IKA, formerly known as dWallet Network, is preparing to launch its next-generation parallel multi-party computing (MPC) network. This innovative network is to be developed on the Sui blockchain. The Sui Foundation’s move is a strategic investment in IKA, pushing its total funding to date over $21 million. This change further raises the overall value of the project to its high water mark of $600 million. IKA’s pioneering method confronts fundamental issues in blockchain security and interoperability. It gives users a simple and safe multi-chain experience. The multi-year launch includes an IKA token airdrop – 6% of IKA’s tokens reserved for ecosystem community incentives.
Revolutionizing Security with 2PC-MPC
IKA’s chief innovation is the development of its proprietary 2PC-MPC solution. This new protocol takes advantage of Two-Party Computation (2PC) and Multi-Party Computation (MPC) to maximize security and efficiency.
First, the user and the network must each produce a “share of the encryption key” using 2PC. Then, in parallel, hundreds to thousands of nodes run the MPC signing protocol.
This approach addresses the longstanding “security-efficiency” tradeoff that has plagued traditional MPC systems. Consequently, it serves to facilitate quicker and safer transactions.
dWallet Functionality and Cross-Chain Capabilities
IKA’s dWallet is purposefully programmable and transferable, providing users with unparalleled transparency and control over their digital assets. It serves as the “master key” to the cross-chain universe. With this, users can intuitively manage all of their assets across every single blockchain with one single cohesive interface.
"master key" of the cross-chain world - Foresight News
Further improving user experience, IKA uses Sui’s zkLogin capability. This new functionality allows users to sign in across any chain using their current Google or Apple accounts. It takes away the overhead of having to deal with several wallets and a variety of private keys.
Token Airdrop and Community Incentives
To further fuel community engagement, IKA will hold a token airdrop. Of this, first round of community airdrops and incentives will use 600 million tokens (6% of supply).
Currently, users can participate in Pre-Mainnet tasks and start earning droplets. These droplets are rumored to be related to the upcoming token airdrop! This is intended to provide motivation for early adopters and foster new participation in the IKA ecosystem.
IKA further supplements security incentives through its use of a Delegated Proof of Stake (DPoS) mechanism. Nodes must stake IKA tokens and compete for signature and consensus verification rights, where they earn rewards.
Strategic Partnerships and Market Presence
IKA has established partnerships with over ten projects, spanning across key areas such as DeFi interoperability, institutional-grade custody, chain abstraction, and the financialization of Bitcoin. These partnerships are initially focused on increasing the use and adoption of IKA’s technology beyond the art sector.
On Sui's pre-market token OTC trading market PinataBot Market, IKA's full circulation market value has reached $1.2 billion, although trading volume remains low. Clearly, there is huge market appetite for IKA’s potential.
Leveraging Sui's Technology
Specifically, IKA utilizes Sui’s Mysticeti consensus mechanism, which enables signing nodes to scale horizontally to thousands. This new architecture exponentially increases the throughput to 10,000 times greater than current MPC networks, giving it superior scalability and performance.
Additionally, in contrast to other custodial solutions, IKA’s dWallets share private key fragments across hundreds of randomly located nodes around the world. This design achieves an impressive balance between custodianship / self-custody and compliance, resolving an acute pain point for both institutional and retail users.
