Technical Field
The invention pertains to internet technology, specifically addressing a distributed encryption management solution for cryptocurrency wallets.
Background
Cryptocurrencies (e.g., Bitcoin) rely on cryptographic key pairs:
- Public Key: Wallet address for transactions.
- Private Key: Grants ownership and control.
Current Private Key Management Challenges:
| Method | Pros | Cons |
|----------------|-------------------------------|--------------------------------|
| Software | Easy to use | Vulnerable to attacks |
| Hardware | High security | Risk of physical loss |
| Cloud KMS | Centralized management | Trust issues with providers |
Invention Summary
A distributed Key Management System (KMS) enhances security and usability by:
- Syncing private keys across multiple KMS nodes.
- Using hardware-based security (e.g., Intel SGX) to prevent provider access.
Key Workflow:
Private Key Acquisition:
- User uploads a self-generated key or
- KMS node creates a key pair (elliptic curve algorithm).
Key Synchronization:
- Sync to all nodes or
- Geo-based/level-based sync for efficiency.
Transaction Signing:
- Local node signs transactions; queries others if needed.
Advantages
👉 Discover how decentralized KMS improves wallet security
- Redundancy: Keys are replicated across nodes.
- Low Latency: Geo-optimized sync reduces delays.
- Trustless Design: Providers cannot access keys.
FAQs
Q1: How does this method prevent key loss?
A1: Keys are distributed across nodes—failure of one node doesn’t compromise access.
Q2: Is user authentication required for transactions?
A2: Yes, biometric/password verification ensures only authorized requests.
Q3: Can this system integrate with existing wallets?
A3: Yes, via KMIP protocol for standardized communication.
Conclusion
This innovation balances security, scalability, and user trust, addressing critical gaps in cryptocurrency wallet management.
👉 Explore advanced key management solutions
### Keywords:
1. Cryptocurrency Wallet
2. Distributed KMS
3. Private Key Security
4. Key Synchronization
5. Trustless Design
6. KMIP Protocol
7. Intel SGX