J Labs is building to solve the biggest pain point of crypto wallets
We are building a next generation crypto wallet, join the early access list.
1. What problem we are solving?
The private key management is one of the biggest pain points for people using crypto wallets, we are striving to solve it.
2. How we are going to do it?
We are building a next generation crypto wallet based on a new MPC solution. The MPC solution will solve the private key problem, as well as enhance the security.
3. How we are going to do it in more detail?
3.1. To the flip side of “Not Your Keys, Not Your Coins”, it is “If you lose your private key, you lose everything”.
In order to eliminate the single point of failure, we need to achieve keyless so that private key would never be exposed or lost as a whole.
MPC is one of the solutions to keyless, current MPC solutions are mostly 2 of 2 and 2 of 3 (such as ZenGo and UniPass) where the risk of “single point of failure” still remains. We use a more advanced MPC (Lit Protocol) where private key is distributed and stored on a blockchain-like network governed by consensus.
3.2. In order to be more secure, we need to implement MFA, in the worst case where someone gets access to your wallet and tries to drain it, MFA will kick in to protect. It can be achieved by programmable Lit Actions, which will be executed when the private key is being retrieved and aggregated in HSM on Lit nodes.
4. Our vision
We believe that the wallet should be open and driven by an open community, hence we are open sourcing all the code as well as running a DAO to manage the project for the long term.
5. More technical details
5.1. The wallet is based on Alpha Wallet, which is an open-source crypto mobile wallet for both iOS and Android.
5.2. We are integrating Lit Protocol with Alpha Wallet, so that the wallet would be keyless by MPC, as well as support multiple chains other than EVM chains.
5.3. More advanced security mechanisms will be built for the wallet using Lit Actions in Lit Protocol.
6. Work in Progress
6.1. First version of POC has been done as of February 2023
https://github.com/LIT-Protocol/LitGrants/issues/29
