Recently, I've been noticing these MPC wallets in my feed. I genuinely don't know if it is a real security thing or just a marketing stunt.
If you don't know, MPC stands for multi-party computation. I think MPC wallets split a private key into pieces stored in different places. And by design, you need more than one piece to sign transactions.
I am not a tech guy, but I assume since the keys are distributed, there's no single point of failure. This makes such wallets more secure. However, I still need to trust whoever holds the other parts of the private key.
What happens if the company behind these MPC wallets shuts down? With a seed phrase, I can type it into a different wallet to move it there. With MPC, am I dependent on the provider to access my funds?
Has anyone here used MPC wallets? How was your experience?
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