I recently learned about @Lit Protocol 🔑 and here’s why I think it’s cool. Lit Protocol enables a competent new security mechanism that allows for a private key to be split into shares. This creates a decentralized security system where in order for a transaction to be processed, a preset threshold of shares, that are split across nodes in a network and stored in Trusted Execution environments (TEEs), need to be validated. Something similar to this already exists through multisig contracts where multiple signers are required to execute a transaction, but the difference is that instead of each signer having their own private key, Lit splits an individual key into shares. This makes Lit much more dynamic because the shares are programmable and can be used to automate a bunch of different tasks through a decentralized method, whereas a multisig contract already has predefined terms and signers that are much harder to automate and require direct approval by each key holder for each transaction.

Here’s a great article by @Nichanan Kesonpat that covers this topic in further detail

Feb 25

@_dcft_

Smart Business Runs Onchain | Discover the Internet of the Future at https://t.co/Bpp3MBNks0