3.2 Benefits of MPC-based Wallets

MPC-based wallets boast a number of functionality and security advantages over competitor wallet categories.

Similarly to multisig wallets, MPC wallets eliminate the single point of failure inherent to most traditional wallets by splitting a private key into multiple parts. Though unlike multisigs, MPC wallets resemble an EOA (e.g. MetaMask) wallet meaning that the cost to transact is the same as a consumer wallet (dramatically cheaper than a multisig), there is no cost to set up the wallet, and an MPC wallet can natively interact with all blockchain-based applications.

Furthermore, since MPC is done at the cryptographic layer MPC wallets are blockchain agnostic meaning that one MPC implementation supports numerous blockchains. This also means that MPC wallets are more functional in a cross-chain environment and the surface area of attack is limited when compared to a multisig wallet setup for an organization that interacts on different blockchains.