IOTA proposes new multi-party computation algorithm & new Trinity wallet version

  • The IOTA Foundation has designed a new, extended algorithm for a decentralized multi-party system, which is able to generate the RSA module more efficiently.
  • Furthermore, a new version for the Trinity wallet, V. 1.2.1, has been released.

Already in the week before Christmas IOTA presented several news and enhancements. Over the holidays IOTA was not idle too. Yesterday the IOTA Foundation published a specification for a decentralized multi-party computation algorithm. The draft protocol is supposed to be able to generate the RSA module more efficiently.

Rivest-Shamir-Adleman (RSA) cryptography is one of the first public key encryption systems at all and still widely used. IOTA aims to use the algorithm for a decentralized multi-party system, the IOTA protocol. According to the IOTA Foundation, the design provides the advantage over existing solutions that it is less computationally intensive and not limited to two parties.

In the whitepaper the authors, Vidal Attias, Luigi Vigneri and Vassil Dimitro, write about RSA cryptography:

RSA cryptography is still widely used. Some of its applications (e.g.,distributed signature schemes, cryptosystems) do not allow the RSA mod-ulus to be generated by a centralized trusted entity. Instead, the factoriza-tion must remain unknown to all the network participants. Tothis date,the existing algorithms are either computationally expensive, or limitedto two-party settings. In this work, we design a decentralized multi-partycomputation algorithm able to generate efficiently the RSA modulus.

In the document, IOTA Foundation members propose a multiparty protocol that extends the two-party algorithm discussed by Tore Kasper Frederiksen. He proposed an algorithm that uses a new distributed routine that runs in a semi-honest as well as in a malicious two-party environment.

The solution is much faster (40 seconds) than the previously published protocols, which took 15 minutes. IOTA has enhanced Frederiksen’s protocol to the extent that the protocol is now suitable for more than 2 parties. You can read the release entitled “On the Decentralized Generation of the RSA Moduli in Multi-Party Settings” under this link.

IOTA releases Trinity wallet 1.2.1 for Android

On December 24th the IOTA Foundation has released the IOTA Trinity wallet Version 1.2.1 for Android.

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According to the IOTA Foundation the updated wallet is 2 to 3 times faster than the previous version. In addition, several minor issues in the previous version of the wallet have been fixed in the new update. The new iOS version of the wallet has not yet been released. According to the Foundation, the release will be in the App Store as soon as “Apple is back from vacation”.

As reported by CNF, IOTA has recently entered into a partnership with Moon Pay Limited. This allows users of the IOTA Trinity Wallet to purchase IOTA directly from the wallet using debit or credit cards. IOTA also launched the “Burner wallet” Spark before the holidays. According to the IOTA Foundation, the wallet is a “low-security” temporary web wallet. The idea is to use the wallet for small amounts of money and for a short period of time and then “burn” it, deleting the seeds and transaction history from the device.

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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