Introduction
We are excited to announce that the Band V3 is currently under development!
During this period, you may encounter intermittent updates, changes, and limited availability as we work to enhance its features and performance.
We appreciate your patience and understanding as we aim to deliver a robust and improved testing experience. Stay tuned for more updates and release information!
BandChain V3 has native threshold signature scheme (TSS) built into the system. The TSS module facilitate data verification with minimal computation and gas required compared to traditional method such as multi-signature.
Threshold Signature Schemes (TSS) are cryptographic protocols that enable a group of participants to collaboratively generate and manage signatures without any single party holding the full private key. By distributing signing authority among multiple members and requiring a threshold of signatures to validate transactions, TSS enhances security, reduces the risk of single-point failures, and promotes decentralization.
This section introduces the creation of a TSS group under the bandtss module on BandChain and how a user interact with the blockchain to request a TSS signature to verify data on BandChain on another blockchain system, leveraging these benefits to improve network resilience, enable secure cross-platform data verification, and incentivize participation through fee distribution.