Censo Brings an open source “decentralized key management” approach to crypto security.

Censo, a cryptocurrency storage company, has introduced a mobile phone-based self-custody solution for institutions and smaller organizations. This offering, according to Censo, is simpler to use and more affordable compared to existing technologies.

The company’s approach to “decentralized key management” eliminates the complex and costly aspects of multiparty computation (MPC), a popular key-sharding technology in the institutional crypto custody field.

CEO Andrew Lawrence explained that organizations typically turn to third-party MPC service providers, such as Fireblocks and Copper, which are centralized, expensive, and inconvenient to interact with. In contrast, Censo’s open-source model leverages the secure hardware enclaves and biometric gating found in modern mobile devices to securely bind cryptographic keys to real-world agents. (CoinDesk)

This alternative to MPC provides truly decentralized key management and self-custody, making it appealing for various entities ranging from hedge funds and market makers to Web3 firms and decentralized autonomous organizations (DAOs).

By utilizing phones for key management, organizations can control the key material and enable individuals to be signers without granting them access to unencrypted versions of private data.

Ultimately, this approach enables complete self-custody.

Related Story:  BNP Paribas China’s Corporate Clients To Link Their Digital Yuan Wallet To Bank Account

Photo by Gilles Lambert on Unsplash