What exactly is the Sui ecosystem's @ikadotxyz doing?

Imagine you have a safe deposit box that contains valuable items (on-chain assets like BTC), and this safe requires two keys to open:

1️⃣ Your key (User Share)

2️⃣ The bank's key (Network Share): The bank holds one key, which is managed by hundreds of bank employees collectively, and it requires the consent of 2/3 of the employees to operate. Here, the bank is like Ika's decentralized MPC network, and the hundreds of employees are equivalent to network nodes.

dWallet: The safe deposit box itself, through which you can operate assets, such as transferring, depositing, withdrawing, etc., but each operation requires cooperation from both keys.

2PC-MPC: The rules and processes for unlocking, ensuring signature security. It ensures that:

1️⃣ You and the bank must provide keys simultaneously to unlock the safe.

2️⃣ Bank employees decide whether to provide their keys through a complex collaborative mechanism, but you do not need to worry about this.

3️⃣ Even if some bank employees are compromised (some nodes are attacked), the safe cannot be opened without your key.

At this point, you can roughly understand: Ika provides a decentralized MPC network with 2PC-MPC as the core technology (ensuring signature security) and dWallet as the application interface (the primary interaction for users).

For another example, if you want to transfer ETH from the Sui safe deposit box dWallet to a friend, you initiate the transaction through dWallet, where your key and Ika's key generate a complete signature, ultimately allowing the transfer of ETH on the Ethereum network to your friend.

p.s. dWallet can manage multi-chain assets; since you only hold one key, this means you can never export the complete private key.

#SUI🔥 #ika