Connect with us

Binance

Binance is on Its Way of Implementing a Threshold Signature Scheme Library

Published

on

Binance has grown to be one of the firms which have taken the lead in innovation in the field of blockchain technology and cryptocurrency. It has focused on creation of core infrastructure services that would have a long-term effect on the crypto world. Binance has also made contributions to the Binance Chain blockchain software system and is now planning to do the same w.r.t. open-source ecosystem. The contributions of the open-source community have already been recognized and acknowledged in the crypto and blockchain realm. Binance has taken the first step towards making a mark in this field by launching the open-source implementation of a Threshold Signature Scheme (TSS) library for Elliptic Curve Digital Signature Algorithm (ECDSA). This will be of immense benefit to Wallet providers and custodians as they will be able to bypass single points of failure in private keys via distributed key management. With this implementation, Binance moves a step closer to providing better security of funds while at the same time generating greater awareness about Binance chain, Binance networks and so on.

Changpeng Zhao mentioned in a recent tweet about this as:

A Brief Introduction to the Threshold Signature Scheme (TSS)

TSS is a cryptographic protocol used for signing and distributed key generation and enables users to outline a flexible threshold policy. This technology helps in substituting the signing commands with distributed computations so that one can avoid obstruction if the private key fails. In the case of individuals, threshold signatures enable the splitting of the signature between two or more devices. This poses a lower degree of risk because even if one device is compromised, the assets would not be adversely affected altogether. Threshold signatures also enable access control policies to be realized in their full potential which minimizes the chances of insider or outsider theft of corporate funds in case of corporate users. Unlike the convention Multisig (multi-signature), which uses cryptography on-chain, the TSS uses cryptography ‘off-chain.’ The advantage here vis-a-vis the on-chain is that this technique causes a higher consumption of resources, and signers can also become potential attack surfaces as they are left open in the blockchain network.

Features of the Binance TSS Solution

  1. Quick set up and signing- As it has been already pointed out, TSS enjoys more advantages than Multisig, as a single signature is required on the blockchain, which can be split for different uses. This makes it more swift and efficient than other key management systems that require multi signatures.
  2. Robust Security and Security First Policy – TSS offers high on security, too, again owing to its multiple private key sharing features. This allows distribution of the key among many parties and these keys are not reconstructed while being used to sign for any other transaction. TSS has been developed in a manner that it can provide improved safety for our funds. It also augments the level of protection for more efficient use of Bitcoin Chain/DEX and better wallet management spread across the various blockchain networks.
  3. Recovery Protection Guarantee- The private keys can be recovered in a hassle-free manner in certain cases through the feature of re-sharing, which implies the regeneration of private key shares.
  4. Security Audit- In order to ensure that no compromise is made on the security domain, a well known and an autonomous third-party auditor has been set to audit and make the cryptography and code in the Binance TSS library more robust. Kudelski Security would conduct the security audit, and the reports of the future audits would be made public and accessible to the Binance blockchain community.

How can TSS be implemented on the Binance Chain?

There are certain steps to be followed to complete the signing process for TSS, and the TSS library has been integrated with the Binance Chain blockchain to provide a complete guide. A few of the steps are:

  1. Vault Initialization– The concerned parties will be initialized with the establishment of an end-to-end encrypted communication medium
  2. Key Generation– If the secrets of the private key can be shared with 2 out of 3 TSS singers, in accordance with the diktat of the quorum policy, then the private key shares will be shared with 3 parties out of which any 2 can put their signatures on the transaction.
  3. Signing– The signatures of the parties concerned will be obtained and this digital signature will also reveal their shares of the secret.
  4. Vault Regroup– When two or more parties are involved, any one of the party may choose to leave the team, new secret shares will be created. This would be shared between the remaining or new parties involved.

The Road Ahead

Binance has just started its work with TSS and this seems to be only the beginning of this association. It has plans to continue this work in the future and also integrate with the Binance Chain community which would help to advance greater TSS support for higher-level use cases. Cryptocurrency and blockchain is a growing field, and Binance intends to continue its association with the community to create, develop and sustain a healthy and holistic open-source ecosystem on cryptography, which would help in the further development of this already dynamic field.

Source.cryptonewsz.

Click to comment

Binance

Binance accelerates fiat support programme; unveils Turkish lira Fiat Gateway

Published

on

Malta-based crypto-exchange Binance was in the news after it upped its maximum leverage and margin on BTC/USDT contracts to up to 125x, from the previous 20x leverage, just one month after the successful launch of Binance Futures. While addressing any increase in leverage on Binance’s Futures trading platform in the future, Binance CEO CZ compared the industry to traditional markets and said,

“When crypto gets big enough and the liquidity is high enough those things are definitely possible, but there are no plans right now.”

