FC poll: how big of a role do MPC wallets play in next wave of adoption?

shadowy super coder. Banner is Solvency #486                                                                   Currently: Metamask Portfolio

i've got a question about MPCs that quick googling couldn't answer: if both i and the service i use have a "secret share", can the service "recover" my wallet without my knowledge and transfer all funds away?

cto @ bwl.gg (lunchbreak.com), 80M+ users (bdut.ch) 🙏 built @remindme, @mintit, @gpt, @healthbot, farcantasy.xyz

In an MPC scheme you have to define how many shares are enough yo sign a transaction. In a 2 out of 2 scheme the service cannot do this.

Used to make BMWs drive themselves. Now, I make web3 easier at Fr0ntierX

Yes, this is indeed a problem - you are spot on!

ZenGo for example have a VERY complicated procedure that is supposed to allow you to recover your funds in all cases, but still I don’t believe it is really solving the problem.

also if it's 2 out of 2 scheme and the wallet provider for some reason decides to lock you out of the funds — e.g. sanctions — would they be able to do so?

if yes, how is it different from traditional banking?

not criticizing, i'm really curious (and somewhat ignorant)

There are wallets that use 2 out of 2 and make sure the share is properly backed up on both sides. See ZenGo for example.

That being said, I agree that 2 out of 3 is better!

but wouldn't 2 out of 2 scheme defeat the MPC purpose completely because if you lose your secret share the funds are locked?