MQTT Platform in Web 3.0: A Secure Transaction Solution for MPC Wallets Based on EMQX

Challenges Facing Web 3.0

Web 3.0 represents not only the next stage of Internet development but also a new digital ecosystem centered around values such as data security, decentralization, and real-time interaction. It primarily faces the following challenges:

1. Data Security and Privacy Protection: In the era of Web 3.0, data is the core resource of the digital economy, making data security and privacy protection paramount. Web 3.0 requires highly secure methods for data transmission and storage to address risks like data leaks and identity theft.
2. Decentralized Scalability: Web 3.0 emphasizes decentralization, achieved through technologies like blockchain for decentralized distribution of data and power. However, as the number of nodes increases, scalability becomes a challenge. Ensuring system performance and throughput while maintaining decentralization is a key issue in Web 3.0 development.
3. Real-Time Data Processing and Transmission: Many Web 3.0 scenarios require real-time data processing and transmission, such as encrypted wallets, financial support, and data collection on the blockchain. This necessitates efficient communication protocols for rapid data exchange and response.

MQTT Protocol in Web 3.0

MQTT (Message Queuing Telemetry Transport) is a lightweight, publish-subscribe messaging protocol suitable for resource-constrained devices and environments with low bandwidth, high latency, or instability. It is widely used in IoT applications, enabling efficient communication between sensors, actuators, and other devices.

For Web 3.0 scenarios like encrypted wallets and financial payments, MQTT's features such as bidirectional encryption, real-time communication, and permission security play crucial roles:

1. Bidirectional Encryption: In decentralized Web 3.0 scenarios, encryption is vital. MQTT inherently supports bidirectional encryption, ensuring communication security for both parties.
2. Real-Time Messaging: MQTT supports real-time communication, facilitating fast data transmission and immediate responses. This meets the need for real-time monitoring of data and users in Web 3.0 applications like encrypted wallets and financial payments.
3. Reliability: Data accuracy and reliability are paramount in Web 3.0 environments. MQTT's Quality of Service (QoS) mechanism helps ensure the reliable delivery of transaction information between parties.
4. Permission Security: Web 3.0 scenarios may involve extensive data exchange and communication among numerous users. MQTT's access control capabilities can restrict external or unauthorized user intervention.

EMQ’s Solution for Web 3.0 Scenario: MPC Wallet

The MPC wallet is a type of digital encrypted currency wallet which is based on multi-party computation methods. It allows multiple users to create a joint wallet to store their digital assets without a single point of failure. This means that in practical use, each user can independently access, operate, and modify the MPC wallet without putting shared digital assets at risk or disclosing any of the other users' identities.

EMQ provides a secure and reliable data communication solution for MPC wallet scenarios using the EMQX MQTT platform. The solution leverages EMQX's security features, such as encrypted transmission and access restrictions, to enable multiple-key data exchange merging, ensuring secure and efficient transactions.

Key Capabilities

• Two-Way TLS Encryption and Custom Encryption: EMQX's two-way TLS encryption allows for flexible configuration of certificates and algorithms, ensuring secure transmission of transaction information such as signatures and keys.
• ACL Broadcast Restrictions: In bilateral or multilateral transactions, EMQX enables easy control of user permissions for publishing transaction information. This ensures transaction security by limiting access to only involved parties.
• Offline Transactions and Storage: Bilateral transactions may not occur simultaneously. EMQX's offline message storage capability caches relevant information after one party initiates a transaction and sends it when the other party comes online, enabling flexible offline transactions.
• Status Inquiry: EMQX enables checking the online status and obtaining corresponding information of transaction parties.

Benefits

• Security and Reliability: Say goodbye to insecure trading methods. With EMQX, your trades are safe and secure thanks to our advanced security features like two-way certificates and ACL authentication.
• Enhanced Transaction Flexibility: EMQX's offline storage capability increases transaction flexibility, allowing for anytime initiation without the need for both parties to be online simultaneously or data to be stored in a central data center, which results in additional costs.
• Flexible Deployment and Scalability: EMQX supports Serverless architecture, allowing flexible deployment and easy maintenance according to requirements, as well as dynamic scalability with increasing transaction volume.

A Real-World Case

As a digital asset trading platform, an exchange must cater to the trading demands of users across the globe. The client requires a secure and reliable digital asset management solution, particularly for multi-party transactions that involve the use of MPC wallets. This is necessary to guarantee the security of user assets and ensure smooth and hassle-free transaction processes.

The EMQ solution provides the following assistance:

• Secure and Reliable Encryption Key Management Service: Multiple participants can engage in transactions without exposing keys while ensuring that only transaction participants can access and process transaction information. This prevents interference and data leakage from external users and ensures the security of transaction channels.
• Large-Scale Message Transmission Channel: EMQ provides a dependable and consistent data transaction channel that operates 24/7 to fulfill the trading requirements of a vast number of users worldwide. Whether it's real-time or offline transactions, EMQ offers efficient and stable data transmission services that guarantee the timely processing and delivery of transaction information.
• Offline Caching and Transactions: The offline caching feature addresses the issue of users in different time zones globally, ensuring smooth transaction processing and data integrity.

Conclusion

MPC technology, with its ability to perform secure computations in distributed networks, provides an additional layer of security for protecting digital assets. The various capabilities provided by the EMQ solution further enhance the security and privacy of MPC wallets. The combination of these two will effectively protect users' digital assets in the Web 3.0 era, allowing them to enjoy the convenience brought by Web 3.0.