Ika MPC Network Brings Programmable BTC, ETH, and SOL to Sui

Grand Cayman, Cayman Islands, October 30th, 2024, Chainwire

Ika, the world’s fastest parallel MPC network, formerly known as dWallet Network, today announced their launch on Sui, the innovative Layer 1 blockchain and smart contract platform.

An alternative option to bridging, Ika offers secure interoperability across Bitcoin , Ethereum , Solana , Polygon, Avalanche , TON and more, empowering Move smart contract developers and providing enhanced foundational infrastructure that enables institutional players to fully leverage Sui’s industry-leading decentralized technology. Ika utilizes the novel 2PC-MPC cryptographic scheme and Sui’s Mysticeti consensus to address critical limitations in existing MPC networks, delivering unprecedented performance in throughput, with minimal latency, extreme scalability and zero-trust security.

Ika’s ultra-fast MPC network powers a wide range of applications on the Sui blockchain, including:

Programmable Bitcoin: Ika unlocks new possibilities for native BTC on Sui, with programmable and secure DeFi and custody.DeFi Interoperability: Ika’s sub-second speed and scalability enable instant and secure operations across all web3 ecosystems, bringing liquidity from chains like Bitcoin and Ethereum to Sui.Decentralized Custody: Ika offers secure, decentralized custody solutions on the Sui blockchain for digital assets, delivering unmatched security for institutional and individual users.Chain Abstraction:Ika allows builders on Sui to abstract the complexity of multiple chains for their users, alongside other Sui features such as zkLogin, delivering a perfect user experience.AI Agent Guardrails: Ika enhances AI applications on Sui, by providing secure MPC guardrails, ensuring AI agents don’t have full unchecked power, safeguarding users’ assets.“Sui is the fastest execution venue for cross-chain programmable BTC, DeFi, decentralized custody, Chain Abstraction, and AI agent guardrails,” said Omer Sadika, Co-Founder of Ika. “We chose Sui because Ika is deeply aligned with Sui’s core values of performance, speed, and decentralization.”

The IKA token will soon launch natively on the Sui blockchain, unlocking new functionality and utility in decentralized security. As the native token of the Ika MPC network, IKA will play a pivotal role in powering its ultra-fast, scalable infrastructure, serving as the means to pay for MPC signing services, enabling seamless transactions across the Web3 space. By leveraging Sui’s unmatched speed and performance, Ika enhances the overall security and scalability of the ecosystem, adding the most promising MPC technology in blockchain to the fastest-growing L1 in Web3.

“With Ika, more than $2 trillion in digital assets can now be programmed via the Sui network,” said Jameel Khalfan, Head of Ecosystem Development at Sui Foundation. “Ika’s wide variety of use cases represents incredible potential for the Sui ecosystem.”

Ika’s alpha testnet is available on Sui today, with mainnet launch slated for December.

About Sui

Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Based on the Move programming language, its object-centric model enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences. Learn more: https://sui.io

About Ika

Ika is the fastest parallel MPC network, offering sub-second latency, scalability to 10,000 tps and hundreds of nodes, and zero-trust security. As the premier choice for interoperability, decentralized custody and chain abstraction, Ika is set to revolutionize digital asset security and multi-chain DeFi. Users can learn more here.

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This article was originally published on Chainwire

Source: Investing.com