How do I secure my MPC wallet?

Published on Aug 22, 2023Updated on Apr 4, 20242 min read293

What's Multi-Party Computation (MPC) wallet?

An MPC wallet is a type of cryptocurrency wallet that uses three secret codes called private key shares to secure your assets. When you create an MPC wallet, 3 private key shares will be generated:

  1. Share 1 : generated by your MPC wallet
  2. Share 2 : generated and stored on your device
  3. Share 3 : generated by your device, encrypted, and backed up to your device's cloud

When you're completing your transaction, you're required to have both Share 1 and Share 2 to generate a complete private key and Share 3 as your backup private key share.

MPC Wallet3 private key shares will be generated and stored separately

How do I back up my wallet?

It's highly recommended to back up your Share 3 to your device's cloud (iCloud, Google Drive, or Huawei Cloud) to prevent the loss of your assets. To back up your Share 3 data, go to your device's cloud service and set your password for encryption. Share 3's data will be uploaded to your device's cloud and it'll be removed from your device to secure your private key shares.

If you didn't backup your Share 3's data to your device's cloud and your device is lost, you can't access your assets permanently as you only have Share 1 remaining on your wallet's server.

How do I restore my wallet?

You can restore your wallet via cloud backup using Share 1 and Share 3 data even if you have lost your device. All the 3 secret codes will be reset to secure your asset and prevent the risk of Share 2 data being leaked. It'll not affect your wallet address or your assets.