Introducing MPC Technology: an Evolution in Crypto Wallet Security
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Deposit wallet addresses have changed, for the better!
Liquid is excited to announce a major upgrade to our platform security: Migration of our wallet infrastructure to state-of-the-art Multi-Party Computing (MPC) wallet technology is now complete, representing a significant milestone in improving security.
This upgrade does require allocating new deposit wallet addresses. Please update your address book! Liquid will continue to service old deposit addresses during a limited transition period, though deposits may be delayed.
Why the Change?
Typically, cryptocurrency exchanges will use what are known as “cold wallets” to store users’ funds. Cold wallets are considered to be secure as they are not connected to the Internet and thus are not vulnerable to having their keys intercepted.
Nonetheless, the fact that the cold wallets still have a single, whole security key is a vector of potential attack - a vector that MPC wallets eliminate, as no single entity has access to the private key that protects the funds of our users. As a result, security is improved against both external and internal attack vectors.
Liquid continues to maintain an exceptional security record throughout its six years of operation. We are committed to continually improving our security posture, providing the most advanced security possible to protect the interests of our users. Investment in MPC technology is a reflection of our embracing of technological innovations.
Which Coins Are Affected?
The schedule for the wallet upgrades can be found below:
15th of July update (15:00 JST):
BTC, ETH, BCH, XRP, BTCV, All ERC-20’s.
1st of August update (15:00 JST):
LTC, TPAY, KMD, RFOX, ZEC, DASH, QTUM, XEM, FCT, XLM, NEO, XLM, SIX, HOT, WLO, TFT.
Please note that deposits to the old wallet addresses will still be supported until September 15th.
What Do Liquid Users Need to Do?
The main impact that users will see is a new address for each respective cryptocurrency as they are rolled out. This new address can be seen and recorded by looking at the wallet address on the Deposit Wallet section of the Liquid exchange interface.
Liquid will maintain support of deposits made to old wallets until August 31st. We strongly recommend all Liquid users note and begin using their new addresses as soon as they are issued.
Peace of mind
You can rest easy knowing that Liquid is leading the industry by upgrading its wallet security infrastructure with MPC technology. In six years of operation, Liquid has kept client funds completely safe - and that’s a record we’re going to keep.