is that two or more non-trusting parties work jointly to compute a key, each using its own unique input, while keeping these inputs private from each other. With MPC we can compute private keys, which are used to sign cryptocurrency transactions. At no point are the computed private keys stored on a device.
Using Threshold Signatures, we independently create two secrets. One secret is stored on your mobile device and the other on our servers. When you initiate a transaction, you automatically start a process in which your device and our servers work together to compute a key and sign a transaction. The transaction gets signed without any of the parties (your device or ours servers) revealing its secret to the other. With no single point of failure, even if something happens, for example if we were hacked, your assets are always safe. If you lose your wallet, because your phone was stolen, lost or because by mistake you deleted our app, your assets are always safe. Your assets are always safe no matter what happens.
Simple Wallet Backup and Restore
We have developed an easy backup and recovery process that guarantees you can access your funds. Using advanced 3D face map technology we authenticates you, quickly and securely, and your wallet is restored on your device. It’s that simple.
When you create your wallet, we do a couple of things. First, we encrypt and store the secret from your device to your personal cloud (Google Drive for Android devices). Second, you take a selfie, from which we generate 3D biometric face map. The 3D biometric face map, along with the decryption key, which was used to encrypt your secret, are stored on Kryptonio’s servers. You are the only one that can access the decryption key, with you 3D biometric face map. Your encrypted secret is on your personal cloud and the decryption key, used to encrypt it, is stored separately on our servers.
When you need to restore your wallet, all you need to do is take a selfie. We generate 3D biometric face map and compare it with the one we have on file, from the time when you created your wallet. If there is a match the wallet is restored and you can access your digital assets.
No passwords to remember
When you register to use Kryptonio’s wallet, there are no passwords to remember. We require you to use device-based authentication, including fingerprint and facial recognition to access your wallet and authorize transactions.