Para employs a multi-layered approach to security, incorporating various mechanisms to protect user assets and data. This document outlines the key security features implemented in Para’s architecture.

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Multi-Party Computation (MPC)

At the core of Para’s security is its use of Multi-Party Computation (MPC) for key management. MPC enhances security by:
  • Preventing the entire private key from being in one location
  • Eliminating single points of failure
  • Enabling secure key generation and transaction signing without exposing the full private key

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Hardware Secure Enclaves

Para leverages hardware secure enclaves available in modern devices for additional security. These enclaves offer:
  • A dedicated, isolated environment for sensitive operations
  • Hardware-level protection for cryptographic keys
  • Secure biometric authentication capabilities

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Passkeys and WebAuthn

Instead of traditional password-based authentication, Para implements the WebAuthn standard to create passkeys. This approach:
  • Eliminates risks associated with password-based authentication
  • Leverages device-specific security features
  • Provides phishing-resistant authentication

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Distributed Key Generation (DKG)

Para uses Distributed Key Generation to create key shares without ever assembling the full private key. DKG:
  • Ensures no single party has access to the complete private key
  • Provides protection against key theft during the generation process
  • Allows for secure key refresh and rotation

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Permissions Framework

Para implements a sophisticated permissions system to control transaction signing across multiple applications. This framework:
  • Allows granular control over what actions applications can perform
  • Mitigates risks associated with compromised applications
  • Enables users to manage their wallet’s exposure across different apps

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Two-Factor Authentication (2FA)

Para supports 2FA for additional account security, particularly during the wallet recovery process. The 2FA implementation:
  • Is an optional feature that can be enabled by users
  • Utilizes time-based one-time passwords (TOTP)
  • Adds an extra layer of security for critical operations

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Secure Backup and Recovery

Para provides robust mechanisms for wallet backup and recovery, including:
  • Recovery secrets generated during wallet setup
  • Support for multiple backup devices
  • 48-hour delay for recovery attempts to prevent unauthorized access
  • Para Backup Kit for censorship resistance

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Encryption and Secure Communication

All communication between the user’s device, Para’s servers, and connected applications is encrypted. This includes:
  • Use of TLS for all network communications
  • End-to-end encryption for sensitive data
  • Secure storage of user data with encryption at rest

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Regular Security Audits

Para is committed to maintaining the highest security standards through regular third-party audits. The audit process includes:
  • Periodic audits by reputable security firms
  • Comprehensive review of cryptographic implementations
  • Continuous monitoring and improvement of security measures

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Censorship Resistance

Para’s design ensures that users maintain control over their assets even in the event of service disruptions. Measures include:
  • Option for users to export their Cloud Share
  • Ability to sign transactions independently if Para services are unavailable
  • Decentralized nature of key management prevents single points of failure
By implementing these comprehensive security mechanisms, Para provides a robust framework for protecting user assets and data. This multi-layered approach ensures that Para-powered wallets remain secure against a wide range of potential threats while maintaining a seamless user experience.