Bytom together with math wallet, bitpie, imToken and cobo, deployed the Open Federation Management Framework (OFMF) for cross-chain of MOV DeFi .
On August, 24th 2020. Bytom together with math wallet, bitpie, imToken and cobo, deployed the Open Federation Management Framework (OFMF) for crosschain of MOV DeFi . OFMF is the Crosschain gateway utilizes the advanced Threshold signature (TSS) technology. Through this deployment, these partners become the Federation members, take charge of the two multi-signature keys in the MOV cold wallet, and help MOV users’ fund security and ecological decentralization.
The OFMF crosschain gateway adopts the 4–3 multi-signature mode as a whole, and uses the 1–3 threshold mode for two of the keys. It has the advantages of scalability, flexibility, and low transaction fees. After adopting this scheme, the MOV DeFi protocol will further Enhanced:
1. The security of OFMF federation has been greatly improved. The federation gateway’s keys will be kept by a professional wallet team. I believe that they have very strong security solutions and technical strength to ensure that users’ assets are worry-free. At the same time, the Bytom team also authorizes the relevant code to the partner, which is reviewed and demonstrated by multiple parties to ensure the security of the underlying code.
2. The decentralization of OFMF federation has been greatly improved. The cross-chain of user assets will be signed by multiple parties. At least 2 threshold signatures and no less than 3 multi-signature signatures are required to cross-chain success. Prevent single points of failure and misappropriation of user assets. At the same time, a number of cross-chain assets will be reviewed together, and a common review and resolution will be conducted on abnormal cross-chain assets.
3. Bytom MOV realizes the first real application of TSS threshold signature in the process of commercialization, which is of extraordinary significance. We will continue to improve and optimize together with several other wallets.
What is Threshold Signauture (TSS)?
Threshold signature is a distributed multi-party signature protocol, including distributed key generation, signature and redistribution key algorithms. Its main feature is that the group’s signature private key is shared by the group. Each member holds a share of the group’s private key. When signing a message, each participant uses his own private key share pair to generate a partial signature. Only when the number of valid partial signatures collected reaches a certain number — the threshold, these valid partial signatures can be used to calculate the group signatures through a public algorithm.
In recent years, with the rapid development of blockchain technology, threshold signatures have received widespread attention in academic research and commercial applications, especially in random oracles, important primitives for anti-censorship, and its superior asset collaboration anti-theft characteristics have gradually been The emerging digital asset custody mechanism attaches great importance to it.
Compared with multi-signature, threshold signature has many advantages: better security, better privacy, better scalability and so on.