Zhixun Password Applies for Patent for "Two-Party Wallet Key Update Method Applicable to Blockchain"

Zhixun Password Applies for Patent for "Two-Party Wallet Key Update Method Applicable to Blockchain"Financial World, October 24, 2024 - According to information from the National Intellectual Property Administration, Zhixun Password (Shanghai) Detection Technology Co., Ltd

Zhixun Password Applies for Patent for "Two-Party Wallet Key Update Method Applicable to Blockchain"

Financial World, October 24, 2024 - According to information from the National Intellectual Property Administration, Zhixun Password (Shanghai) Detection Technology Co., Ltd. has applied for a patent for a "Two-Party Wallet Key Update Method Applicable to Blockchain", with a publication number of CN118798888A. The application date is June 2024.

This patent aims to address the security risks and efficiency issues inherent in traditional blockchain wallet key update processes. Existing methods typically require users to back up their private keys themselves. If the private key is lost or stolen, users face significant losses. Furthermore, traditional key update methods suffer from low efficiency and complex operations.

Zhixun Password's proposed "Two-Party Wallet Key Update Method Applicable to Blockchain" utilizes two-party computation technology to decompose the key update process into two independent steps, completed by the update initiator and validator, respectively. This method effectively prevents a single entity from controlling all keys, thereby enhancing key security and reliability.

Specifically, the workflow of this method is as follows:

1. The update initiator sends a two-party wallet key update request to the validator.

2. Upon receiving the request, the validator generates a verifiable random function (VRF) key pair, VRF random string proof pair, and common reference string (CRS) in its local cold wallet.

3. The validator sends the CRS, VRF proof, and VRF public key to the update initiator.

4. The update initiator updates the key share in its local cold wallet, encrypts the update result, generates an update proof, and sends the update proof to the validator.

5. The validator verifies the received update proof, updates the key share in its local cold wallet, encrypts the update result, generates an update proof, and sends the update proof and VRF random string to the update initiator.

6. The update initiator verifies the received update proof and VRF random string proof pair. Once both are verified, the two-party wallet key update is completed.

The key to this method lies in the use of verifiable random function (VRF) technology, ensuring the random number generation process is verifiable and unpredictable. Additionally, the method employs encryption and digital signature technologies, further enhancing the security and reliability of the key update process.

It is understood that Zhixun Password (Shanghai) Detection Technology Co., Ltd. is a technology company focused on the research and application of cryptography security technology. The company has a professional technical team and is committed to providing secure and reliable password security solutions for users. This patent application marks another significant achievement by Zhixun Password in the field of blockchain security.

The successful application of this patent signifies that Zhixun Password's technical strength and innovation capabilities in blockchain security have been further enhanced. Going forward, Zhixun Password will continue to focus on cryptography security technology research, providing users with more secure and reliable digital asset security protection.