MasterKey Patent Registration: System to restore lost private keys
As of 2022, the types of virtual assets are spreading to include not only cryptocurrencies traded on exchanges, but also NFTs, DeFi, and even CBDCs (Central Bank Digital Currency). Above all, on the metaverse-based platform, the service that converts game items into assets and links them to wallets is also becoming popular.
However, repeated Bitcoin hacking and asset loss due to poor key management are also a problem, but most types of digital asset hacking occur when digital assets are entrusted to them or left in a centralized exchange. Therefore, it is a principle to keep it in a ‘digital wallet’ where only the owner can access the asset, and it is important to manage the private key (mnemonic) well due to the nature of the blockchain. The service that understands and provides these blockchain characteristics is MasterKey www.the-masterkey.com. Master Key supports multiple wallets such as Metamask and Phantom.
The features of the MasterKey service are as follows
- Securely encrypt/distributed storage and recovery of seed phrases
- Encryption/recovery of seed phrases is finally designed to be done only on the client-side to prevent asset theft by external factors and company insiders
- Ensure data consistency/integrity of stored seed phrases through blockchain
As part of the digital asset service, TrustVerse registered for the 'System for Restoring Lost Private Key (No. 10-2377987)', which is a key technology patent related to MasterKey, for the first time in Korea on 03/18/2022 through the Korean Intellectual Property Office. It has been completed, and related patents are under examination in Singapore and the United States.
With this technology, a service for general users is in progress, and it can be downloaded from the Google Play Store and App Store. From the end of May, based on API service, B2B business is partnered with MAS (Singapore Financial Services Agency) certified digital asset exchange and wallet operators. is in the middle It has signed an MOU with Koscom for digital asset management services.