Introducing Ramper V2: Enhanced security with Embedded Multi-Party Computation (EMPC)

Ramper is upgrading its core key management system to Version 2 (V2), introducing a significant security enhancement through the implementation of Embedded Multi-Party Computation (EMPC).

Ramper

Published Jun 05 2024

Updated Jun 05 2024

3 min read

What is Ramper V2?

Ramper’s mission is to simplify Web3 onboarding by enabling users to create self-custody wallets as easily as logging in with Web2 credentials (Email, Facebook, Twitter, Apple ID, etc). To ensure users of that convenience yet confidence, building a highly secure key management system (KMS) on the back-end is our priority.

In Version 1 (V1), we introduced the Restorative Performant Multiencryption System (RPMS) where keys are protected with multi-encryption.

Now with Ramper V2, we are upgrading to a new underlying system: Embedded Multi-Party Computation (EMPC). By applying a more secure layer with multi-party computation (MPC) techniques, V2 keys benefit from a more sophisticated and secure method of protection compared to multi-encryption.

In EMPC key management system, the user's secret (mnemonic) is split into three encrypted parts and stored separately as follows:

Key #1 is stored in the AWS storage service.
Key #2 is stored in the Ramper storage service.
Key #3 is stored in the user's local device.

The user's secret is created, split, or recovered exclusively on the user's device. Possessing two out of the three parts can reconstruct the secret for wallet recovery and/or transaction signing.

Advantages of Ramper V2

Embedded Wallet: Enterprise-grade wallet that is embeddable to any protocols with No-Code Integration.
Genuine Decentralization: With MPC architecture, V2 system allows the signature to be produced by several key shares rather than one single one, avoiding centralization and single point of failure.
Powerful Self-Custody: Users have complete control over their secret, with Ramper unable to reconstruct it.
Enhanced Security: Even if one storage location is breached, the private key cannot be reconstructed without the other two parts.
Better Performance: In the event that one cloud storage is unavailable, users can confidently sign transactions using Key #1 on their local device and another on the available cloud storage.
Power of Multichain: Together with the new key management system, Ramper V2 will also support 100+ most popular EVM and Non-EVM blockchains, empowering the onchain economy.

Migration to Ramper V2

Ramper V1 will be phased out by December 31, 2024. All Ramper SDK clients and Ramper Wallet users must migrate to V2 to ensure efficient system operations.

To clients of Ramper SDK

The V2 system will be available in the next few days for projects using Ramper SDK to upgrade. We'll ensure to keep you updated on the progress.

Important migrating information:

It’s crucial to encourage your users to migrate as your project upgrades.
For projects using V1 that are EVM-based (Polygon, Viction, etc), your users will have the same wallet addresses either in V1 or V2.
For Coin98 Super Wallet, Saros Wallet and Ancient8 Wallet with Facebook/Apple login methods, or for those Near projects using V1, your users will have a different wallet address in V2. Therefore, besides migrating, the users must transfer funds to the new wallet address (V2) from the old one (V1) for further operations if any.

To users of Ramper Wallet

Ramper Wallet will upgrade to the key management system V2 this June. Once the updated version is live, users with accounts in the V1 must transition to the V2 by re-logging in.

Rest assured that your funds are securely protected, and your accounts remain unchanged. We will provide comprehensive guides once the Ramper Wallet App & Extension are ready.

Stay informed by following Ramper's official channels for further updates!

About Ramper

Ramper stands as the go-to digital wallet for transitioning from Web2 to Web3. With a mission to 'empower progress' it provides DeFi infrastructure and loyalty solutions for businesses and communities, enabling them to access and flourish in the open economy. With a forward-thinking vision, Ramper embraces the power of Web3 utilities to fuel the growth of value within communities, encouraging bold and borderless creativity in humans.

Initially developed by a high-profile team with backgrounds from Tesla, Facebook, Uber, Apple, and Google, Ramper was constructed and continues to be built for its speed, security, and reliability.