Once Space Wallet goes live, crypto holders will be able to locate the part of multi-sigs on low-orbit satellits thanks to the game-changing Trusted Execution Environments (TEE) concept. These systems will be more attack-resistant than ever before.
Cryptosat partners with Dfns Labs for joint satellite-backed crypto storage solution
According to the official announcement shared by the teams of Cryptosat and Dfns Labs, the research and development arm of Web3 security infrastructure firm Dfns, the two have entered into a long-term strategic collaboration.
This partnership allows Dfns's Space Wallet to have one or more signers for its storage in space. It makes any sort of attacks unreasonable for even more sophisticated, skilled and powerful malefactors. Cryptosat's satellites are located in low-Earth orbit, which makes them inaccessible to hackers.
Besides that, all Space Wallet's transactions are handled via a novel threshold signature scheme called Flexible Round-Optimized Schnorr Threshold Signatures (FROST). The scheme was introduced by cryptographers Chelsea Komlo and Ian Goldberg.
Dr Yan Michalevsky, co-founder of Cryptosat, stressed the importance of the launch of this product for the entire segment of cryptocurrency wallets:
We're glad to support Dfns in the implementation of its threshold signature scheme with Cryptosat's satellites as co-signers. It's a great example of how we can leverage space as a perfect, physically-isolated environment for the level of security institutional wallet solutions require.
Right now this mechanism can only generate signatures for Bitcoin (BTC) transactions, with more blockchains to be added in the coming months.
Additional security measures available for customers
Dr Jonathan Katz, chief scientist at Dfns, is beyond excited about the opportunities unlocked by the new wallet solution in terms of the security and accessibility of crypto transactions:
Space Wallet offers an unprecedented level of security for threshold signatures. It also demonstrates that threshold signature schemes can be efficient enough to deploy in resource-constrained environments.
All transactions in the new environment will be fully auditable to add an extra level of security to the protocol's design. The satellite-based infrastructure is even protected from an attack scenario in which the signer compromised on the side of ground-based infrastructure.
Last but not least, the wallet's satellites can enforce additional security measures such as requiring confirmation if the total transaction amount exceeds a predetermined value.