Caroline Bishop
Oct 31, 2024 14:53
Ika, formerly dWallet Network, enables Sui smart contracts to manage assets across blockchains, offering secure and scalable DeFi solutions with its MPC technology.
In a significant development for blockchain interoperability, Ika, formerly known as dWallet Network, is enabling Sui smart contracts to interact with assets on other blockchains. According to the Sui Foundation, this enhancement is powered by Ika’s robust multi-party computation (MPC) network, which provides decentralized zero trust security.
Advanced Cryptographic Scheme
Ika’s technology is underpinned by a 2PC-MPC cryptographic scheme, facilitating secure and efficient cross-chain interactions. This scheme, in conjunction with Sui’s Mysticeti, allows the network to achieve significant scalability and speed, making it the first of its kind to offer such capabilities. Unlike traditional bridges, Ika ensures that users retain control over their assets while the network, operated by hundreds of nodes, manages the other party’s operations.
Applications and Features
The ultra-fast MPC network of Ika supports a variety of applications on Sui, such as:
- Programmable Bitcoin: This feature enables native BTC to be programmable and secure within DeFi and custody frameworks on Sui.
- DeFi Interoperability: Ika’s high-speed operations facilitate instant liquidity transfer between chains like Bitcoin and Ethereum to Sui.
- Decentralized Custody: Offers secure asset custody solutions for both institutional and individual users on Sui.
- Chain Abstraction: Simplifies cross-chain complexities for users while enhancing user experience with features like zkLogin.
- AI Agent Guardrails: Provides secure MPC guardrails for AI applications, ensuring user asset protection.
Token Launch and Network Expansion
The IKA token is set to launch natively on Sui, enhancing decentralized security functionalities. It will serve as the native currency for the Ika MPC network, facilitating payment for MPC signing services and supporting seamless transactions across Web3 ecosystems. The alpha testnet is currently live on Sui, with a mainnet launch anticipated in December.
This development marks a significant step forward in the realm of blockchain interoperability, potentially paving the way for more integrated and secure decentralized finance applications.
Image source: Shutterstock
