If someone know our email , password and 2fa , he still can on and off MPC . Why it more secure ?
Plz kindly explain me in simple words
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With mpc wallet , if we forget private key or we are dead, will there have a solution to get the fund for our next generation ?
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Hey Sangkong
My understanding is that MPC protects you while communicating with Nash.
Meaning that your private key does not go on the internet to confirm transactions, meaning its never used on the platform.
Now if someone has your private key, Nash cannot do anything about it, as it can be used to move funds from your private wallet.
MPC protects the funds in channel mostly.
At least this is my understanding, I might be wrong.
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Your 12 words (mnemonic words) will have full control - so you can always handover that to someone in case of a tragedy. IMHO one should have a encrypted (by a 3rd party) physical copy of those in a custodian or safety deposit.
MPC allows additional security, is much harder to take control of email, cellphone and website credentials than just one of those - in the future other policies (like time locks) we make it even harder to siphon funds of a user before he can react to a emergency.
Some cases as example:
- “Your computer was stolen - you save passwords in the browser password manager: not a problem, 2FA and email”.
- “Your bag or car was stolen, or you have been robbed - now the attacker has your computer and smartphone: not a problem, need email access to get over policy”.
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Let’s say we are completely f… up, somebody has everything because we keep it all in one place. Will time locks help?
If you lose your 12 words time-locks will not help. If you lose everything but that it would help - as you would be able to move the funds using the 12W before a hacker can drain the accounts.
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