Gate News bot news, researchers at Cornell Tech have for the first time demonstrated a cutting-edge application that challenges a core assumption of blockchain security: only Private Key holders can control digital assets.
The application named Take My Ape utilizes a process called "Liquefaction" that allows users to temporarily access blockchain assets (such as Bored Ape NFTs) without actually owning them. The program was launched on Wednesday to commemorate the 10th anniversary of the cryptocurrency and contract initiative (IC3).
Researchers wrote in a white paper: "The inherent idea of cryptocurrency systems and their security models is that the private key and assets are controlled by individuals or entities. We have launched Liquefaction, a wallet platform that systematically breaks this fundamental assumption, proving its dangerous vulnerability."
In short, Liquefaction allows users to define smart contract rules that permit others to access assets under specific conditions, including time and operational restrictions. This process is referred to as "collateralizing" the Private Key in a trusted execution environment (TEE). TEE is a secure area that is isolated from the main operating system within the physical processing chip.
Take My Ape is launched on the Oasis Sapphire network, allowing NFT holders to privately share their Private Keys, enabling recipients to enjoy the privileges of BAYC. The application uses the "single entity address ownership" protocol to restrict users' permissions on the use of the tokens, preventing users from selling the tokens.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Researchers have launched the Liquefaction application for the first time, allowing users to access Tokens without owning them.
Gate News bot news, researchers at Cornell Tech have for the first time demonstrated a cutting-edge application that challenges a core assumption of blockchain security: only Private Key holders can control digital assets.
The application named Take My Ape utilizes a process called "Liquefaction" that allows users to temporarily access blockchain assets (such as Bored Ape NFTs) without actually owning them. The program was launched on Wednesday to commemorate the 10th anniversary of the cryptocurrency and contract initiative (IC3).
Researchers wrote in a white paper: "The inherent idea of cryptocurrency systems and their security models is that the private key and assets are controlled by individuals or entities. We have launched Liquefaction, a wallet platform that systematically breaks this fundamental assumption, proving its dangerous vulnerability."
In short, Liquefaction allows users to define smart contract rules that permit others to access assets under specific conditions, including time and operational restrictions. This process is referred to as "collateralizing" the Private Key in a trusted execution environment (TEE). TEE is a secure area that is isolated from the main operating system within the physical processing chip.
Take My Ape is launched on the Oasis Sapphire network, allowing NFT holders to privately share their Private Keys, enabling recipients to enjoy the privileges of BAYC. The application uses the "single entity address ownership" protocol to restrict users' permissions on the use of the tokens, preventing users from selling the tokens.
Source: The Block