Hey friends, and welcome back to another biweekly update.This week, we’ll be diving deeper into the specifics of our latest security/account management upgrade: the Keyless Wallet Update.The Keyless Wallet Update allows users to access their KryptoGO Wallet even without memorizing their seed phrase, private keys, or account password.“How is that possible?”“No passwords, and no private keys? How is that safe?”“Does that mean anyone can access my wallets?”I hear those questions, reader, and fret not. 1) It’s possible, 2) It’s safe — even safer, actually (explained in further detail below), and 3) Of course not. KryptoGO Wallet remains fully non-custodial and you are still the only person who can access your wallet and the assets within it. We’ll talk about how this seemingly impossible endeavor is made possible with the help of cryptographic multi-party computation, and more specifically, Shamir’s Secret Sharing Scheme (SSSS).&nbsp;<h2 style="margin-left:0px;">The Problem: Private keys are hella hard to remember.</h2>Most non-custodial wallets on the market require the user to carefully keep a long list of private keys and seed phrases to prove that they are the owner of the wallet. Write it down on paper and put it underneath your pillow, get it engraved on a metal plate and secure it in an fireproof underground bunker, or have it tattooed somewhere private — it doesn’t matter. As long as you (and only you) know your private keys, you (and only you) have access to your wallet.Sounds simple, right? Yet in reality, accidents tend to happen, usually in one of these two ways.<ul><li>The user forgets his/her own private keys or seed phrases.</li><li>The user accidentally reveals their private keys or seed phrases to someone else.</li></ul>In the former case, assets in the wallet are lost forever. With non-custodial wallets, since we don’t keep keep a backup of users’ private keys, we cannot help the user retrieve their forgotten secret.In the latter case, the wallet is compromised, and other people who know the keys can do anything that the user is authorized to do.In the past, wallet passwords were used as a way to solve the former case. Even if the user accidentally forgets their keys, if the wallet has been backed up via password, the wallet password along with phone number authentication (two-factor authentication) can be used to restore the user’s wallet.Yet the addition of a password is not a complete failsafe, and even introduces some new problems. Firstly, the user could lose access to their device or their phone number, rendering them unable to restore their wallet. In addition, having a password just mean one additional thing to remember — and if you recall, we wouldn’t be having this problem in the first place if the user was good at remembering things (e.g. their private keys).The addition of a password also does nothing to prevent the latter case, as malicious actors who know the private keys or seed phrase could still access the wallet even without knowing the password.So, what’s the next step?&nbsp;<h2 style="margin-left:0px;">Our Solution: Going keyless.</h2>The Keyless Wallet Update improves user security and user-friendliness by leveraging multi-party computation. To get a general understanding, users<ul><li>will no longer need to memorize their private keys or seed phrases in order to access their wallet, if they so choose.</li><li>don’t even have to know their own private keys, preventing them from accidentally revealing it to someone else.</li></ul>This significantly lowers the barrier to entry of acquiring a non-custodial crypto wallet. New users entering Web3 would not need to manage their private keys and seed phrases, providing a much smoother and friendlier onboarding experience.The question you most likely have now is: how is this possible? Does this come at the price of lower security standards?The short answer: not at all.The longer answer: Since the user no longer need to know their own private keys, they are actually less vulnerable to malicious actors, since social attacks and scams are less likely to happen (the user can’t accidentally disclose what he/she doesn’t know.) As for hackers trying to gain access through directly acquiring the private key via some backdoor, a keyless wallet splits its private keys into multiple parts, and simply having access to one part doesn’t do anything. That means, whereas before the hacker only needed to hack into one server to get ahold of a user’s private keys, now they need to hack into multiple servers in order to get enough private key shares to recreate the private key.Shares are explained in further detail below.&nbsp;<h2 style="margin-left:0px;">A Share: Sharing secrets among multiple parties</h2>The Keyless Wallet Update distributes the ownership of the private key among multiple parties. In other words, the private key is broken up into many shares, and each share is stored in a different location, whether that be your local device, a cloud server (e.g., iCloud or Google Drive), or KryptoGO’s encrypted database. To access the wallet, a user would first need to access a defined number of shares. For instance, the private key can be split into 5 parts, with the user needing 3 to access their wallet.In the Harry Potter series, Lord Voldemort split his soul into 7 parts, some of which are kept in Horcruxes. Perhaps private key shares could be though of a similar mechanic, splitting a single secret into multiple “shards.”An individual share cannot be used to access the wallet, so even if hackers manage to hack into one location, the wallet itself is not compromised (even if the storage location is). Users can very easily generate completely new shares to render the old shares obsolete. This is actually one of the many benefits of Shamir’s algorithm — it is highly flexible and extensible — meaning that the secret owner could add, amend or remove shares at anytime if they wanted to, without modifying the original secret.&nbsp;The Keyless Wallet Update will be available to users very soon. Although this is a relatively big feature, the details are mostly invisible to end users.Existing users will simply see the option to migrate to the new keyless wallet system under Settings &gt; Security and Privacy.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/1*ZpH57U0pbe80-JSsdwPrWg.png" alt="" loading="eager">New users will be prompted to create shares to their wallet as soon as a new wallet is created for them.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/1*yKJnH4cVE9qsDltZugw7xw.png" alt="" loading="lazy">And that’s it! Super simple.&nbsp;Have feedback, or encountered any issues with any of our products? Don’t hesitate to contact us via Discord, or via any of our other social media links listed below.See you in two more!<h1 style="margin-left:0px;">Follow us:</h1><a href="https://discord.gg/kryptogo">Discord</a> | <a href="https://www.facebook.com/kryptogo">Facebook</a> | <a href="https://twitter.com/kryptogo_">Twitter</a> | <a href="https://instagram.com/kryptogo_">Instagram</a> | <a href="https://www.linkedin.com/company/kryptogo/">LinkedIn</a> | <a href="https://t.me/kryptogocom">Telegram</a>

This week, we’re doing some super super super super (SSSS) work and giving the users the option to go keyless, soon.

The Keyless Wallet Update: August 9th, 2023

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