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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":536,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Multi-Party Computation as-a-Service?","slug":"what-is-multi-party-computation-as-a-service","section":"M","keyword":"Multi-Party Computation as-a-Service","status":"published","definition":"is a business model where customers are able to rent MPC nodes from a service provider instead of buying them or building them from scratch.","content":"<p><strong>Blockchain is designed to provide transparency and decentralization. As a result, all transactions are documented in publicly accessible distributed ledgers.</strong> Even though openness is a key characteristic of blockchain networks, it also raises the issue of data privacy. Because transactional data is widely available, bad actors can easily find similar patterns across transactions in order to determine and monitor users.</p>\n<p>In that regard, the DeFi ecosystem has thrived as hundreds of <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">dApps and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-defi/">DeFi protocols</strong> have emerged across several blockchain networks. Despite the fact that layer-2 solutions are geared at addressing interoperability and capacity issues, blockchain's privacy concerns have gone unanswered.</p>\n<p>To address this issue while maintaining the key tenets of blockchain technology, next-generation projects began investigating the notion of multi-party computation. This is in order to offer further levels of anonymity to data used in services on blockchain networks. </p>\n<p>Because <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-multi-party-computation-mpc/">
multi-party computing</strong> <strong>(MPC)</strong></a> divides calculation activities over several parties, where no entity is able to view the data of the other parties, it assures end-to-end data security.</p>\n<p>Nevertheless, multi-party computation (MPC) can provide unrivaled degrees of anonymity as a stand-alone option. To make it useful for the blockchain environment, MPC must be combined with the intrinsic advantages of blockchain technology. </p>\n<p>The best approach to preserve security and still support dApps and DeFi protocols is to make sure that blockchain technology's openness, consensus, and integrity are correctly employed to coordinate MPC without sacrificing privacy. </p>\n<p>Presently, only a few firms have effectively combined MPC and blockchain technology, bringing the desired qualities of both environments to customers and service providers simultaneously.</p>\n<p>Also, creating an MPC solution from the bottom up, on the other hand, takes time, energy, and resources. As a result, MPC-as-a-service has arisen as a novel alternative for businesses seeking end-to-end protection for their blockchain services. <strong>Consider it similar to the typical software-as-a-service (SaaS) paradigm, in which anybody may rent the services by making a payment to the service provider. </strong></p>\n<p>The MPC-as-a-Service concept allows organizations and individuals to grow their activities as required by allowing them to select from a variety of pay-as-you-go approaches.</p>","level":"medium","meta_title":"What is Multi-Party Computation as-a-Service? Definition & Meaning | Crypto Wiki","meta_description":"Multi-Party Computation as-a-Service meaning: Multi-Party Computation as-a-Service - is a business model where customers are able to rent MPC nodes from a service provider instead of buying them or building them from scratch.","meta_keywords":null,"language":"en","created_at":"2022-03-23T13:12:06.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-multi-party-computation-as-a-service"},"prevSection":{"id":533,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Mt. Gox?","slug":"what-is-mt-gox","section":"M","keyword":"Mt. Gox","status":"published","definition":"a cryptocurrency exchange for buying and selling Bitcoin that closed after a major hack in 2014.","content":"<p>First revealed in July of 2010, Mt. Gox was a cryptocurrency exchange specifically created for buying and selling <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin. Unfortunately, it closed four years after when a major hack took place.</p>\n<p>Prior to the event, it swiftly became <strong>the world's largest platform for buying and selling Bitcoin. </strong>According to statistics, this platform processed more than 70% of Bitcoin transactions over three years.</p>\n<p>To specify, it was February of 2014, when the crucial turn took place. The organization unveiled that <strong>approximately 850,000 BTC had been taken by hackers.</strong> The problematic thing was that 750,000 BTC belonged to clients. At that moment, the stoled amount would have been valued at about $450 million, and today, even at many billions.</p>\n<p>This episode was significant in the cryptocurrency industry because it demonstrated that a big portion of Bitcoin's total supply had vanished for good. It also prompted significantly more monitoring of Bitcoin exchanges and fostered the growth of decentralized alternatives in which investors have complete control over their funds on all occasions.</p>\n<p>Approximately a month after the website was shut down, about 200,000 BTC was found in an old wallet. Attempts to locate the rest missing cryptocurrencies have proved futile. <strong>According to projections, 127,000 credits have filed claims for compensation.</strong></p>\n<p>Also, a Japanese court has been entrusted with compensating victims, although it is quite probable that they will simply receive a portion of what they lost.</p>","level":"easy","meta_title":"What is Mt. Gox? Definition & Meaning | Crypto Wiki","meta_description":"Mt. Gox meaning: Mt. Gox - was a cryptocurrency exchange for buying and selling Bitcoin.","meta_keywords":null,"language":"en","created_at":"2022-03-23T13:01:54.000000Z","updated_at":"2022-09-07T07:38:09.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-mt-gox"},"currentChapter":"M","currentSection":"what-is-multi-coin-wallet","chapterTitle":"M","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-multi-coin-wallet","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter M
What is Multi-Coin Wallet?
Multi-Coin Wallet MEANING:
Multi-Coin Wallet -
A multi-coin or multi-chain wallet is one that allows users to store several crypto assets from different blockchain networks.
Let's find out Multi-Coin Wallet meaning, definition in crypto,
what is Multi-Coin Wallet,
and all other detailed facts.
Crypto wallets are very important for users if they wish to keep their assets off of exchanges in a safe manner.
For individuals who are new to the crypto sector, certain wallets can store a single crypto asset or a group of only a few crypto assets running on a single blockchain network. For example, many wallets presently only support currencies or tokens that operate on the Ethereum network.
As a result, these cannot be considered real multi-coin wallets. A multi-coin wallet (also known as a multi-chain wallet) is essential for people who want to spread their assets that reside on several blockchain technologies.
AtomicDex is an illustration of a multi-coin wallet, with the extra advantage of possessing a built-in decentralized exchange that provides blockchain interoperability.
Moreover, a multi-coin wallet is, like the name implies, a wallet that can hold more than one cryptocurrency. Using a single wallet to hold a user's currencies simplifies trading on decentralized exchanges and gives an easy method to stay on top of their whole portfolio.
The ability to keep hundreds of thousands of crypto assets in one place and gain passive rewards by staking or even gaining active rewards are some of the extra benefits of a multi-coin wallet.
These also have integrations that allow users to directly engage with several DeFi protocols.
