MetaMUI, a blockchain developed by SovereignWallet, said on Oct. 14 it has opened a permissioned demonstration network to financial institutions.

Banks, card and payment companies, stablecoin issuers and other blockchain networks can apply to issue deposit tokens and stablecoins, send and spend them through a built-in wallet, and test how funds are secured, without writing smart contracts or building a wallet, the company said.

The company also published a post-quantum cryptography library under the Apache 2.0 license.

According to the company, MetaMUI wallets do not use a seed phrase, the list of recovery words most cryptocurrency wallets rely on. On MetaMUI, an account is a decentralized identifier and keys are credentials registered to it. A lost or exposed key can be replaced by registering a new one to the same identity, without moving the balance.

Institutional funds are held in what the company calls keyless protocol accounts, for which no private key exists. Transfers require signed votes from operators the institution designates.

An operator signs a request naming the recipient and the amount. Other operators verify that signature against keys registered on the chain, then add their own post-quantum signatures. When a majority has signed, the protocol executes the transfer. The request and each vote are recorded on the chain. The recipient and amount cannot be changed after the request is made.

Operators’ signing keys are stored encrypted under keys that remain in the phone’s hardware keystore, the company said. It described the structure as applying the separation-of-duties control in the National Institute of Standards and Technology’s security guidance, SP 800-53.

Source link