The PalShield Security Protocol incorporates several key elements to enhance the security of digital assets:
Offline Master Keys: PalShield creates offline master keys capable of supporting over 40 different blockchains, ensuring that the keys to each blockchain are securely stored without exposure to online vulnerabilities.
HD Wallet Generation: It generates Hierarchical Deterministic (HD) wallets offline, adhering to BIP 32 and BIP 44 standards. This feature allows for creating multiple wallet addresses from a single seed, enhancing security and privacy.
Private Encryption Algorithm: PalShield employs a proprietary encryption algorithm, which secures users' data and transactions beyond standard encryption methods.
Unique User Profile Signature with 5FA: It offers an advanced Five-Factor Authentication (5FA) that includes a unique user profile signature, adding multiple layers of authentication to verify the user's identity.
Offline Transaction Signing: Transactions are signed offline, which significantly reduces the risk of interception or theft by maintaining the private keys in a secure, air-gapped environment.
Recovery Through 5FA: In the event of a lost device or forgotten credentials, PalShield allows users to recover their funds via the robust 5FA system.
Multi-Party Computation Mechanism: The protocol uses Multi-Party Computation (MPC) to perform cryptographic computations without a single point of failure, dispersing trust among multiple parties.
MPC Secret Share Rotation: PalShield enhances security by employing a mechanism where MPCsecret shares are rotated or 'bounced' every 30 seconds, thereby constantly refreshing the security parameters.
These elements together form the PalShield Security Protocol, ensuring that users' assets are protected with the latest and most robust security features.