Particle Network: The Future of Web3 with Wallet-as-a-Service and MPC-TSS Security

What is the Particle Network project?

Particle Network is a Web3 platform that provides easy integration solutions for decentralized applications (dApps). The project focuses on simplifying the user experience with tools such as Wallet Abstraction and smart account management features.

With the goal of making Web3 transactions more user-friendly for non-technical users, Particle Network has developed innovative technologies that optimize blockchain interaction and usage.

Wallet Particle

One of the main products of Particle Network is Wallet Abstraction, which allows users to use Web3 applications without having to worry about the complex aspects of traditional wallets.

Through this technology, users can log in to the application through social network accounts, and do not need to manage private keys or gas when making transactions.

Smart WaaS (Wallet-as-a-Service)

Wallet-as-a-Service (WaaS) is a smart wallet service developed by Particle Network, allowing developers to quickly integrate blockchain wallets into their applications without having to create a wallet solution from scratch.

What's special here is the combination of smart accounts and WaaS, giving users extended functionality like gasless transactions and modern security features.

Security with MPC-TSS

One of the most important factors for any Wallet-as-a-Service (WaaS) service is protecting users' private keys. Particle Network solves this problem by using MPC-TSS to manage and protect private keys, while also supporting non-custodial social logins.

The key security principles of Particle Network include :

1. Control of the private key belongs to the user only : Only the user can initiate and sign transactions.

2. Secure Account Recovery : If a user loses their phone or deletes the app, the system has a way to recover their account and assets.

3. No single point of failure : The protection system prevents a single incident from causing loss of control of the account.

Particle Chains

Particle Network also develops separate chains called Particle Chains , allowing for easy and fast transactions between chains.

These chains are designed to optimize account management and liquidity, ensuring that users can use their assets across multiple blockchains without encountering major barriers. Notable features of Particle Chains include:

Universal Accounts:

This is a unified account system that allows users to use their accounts across different chains without encountering technical barriers.

Helps users easily manage their assets across multiple blockchain platforms without having to switch accounts or manage multiple wallets.

Universal Liquidity

This system provides common liquidity between different blockchains, allowing users to trade and use their assets across ecosystems without facing liquidity issues or converting between different tokens.

Users can transfer assets between chains without worrying about liquidity barriers.

Universal Gas

With this system, users can pay transaction fees without having to worry about choosing the right currency or payment method for each platform.

Universal Gas enables transaction fees to be used across blockchains, providing maximum convenience for users participating in the Particle Network ecosystem.

Funding Rounds and Investors

Particle Network has completed a total of four funding rounds, raising approximately $23.8 million.

• Pre-seed Round (May 2022): Raised $1.8 million with participation from investors such as LongHash Ventures, Insignia Ventures Partners, CyberConnect, BitCoke, FSC Ventures, Monad Labs, and 7 O'Clock Capital.

• Seed Round (March 2023): Raised $7 million with participation from ABCDE, Animoca Brands, LongHash Ventures, GSR Ventures, Hashkey Capital, OP Crypto.

• Series A Round (June 2024): $15 million raised, led by The Spartan Group and gumi Cryptos, with participation from SevenX Ventures, Morningstar Ventures, Hashkey Capital, MH Ventures, UOB Venture Management, Flow Traders and SNZ Holding.

• Investment from Binance Labs (August 2024): Binance Labs has invested in Particle Network, however, the specific amount was not disclosed.

Development Team

Particle Network was founded in 2022 by two main founders:

• Pengyu Wang: Founder and CEO of Particle Network. Previously, he was an Investment Director at SAIF Partners and an Analyst at China Renaissance.

• Tao Pan: Founder and CTO of Particle Network. He graduated from Tsinghua University and has many years of experience in the blockchain field, having started several gaming projects and successfully raised $15 million from Alibaba.

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Data from: Whitepaper Particle Network

Data by HCCVenture

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