Solana has collaborated with institutional Multi-Party Computation (MPC) wallet Fordefi to integrate its native wallet solutions with products and applications within the Solana network. It is important to note that Solana already has different types of MPC wallets in its ecosystem.
However, Dima Kogan, Fordefi co-founder, and chief technology officer, believes that wallets should have more than just being MPC. The institutional MPC wallet is designed to enable multiple parties to access it without disclosing any information to each other. According to Ben Sparango, head of business development at Solana Foundation, this initiative is to match the growing and mature tokenization.
As tokenization continues to proliferate and mature, it will be imperative to have infrastructure products like the Fordefi platform that enable institutions to efficiently and intuitively manage their assets.
In his statement, Sparango explained that Fordefi has over the years improved its security features directly for institutional investors. One interesting observation is that the wallet has the ability to simulate transactions as well as verify smart contracts without the help of any third party.
This simply means that a signer would have information on the exact smart contract the transaction is going to. Not just that. The signer would also know the vault, the value of the token, the person facilitating the transaction, as well as the gas fees involved. During the transaction simulation, the risk involved would be shown according to reports.
Kogan further explained:
We use all these bits and pieces about the transaction in our policy engine to define the approval process, which is a basis for institutional wallets.
More Comments on the Fordefi Wallet as Solana Saga Phone Reviewed in China
Arthur Cheong, chief information officer and founder at DeFiance Capital, also explains that Fordefi has a strong focus on innovation, DeFi security, and education. According to him, the developers largely contribute to the development of the crypto ecosystem, ensure the safety of participants and accelerate the growth of institutional investors.
Keyrock and DeFiance Capital are some of the institutional clients of Fordefi and have chosen it for additional safety layers. Another interesting unique aspect of Fordefi is that it has an incredible policy management tool that enables institutions to set permissions and approvals.
Crest Saechao, the vice president of marketing at Fordefi also explained more:
The native solution — which all other wallets implement — has a very short timeout for transactions from the moment the dapp creates them, which is incompatible with an often-lengthy institutional approval process.
On top of this update, the Solana Saga phone which exists as the flagship Web3 phone of the Ethereum-alternative protocol was reviewed in China. The report discloses that the reviewer subjected the core parts of the device to test, and these are the seed vault and the dApp application store. The phone is designed to prompt users to create or bind a Solana wallet.
The first review of the phone from China is expected to set the asset up for a price surge and lead the way for increased Web3 adoption. The last time the phone was reviewed by “The Defiant,” a YouTube channel, Solana surged by 7 percent from $20.86 to $22.33, and this happened in just three days.
As of press time, SOL was trading at $16.09 after falling by 4 percent in the last seven days.