- Binance released a new wallet security, touted to be better than multi-sig.
- CZ said that it is set to reshape the landscape for wallets and custodian services.
The CEO of the world’s largest cryptocurrency exchange by traded volume, Binance, believes that a newly open-sourced solution for wallet providers and custodians is “far superior” in comparison to the multi-sig security.
Binance released an open-source implementation of its Threshold Signature Scheme (TSS) library for Elliptic Curve Digital Signature Algorithm (ECDSA). It is essentially a new cryptographic protocol for distributed key generation, signing that will supposedly help wallet providers and custodians to avoid single points of failure in private keys within distributed key management.
CZ notes that is will reshape the industry. He tweeted:
I believe TSS (threshold signatures scheme) will reshape the landscape for wallets and custodian services. It is far superior to multi-sig.
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