What is OKX keyless wallet?

Published on Aug 1, 2023Updated on Jun 21, 202411 min read

A crypto wallet is a blockchain-based infrastructure that stores user assets and serves as a gateway to Web3. Currently, many of us are still carefully keeping a long list of private keys and seed phrases to protect our assets, and losing private keys or seed phrases means the loss of assets in the wallet, which is also one of the reasons that limited Web3 expansion. To improve user security and simplify the use of the wallet, there is a keyless wallet that utilizes MPC (Multi-party computation) technology and blockchain signature to address the limitations of traditional crypto wallets by dividing ownership of the private key among multiple parties.

What's OKX Keyless wallet?

A keyless wallet is a type of wallet that leverages multi-party computation (MPC) technology, which enables multiple parties to jointly compute without revealing any confidential information or secret data held by each party. Distributed key generation technology is used to split the private key into multiple shares, which are stored separately by various parties. When signing a transaction, multiple parties must work together to generate a complete signature. The OKX keyless wallet is built on MPC technology and transforms a single private key into three separate shares. These shares are generated independently and stored separately. To sign a transaction, two of the private key shares are required, eliminating the need for the complete private key.

If you are interested in how to secure your MPC wallet, check it out here: How do I secure my MPC Wallet?

What are the benefits of using a keyless wallet?

  • Effectively spread risk, no need to safeguard private keys
    OKX keyless wallet distributes ownership of the private key among multiple parties, reducing the risk of theft or loss of assets. No complete private key is stored on a single device, and each party receives a private key share that does not have the ability to independently control the assets. This means that even if a private key is stolen, others cannot access the assets through this one share.

  • Simplifying user experience, lowering the barrier to entry to the Web3
    Keyless wallets align with the principles of Web3 by allowing users to keep their personal assets. They also provide a smooth and user-friendly experience that doesn't require users to manage private keys or seed phrases, which can be challenging for new users entering Web3.

  • Lower effort for recovering private keys
    The keyless wallet can undertake a refresh operation to substitute new private key shares for each party's lost or stolen private key share. This makes the stolen or lost share useless and lowers the price of recovering the private key.

How do I use a keyless wallet?

I don't have a wallet

  1. Open your OKX App and switch to Wallet > I don't have a wallet > Keyless wallet

  2. You can Create a keyless wallet with your current exchange account if you've logged in to your exchange account or you can select Enable now to access the wallet

  3. Enter your Password and select Confirm to complete creating your keyless wallet

  4. Select Back up now to secure your digital assets

I have an OKX wallet

  1. Open your OKX wallet and select the wallet name > Manage > Add wallet

  2. Select Create wallet > Keyless wallet

    CT-app-web3-keyless wallet

    Add a keyless wallet if you already have an OKX wallet

  3. You can Create a keyless wallet with your current exchange account if you've logged in to your exchange account

  4. Enter your Password and select Confirm to complete creating your keyless wallet

  5. Select Back up now to secure your digital assets

How do I restore a keyless wallet?

  1. If it's your first time logging into OKX wallet, select I already have a wallet

  2. If you've already connected an OKX wallet and would like to import another one, you can go to OKX wallet > User center > Basic > Wallet management > Manage > Add wallet

  3. Select Import wallet > Restore keyless wallet

    CT-app-web3-keyless wallet restore

    Restore your keyless wallet under import wallet

  4. Enable Face ID to unlock wallet or make transactions

  5. Enter your Password and select Confirm

  6. Select Scan to restore / Restore from cloud backup to restore it

Note: if your old device is unavailable or the private key share on your device is compromised, you can restore your wallet through a cloud backup. Download Share 3 and reinstall the keyless wallet to accomplish this by logging into either iCloud or Google Drive. All three private key shares will be updated with new ones after the restoration is finished and your old device's wallet will be invalid and can only be retrieved by scanning or through the cloud.

Keyless wallet FAQ

  1. I am accustomed to using a private key. Is it safe to use a keyless wallet without a private key?
    Unlike conventional wallets, the keyless wallet doesn't entirely store the private key on a single piece of hardware and instead uses many devices. This method reduces the dangers of keeping private keys and transforms the keyless wallet into a safe substitute for conventional wallets.

  2. Is it possible to import the OKX keyless wallet to another wallet app that supports keyless wallets?
    No. The MPC algorithm is not yet supported by institutional-level security devices, and the majority of keyless wallets are customized. Since you have two private key shares, you may utilize Shares 2 and 3 to retrieve the entire private key without the assistance of OKX. The keyless wallet will then be transformed into a traditional wallet that is managed by a private key or seed phrase, which can subsequently be imported to other wallets. Your keyless wallet in the OKX App will no longer be valid following this procedure in order to avoid any liability conflicts.

