How to Use an MPC Wallet or a Mnemonic Wallet?
2024-01-02
With the advancement of cryptographic technology, various types of crypto wallets have emerged. Among the many options, MPC wallets and mnemonic phrase wallets are the two most common and popular types.
This article will introduce these two mainstream types of crypto wallets and teach you how to create one. You can choose the wallet that best suits your needs for managing your crypto assets.
What is an MPC Wallet?
MPC stands for Multi-Party Computation, a privacy computing technology. With an MPC wallet, the private key no longer needs to be stored in one place. MPC generates multiple key shares directly through distributed key generation, with each share stored separately by different parties. When a transaction requires a signature, the MPC protocol convenes each independent private key share owner to sign the transaction in a distributed and private manner.
Simply put, MPC wallets offer a “no mnemonic phrase” user experience, greatly reducing the threshold for users to use the wallet. Users no longer need to worry about recording and saving complex mnemonic phrases. Instead, they can manage their crypto assets by simply recording a password, while also avoiding the risk of private key leakage, ensuring greater security.
How to Create an MPC Wallet?
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New users who downloaded the Bitget Wallet may select “Create Wallet”, then “MPC Wallet”. Existing users can click on the dropdown menu at the top left corner of the Bitget Wallet homepage and choose “Add Wallet”, then “MPC Wallet”.
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New users need to set a 6-digit wallet password, while existing users can enter the previously set password. Then, enter your email.
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Fill in the verification code received in your email, set and verify the MPC transaction password. It is recommended to choose “Enable Now” to activate Face ID for more convenient transactions. Note: The MPC password is only for transactions using the MPC wallet.
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Generate your key shares and ensure security encryption. This process will not take too long; once created successfully, you will see the “MPC Wallet” indicator at the top left corner of the wallet homepage.
How to Back Up an MPC Wallet?
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The process of backing up an MPC wallet is different and relatively simpler than backing up a mnemonic phrase wallet. On the wallet homepage, click “Take a minute to back up” to proceed with iCloud verification and Google Drive backup.
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After completing the iCloud/Google Drive backup as guided, you will see the status of the iCloud/Google Drive button change to “Disable Backup”. Completing the backup before performing transactions such as transfers and receipts enhances security.
Four Major Advantages of the Bitget MPC Wallet
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“Keyless” experience and user-friendly
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The safest and most reliable technical solution in the industry
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Reshare mechanism and independent password for multiple layers of security
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Using a 2/3 signature mechanism, giving users absolute control of the wallet
What is a Mnemonic Wallet?
A mnemonic wallet, or a mnemonic phrase wallet, is a type of crypto wallet based on deterministic wallet generation algorithms.
It uses a set of randomly generated words to represent the wallet's seed key. This set of words is known as the mnemonic phrase. Typically, it contains 12 to 24 words. Bitget Wallet offers options for 12 or 24-word mnemonic phrase wallets. Users only need to remember this set of words to restore their wallet accounts and gain control over their crypto assets.
The advantage of a mnemonic phrase wallet lies in its memorability and ease of recording, which facilitates backup. However, there is also a risk of asset loss due to the mnemonic phrase being stolen or forgotten, so users need to take care to securely store their mnemonic phrases.
How to Create a Mnemonic Wallet?
After clicking “Create Wallet”, you can choose either a “12-Word Mnemonic Wallet” or a “24-Word Mnemonic Wallet”.
How to Back Up the Mnemonic Phrase?
After creation, click “Take a minute to back up” on the wallet homepage. Carefully read the instructions for backing up the mnemonic phrase and securely save the mnemonic phrase as prompted. Once you have completed the mnemonic phrase verification, click “Confirm” to finish.
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