Nowadays as in the past on the internet the scam is around the corner especially in the cryptocurrency sector, how many times have you received messages in which fake moderators asked for your seed-phrase?
Wallets have tried to stem the problem with MPC wallets. These wallets are no less secure, but they can work on a password or fingerprint and you can set up 2FA and restore access to your account. But what is meant by MPC wallet?
Introduction
An MPC wallet uses multiple-part computing technology to provide greater security for your cryptocurrencies and other digital assets. It basically splits the private key of a wallet between multiple parties to increase privacy and reduce the risks of hacks, breaches and losses.
This is where HOT protocol comes to our rescue.
HOT Protocol is a network of validators and an innovative decentralized protocol for creating cryptographic wallets. HOT uses MPC technology. MPC Protocol divides the private key into several parts and distributes them in different locations (validators) to increase security.
This technology avoids the loss of resources in case of a leaked user seed phrase and adds many unique features, not available in standard portfolios.
HOT Protocol is built with Near’s Chain Abstraction technology and is compatible with Bitcoin, all EVM, Solana, TON, etc.
How HOT Protocol works
validators play a key role in the transaction signing process. A user’s transaction request is sent to the entire validator network. Each validator signs all requests with its part of the private key, saved on its node. The collected parts of the signature are then put together to form the final signature of the transaction.
It is important to note that the process of collecting the parts of the signature and forming the final signature is carried out without revealing the private key parts to each other by the validators with each other.
Main features
HOT Protocol provides a unique opportunity to add new features to portfolios built on it. Flexible two-factor authentication (2FA) provides an additional layer of security, preventing wallet hacking even if the seed phrase is leaked.
With HOT Protocol, accounts and their history become full-fledged assets. HOT allows you to transfer access to an account with locked tokens or future airdrops. In addition, registration of a non-custodial wallet can be done not only by seed phrase, but also by other web services familiar to users (email or fingerprint).
At the same time, all the principles of decentralization and security are Preserved.
In addition, HOT Protocol has a convenient mechanism to manage gas fees, implementing the ability to pay fees in HOT or other tokens.
Many other Exchanges such as OKX, Binance and Bybit are also developing their MPC protocols. However, HOT Protocol stands out for its decentralization, giving users full control and more security.
Conclusion
HOT Protocol provides a unique opportunity to create features and services that can change the current wallet landscape.
Moreover HOT is currently mined by more than 8 million people (If you want to start mining for free too, use this link: https://t.me/herewalletbot/app?startapp=3278148 ) and on HOT protocol each transaction will have a burn of 50% of HOT, is not listed yet and this rente HOT a hidden gem in the panorama of Near.