  3. Will my assets in the keyless wallet be safe if OKX or other platforms are unavailable?
    Yes. When creating a keyless wallet, the private key is split into three pieces and stored on the OKX server, a user device, and either iCloud or Google Drive. You can obtain the full signature and use the wallet by using two of the private key shares when signing the transaction. If OKX or other platforms are unavailable, you can utilize the "Emergency escape" function to recover the entire private key by using Shares 2 and 3 of the private key, which will allow you to restore the wallet and transfer assets. The initial keyless wallet will no longer be valid at this time; instead, it will be changed into a conventional wallet that is managed by the private key. You can open your OKX App and go to User center > Wallet security > Emergency escape > Escape.

    CT-app-web3-keyless wallet security

    Select wallet security in User center

  4. What should I do if the private key share stored on my device is compromised?
    If the private key share stored on your device has been compromised, you can recover your wallet by utilizing a cloud backup. Log into iCloud or Google Drive to download Share 3 and initiate the restoration process for your keyless wallet. After restoring with iCloud or Google Drive, all 3 private key shares will be automatically refreshed and generate new ones without affecting your wallet address or assets.

  5. Is the use of a keyless wallet considered centralized behavior?
    OKX keyless wallet is a fully decentralized, non-custodial multi-chain wallet. OKX exists as a service provider and has no access to user assets. Moreover, platforms that are centralized can be easily replaced. If the platform is compromised or is malicious, the assets can still be withdrawn using the other two private key shares, ensuring that there is no threat to your assets. Keyless wallets enhance security. The risk of private key compromise is reduced because even if the private key share on your device is compromised, you can still recover your wallet using private key shares stored on the OKX server and iCloud or Google Drive.

  6. Is OKX keyless wallet open-sourced?
    Yes, we have open-sourced the algorithm for the OKX keyless wallet, so the calculation and storage of private key shares are publicly transparent and clear. For more details, you're welcome to visit GitHub - okx/threshold-lib: Threshold Signature Scheme, 2-of-n, for ECDSA and Ed25519.

  7. Why am I unable to backup my keyless wallet?
    There are two potential causes of this issue: didn't turn on your iCloud and system permission issue. Below are the solutions for you:

    • Turn on your iCloud related switches

      • If iCloud has not been enabled, a pop-up window will appear to remind you to activate iCloud when backing up your keyless wallet.

      • You can select Set now, it will automatically jump to Settings > your account > iCloud > iCloud backup > turn on Back up this iphone; or

      • You can go to Settings on your iPhone > your account > iCloud > APPS USING ICLOUD > show all > find OKX App and turn on

    • Check your iOS version and try again

      • If you've already turned on your iCloud but still can't back up, you may receive a notification that you are unable to set a new backup password, please try again.

      • It may be because your iOS system doesn't work as usual. You will need to ensure you are not on a beta iOS version, restart your device and attempt to backup again using Wi-Fi.

      • If the issue still persists, you can find chatbot in the OKX Support Center on the website or in the app. You can also contact our customer support through chatbot.

  8. Why am I unable to restore my keyless wallet? There are a few reasons that may result in this situation. Below are the solutions for you:

    • Turn on your iCloud related switches

      • If iCloud has not been enabled, a pop-up window will appear to remind you to activate iCloud when backing up your keyless wallet.

      • You can select Set now, it will automatically jump to Settings > your account > iCloud > iCloud backup > turn on Back up this iphone; or

      • You can go to Settings on your iPhone > your account > iCloud > APPS USING ICLOUD > show all > find OKX App and turn on

    • Ensure your Apple ID and exchange account number are consistent
      It's essential to ensure the consistency of your Apply ID and exchange account number when backing up the MPC shares, as there is a strong binding relationship between the two. Otherwise, the MPC wallet is unable to be restored.

    • Check if MPC shares are backed up to the cloud

      • iCloud is not real-time synchronous system, it's possible that the MPC shares are backed up on your device instead of iCloud. To resolve this issue, you'll need to ensure your iCloud has at least 1G storage to back up your MPC shares. Additionally, keep your phone connected to Wi-Fi and lock the screen while charging, as this may activate Apple's cloud synchronization.

      • If you would like to know how to check if the MPC shares are backed up to the cloud, please see question No.9.

    • Check your iOS version and try again
      If all of the above scenarios have been checked but the issue still persists, you can find chatbot in the OKX Support Center on the website or in the app. You can also contact our customer support through chatbot.

  9. How do I check if the MPC shares are backed up to the cloud successfully?

    • Open your OKX App, go to User center > Profile > find your UID

    • Go to Settings on your iPhone > your account > iCloud > Manage Account Storage > find the relevant OKX related doc > MPC

    • If you can find your UID there, it means you've backed up to the cloud successfully, otherwise, the backup failed