While there are no plans to increase the exchange’s leverage in the near future, Binance is more focused on adding more fiat supports to its platform. In a recent interview, the company’s CEO said,

“In the past months or so we added five different fiat pairs, like Euro, Nigeria’s NGN, Russian Rubles, KZT, UAH Ukraine, so we are going to add more fiat from all around the world.”

In yet another recent development, Binance has also announced a partnership with Papara to offer deposits and withdrawals of Turkish lira [TRY]. This fiat gateway will help users deposit TRY to their Binance accounts through local debit and credit cards, as well as wire transfers supported by 16 different Turkish banks. Additionally, users on its platform will be able to purchase BNB, BTC, ETH, and XRP, directly using the TRY in their Binance account. The Malta-based exchange’s stablecoin, BUSD, will be available at a later date.

The official blog announcing the development also mentioned that each purchased asset will reach the user’s Binance account in seconds. It further read,

“After TRY is deposited into a user’s Binance wallet, users will also be able to buy crypto with their TRY balance directly on the Buy and Sell Crypto page using our one-click buy/sell service. Please note that the sell function will be available at a later date.”

Source: ambcrypto

Continue Reading

Binance

Binance raises leverage to 5x on margin trading platform

Published

on

Malta-based cryptocurrency exchange Binance had rolled out its margin trading platform back in July, in order to provide leveraged trading amenities to its users. The platform started off by supporting only six cryptocurrencies, with a leverage of only 3x, as opposed to the 20x expected previously. However, the latest announcement from the Changpeng Zhao-led cryptocurrency exchange seems to be paving the way for the platform to reach its goal of 20x.

As per the announcement, the platform has elevated its maximum leverage of Binance margin trading to 5x, along with a leverage adjustment function. Binance took to Twitter to make the announcement, sharing the development with the community.

The official blog post by the cryptocurrency exchange stated that users would be able to avail an increase in the maximum leverage up to 5x. Since the 3x was the previous maximum leverage on the Binance margin trading platform, an adjustment function has been enabled so that users could set their desired leverage between 3x and 5x. However, this feature is currently limited to web interface users only.

Source – Binance

The margin trading platform on Binance has recorded significant growth lately after the platform added several other currencies, along with many existing ones. The feature supports BTC, ETH, BNB, TRX, USDT, ADA, ETC, BCHABC, and XLM, along with many other currencies. More recently, the platform enabled margin trading for sub-accounts as well.

Despite the growth, however, Binance is still behind BitMEX as it offers up to 100x leverage on a few of its products. BitMEX on the other hand, was recently in the news following the leak of 400,000 customer email addresses. Apart from BitMEX, several other platforms including ByBit and StormGain also offer up to 100x leverage.

Source: ambcrypto

Continue Reading

Binance

Binance announces mainnet Heisenberg hard fork upgrade schedule

Published

on

Following the successful testnet Heisenberg upgrade, Binance Chain validators have now agreed on a scheduled hard fork upgrade at block height 51,467,800. According to the official blog post for the Binance Chain mainnet Heisenberg upgrade, it will be activated on 28 November at 5:00 AM [UTC], following which the validators, as well as all the full node runners, will be expected to switch their software version to v0.6.3 by 28 November. However, no action will be necessary for BNB token holders or Binance DEX users.

The blog read,

“If you use any exchanges which support BNB [such as Binance.com, BitMax or Gate.io], one of the wallets, or a hardware wallet [such as Ledger, Cool Wallet], you do not need to do anything unless your exchange or wallet service specifies otherwise. There are no changes to Binance DEX matching engine logic.”

After the upgrade is activated, logic changes will occur at the said block height, i.e. the blockchain will be able to handle a series of new business logic.

There are many updates lined up following the hard fork. According to the blog, there will be substantial performance improvements, especially for a larger number of addresses. There will also be Lot-Size enhancements, which means that the lot size will be calculated based on its price against BNB in the upcoming match engine of Binance DEX. There will also be change constraints in the listing of transactions. This essentially implies that both the owner of quote-assets, as well as, base-assets, can send listing transactions after the upgrade is activated.

The Malta-based cryptocurrency exchange had previously published a report which outlined the October updates. The report said that 11 community-submitted listing proposals had been approved of on their distributed exchange platform, Binance DEX, with 2 proposals still in the voting process.

Source: ambcrypto

Continue Reading
Open

Close