The CEO of Binance claims that a newly open-sourced solution for wallet providers and custodians is “far superior” to multi-sig security and will reshape the industry. In a tweet published on Nov. 6, Changpeng Zhao linked to a new open-source release from Binance, declaring:
Binance has today released an open-source implementation of its Threshold Signature Scheme (TSS) library for Elliptic Curve Digital Signature Algorithm (ECDSA): in layman’s terms, a new cryptographic protocol for distributed key generation and signing that will reportedly help wallet providers and custodians to avoid single points of failure in private keys within distributed key management.