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Crypto MPC enables multiple parties to compute a function using their private inputs without revealing them. Rainmaker leverages MPC to maximize security & ease while preserving user self-custody.
Rainmaker offers a cutting-edge MPC solution that is fully self-custody, 4-factor, and provides extreme security which offering convenient access and recovery.
The first private key share is written on the blockchain, encrypted with an encryption key. Access to this encryption key is secured with email and password, and 2FA app (authenticator) via Firebase. This ensures that only authorized users can access the encryption key and, consequently, the private key share.
The second private key share is stored locally on the user's device, encrypted for enhanced security. Rainmaker provides one-tap access to back up this share to iCloud, Google Drive, or Dropbox. This feature provides users with a secure and easy way to back up their private key share, which is critical in case of device loss or damage.
The third private key share is a phrase and key pair that encrypts this private key on the blockchain, and then stores it on the blockchain. This share is designed to provide maximum security to the private key by encrypting it using a unique phrase and key pair that only the user has access to.
Optionally, the encrypted private key shares can be further encrypted with on-device biometrics, which adds an extra layer of security to the private key shares. This feature provides users with the ability to secure their private key shares using biometric data, such as facial recognition or fingerprint scanning.
Retrieval of Encrypted Private Key Shares:
The encrypted private key shares are retrieved from the blockchain via verifier contracts and decrypted on the device. The verifier contracts ensure that only authorized users can retrieve and decrypt the private key shares, providing maximum security and protection to the private key.
It's important to note that Rainmaker's 4 factor authentication MPC technology requires two of the three private key shares to generate the actual private key that gives access to the wallet. This adds an extra layer of security by ensuring that even if one private key share is compromised, the attacker would still need access to at least one more private key share to access the wallet.
Furthermore, it is worth mentioning that our technology has the capability to add even more factors in the future. For instance, we could introduce a 5/9 share model, which would require five out of nine private key shares to generate the actual private key. This would offer even greater security and protection to users' private keys.
Rainmaker's self-custodial 4 factor authentication MPC technology offers a secure and convenient solution for key management. The ability to add even more factors in the future ensures that our technology will remain at the forefront of security and protection for users' private keys. The encryption of the private key shares using email and password, 2FA app, on-device encryption, and unique phrase and key pairs make our technology one of the most secure solutions available for self-custodial key management.