Organizations look toward multiparty computation to advance Web3
2022.08.17 04:10
Organizations look toward multiparty computation to advance Web3
Protecting user data and private keys is crucial as Web3 advances. Yet, the number of hacks that have occurred within the Web3 space in 2022 alone has been monumental, proving that additional security measures, along with greater forms of decentralization, are still required.
As this becomes obvious, a number of organizations have started leveraging multiparty computation, or MPC, to ensure privacy and confidentiality for Web3 platforms. MPC is a cryptographic protocol that utilizes an algorithm across multiple parties. Andrew Masanto, co-founder of Nillion — a Web3 startup specializing in decentralized computation — told Cointelegraph that MPC is unique because no individual party can see the other parties’ data, yet the parties are able to jointly compute an output: “It basically allows multiple parties to run computations without sharing any data.”
