A crypto wallet is a blockchain-based infrastructure that stores user assets and serves as a gateway to Web3. Currently, many of us still carefully maintain a long list of private keys and seed phrases to protect our assets. Losing private keys or seed phrases means losing wallet assets, which is also one of the reasons that has limited the expansion of Web3. To enhance user security and simplify wallet usage, there's a keyless wallet that utilizes MPC (Multi-Party Computation) technology and blockchain signatures to address the limitations of traditional crypto wallets by splitting private key ownership among multiple parties.
What is a Keyless Wallet?
A keyless wallet is a type of wallet that uses MPC technology, allowing multiple parties to perform computations together without revealing any confidential information or secret data held by each party. Distributed key generation technology splits the private key into multiple parts stored separately by different parties. When signing a transaction, multiple parties must collaborate to generate a complete signature.
The OKX Keyless Wallet is built on MPC technology, transforming a single private key into three separate parts. These parts are independently generated and stored separately. To sign a transaction, two of the private key parts are required, eliminating the need for a complete private key.
👉 Learn more about MPC security
What Are the Benefits of Using a Keyless Wallet?
- Effectively Reduces Risk Without Needing to Safeguard Private Keys
The OKX Keyless Wallet distributes private key ownership among multiple parties, reducing the risk of asset theft or loss. No complete private key is stored on a single device, and each part lacks independent control over assets. Even if one part is stolen, others cannot access assets through it. - Simplifies User Experience, Lowers Web3 Entry Barriers
Keyless wallets align with Web3 principles, allowing users to retain personal assets while offering a seamless, user-friendly experience—no need to manage private keys or seed phrases. - Easier Private Key Recovery
The wallet can refresh operations to replace lost or stolen key parts, rendering compromised portions useless and reducing private key recovery costs.
How to Restore a Keyless Wallet
- First-Time Login: Select "I already have one" > "Restore Keyless Wallet"
- Adding a New Wallet: Navigate to Wallet > [Wallet Name] > "Add Wallet"
Alternatively: Wallet > Menu > Wallet Management > Add Wallet - Select "Import Wallet" > "Restore Keyless Wallet"
- Enable Face ID for unlocking or transactions
- Enter Password and confirm
- Choose "Scan to Restore" or "Restore from Dematerialized Backup"
Note: If the old device is unavailable or a key part is compromised, restore via dematerialized backup by downloading Part 3 and reconnecting via iCloud or Google Drive. All three key parts update automatically post-restoration, invalidating the old device’s wallet.
Frequently Asked Questions (FAQs)
1. Is a keyless wallet secure if I’m used to private keys?
Yes. Unlike conventional wallets, it never stores a complete private key on one device, reducing theft risks.
2. Can I import the OKX Keyless Wallet to another MPC-compatible wallet?
No. MPC algorithms aren’t yet widely supported. However, you can recover the full private key using Parts 2 and 3, converting it to a traditional wallet.
3. Are my assets safe if OKX becomes unavailable?
Yes. Use the "Emergency Exit" feature to recover assets via Parts 2 and 3 of the private key. The original keyless wallet becomes invalid, converting to a conventional wallet.
4. What if my device’s key part is compromised?
Restore using a dematerialized backup via iCloud/Google Drive to download Part 3 and initiate recovery. All key parts update automatically post-restoration.
5. Is using a keyless wallet centralized?
No. The OKX Keyless Wallet is fully decentralized and non-custodial. OKX cannot access user assets.
6. Is the OKX Keyless Wallet open-source?
Yes. The algorithm is public for transparency in key part computation and storage.
7. Why can’t I back up my keyless wallet?
Possible causes:
- iCloud isn’t activated (enable via Settings > Account > iCloud).
- iOS version issues (restart device, ensure Wi-Fi connection).
8. Why can’t I restore my keyless wallet?
Ensure:
- iCloud is enabled.
- Apple ID and exchange account ID match.
- MPC parts are saved to iCloud (check UID under iPhone Settings > Account > iCloud Storage).
9. How do I verify if MPC parts are dematerialized?
- Open OKX app > Menu > Profile > UID.
- Check iPhone Settings > Account > iCloud Storage for MPC documents matching your UID.
👉 Explore advanced wallet security
Keyless wallets merge security with convenience, bridging the gap to Web3 adoption. With OKX’s MPC technology, users gain robust asset protection without the complexities of traditional private keys.