| COMPARISON | Keyless | Gasless | Non-custodial | Multi-chain | Web2 friendly | Open-sourced | Enhanced Security (e.g. MFA) |
| Traditional wallets | |||||||
| First gen MPC wallets | |||||||
| Next gen MPC wallets |
The first generation crypto wallets require the user to manage his private key or seed phrase, it is very hard for everyone including crypto veterans. All the assets are lost if the key or seed phrase is lost.
The second generation crypto wallets are trying to solve this pain point by all means, using methods like multi-signature, smart contract, and MPC. The problem is getting better, somehow most current MPC solutions require one key share to be stored on the solution provider's side. This introduces some risk and concerns around custody.
The next generation crypto wallets will be attempting to solve the pain point completely, so that the user does not have to manage his private key and worry about losing the key then losing everything.
Currently, most MPC solutions offer n of m secret sharing scheme, e.g. 2 of 2, 2 of 3 and etc. Which require one key share to be stored on the solution provider's side. The problem comes back again regarding what if it gets lost.
Our wallet is built on a new MPC solution where the user's key shares are stored on distributed nodes, they collectively run and form a network as a middle layer on top of blockchains, governed by concensus. There is no need to stored key shares on any third parties, and the user has full control.
Please refer to the infrastructure Lit Protocol which the wallet is built on.
Users can use their Web2 accounts (e.g. Google, Twitter, Facebook and etc) to log in to create and manage their wallet. Once they have control over their Web2 accounts, they don't have to worry about losing their assets.
A bad case is that the user loses his Web2 account, then he just needs to follow the mature process from the Web2 platform to get it back, no Web3 hassle.
A worse case is that the user's Web2 account gets stolen, someone else is able to log in to the wallet and try to transfer assets, then the wallet's enhanced security mechanisms (e.g. MFA) will kick in to play.
An even worse case is estate planning where most Web2 platform have much better and mature support than Web3, hence our wallet delegates the duty to those Web2 platforms.