種子短語、多重簽名同MPC錢包：加密自我託管嘅未來

加密貨幣革命原本承諾要將財務掌控權還畀每一個人，唔再需要傳統銀行或中介。但好多人發現，要確保自己資產安全係個大挑戰：你要負責保護自己嘅數碼資產。唔同傳統銀行，密碼唔記得可以重設、卡唔見可以補發，加密貨幣就係一失密鑰即永遠失去資產。

用非託管錢包情況尤其嚴峻，一旦密碼同種子短語都唔見，通常就永遠攞唔返入面啲錢。根據Ledger分析，全球大約有2.3至3.7百萬個比特幣（BTC）已經遺失，代表數十億美元資產永久消失。咁震撼嘅數字，突顯自比特幣誕生以來一個根本難題：普通人究竟點樣可以安全咁自主管理財富？

答案就喺各種不斷演進嘅錢包科技，每種都係平衡安全、易用同掌控權唔同嘅方案。由沿用超過十年、最傳統嘅種子短語系統，到多重簽名設計、再到最前沿嘅多方計算（MPC）協議，都見證緊數碼資產安全同取用方式嘅大蛻變。

這種演變不止係科技進步，更係信任、控制同風險概念嘅根本轉變。加密貨幣逐漸邁向主流，認識這啲技術唔止對加密愛好者重要，亦對準備迎接數碼資產成為全球經濟核心嘅每一個人關鍵。

基石：明白種子短語

要欣賞錢包技術咁多新突破，首先要了解自加密貨幣以來一直用緊嘅骨幹：種子短語。你可以想像種子短語係一條打開巨大電子保險箱嘅主鑰匙。種子短語，又叫恢復短語，係你取回加密貨幣嘅終極密鑰，如果裝置損壞、遺失或被偷咗，都可以憑佢搵返自己資產。

當你創建錢包，其實係生成一對加密密鑰，包括公開密鑰（即你錢包地址）同私人密鑰（證明你擁有權同授權交易）。種子短語就係私人密鑰嘅人類可讀版本，通常有12或24個標準字典中選出嘅單詞。呢啲字眼睇落去好似隨機——類似「abandon ability able about above absent absorb abstract absurd abuse access accident」——但實質包住所有你加密貨幣地址同私鑰嘅數學基礎。

呢個系統最大優勢係簡單同通用。即使你失去錢包（如hardware wallet唔見/手機壞咗），用番恢復短語就可以重得自己錢包。呢組種子短語喺全球任何兼容裝置、任何時間都能重新存取資產。咁嘅金融流動性，過去傳統銀行係想都唔使想。

不過，呢份方便背後就係絕對責任。種子短語代表住對你資產徹底而永久嘅控制權。銀行戶口可以證明身份攞返帳，但加密貨幣重數學證明唔重身份認證。如果有人攞到你種子短語，就可以清空你個錢包，唔會有客戶支援、冇任何欺詐保障、亦冇得reverse交易。

好多用戶發現，呢份責任帶黎好多挑戰。我哋發現大部分用戶對種子短語有嚴重誤解，容易中安全陷阱——例如只有43%人可以正確認出種子短語有咩樣，仲有唔少人以為種子短語唔記得可以重設。呢啲誤解，反映咗管理種子短語所需專業知識同普通人技術水平之間嘅鴻溝。

單係儲存都已經夠煩。最安全方法係將種子短語寫落紙，分開喺幾個安全離線位置存放。一啲用家甚至擺去銀行金庫或者存物箱，防火防水防盜。但咁又有問題：儲多幾份又容易暴露，唔夠冗餘又驚唔見。萬一你有事，家人點攞返啲資產？點平衡防災同易取用之間？

數碼存放好似方便啲，但又有其他隱憂。擺短語喺電腦或雲端，輕則畀黑客／惡意軟件盜取。加密世界不乏血淚故事：有人為貪方便截圖儲短語、擺入密碼管理員、甚至電郵存底，最後全數蒸發。

更隱晦係心理漏洞，俾騙徒針對。騙徒設局哄你自願交出短語，好多複雜劇情令你以為會攞到幫助或者獎勵，結果落入圈套。

最大嘅弱點可能就係人性。啲人會唔小心、會忘記、信錯人、壓力下決定錯。雖然22%人為recover帳戶有交出過種子短語，但大部分明白應該預早搵埋recovery方案都冇真正行動。

所以保安專家提出咗「可用性-安全性平衡」這議題：種子短語愈安全，操作愈唔方便，方便啲又會更加易出事。呢種矛盾，促使咗更多新方案出現，希望同時保安全又減輕用戶負擔。

不過雖然咁多問題，種子短語仍然係加密貨幣自我託管嘅基礎。佢體現咗加密貨幣真正精神：個人掌控自己財產，而唔係機構。每一個新錢包技術都要面對呢個原則，令佢真正落地同普及就要夠安全又易用。

進化到多重簽名安全

當單一簽名錢包限制漸漸顯露，幣圈開始參考傳統銀行思維：多個人批核先可以交易。多重簽名（multisig）錢包就係比種子短語再進一步，將控制權分散，增強咗安全性。

多重簽名錢包好似一個公司戶口，要兩個董事一齊簽先可以開支。咁就避免咗單一個人盜用資金，同時照常有合法流程。所謂multisig錢包本身設計係要多個人同時簽署先可以完成交易。

技術上係要建立一個由多個私人密鑰共同控制嘅獨特加密地址。通常係「M-of-N」機制，例如設定「兩三多人」持有密鑰，任何兩人簽名先有交易效力。呢個方法有安全之餘又夠彈性。

多重簽名最大好處就係防一個人出錯或被攻陷。黑客要盜用資產就要攻破多個密鑰，而且唔同人可以分開唔同地方存放，技術同協同上難度大大提升。

除咗安全，多重簽名亦令以前難以想像嘅集體理財變得簡單。例如初創可以設立公司金庫，要多名共同創辦人批核先動錢。社團可以集體管理資產；家庭可以設置共同帳戶做大額購物或遺產規劃；投資團體避免有人私自交易。

多重簽名技術實戰效用非常高。Safe multi-sig錢包已經獲得Ethereum聯合創辦人Vitalik Buterin等主要Web3項目信賴，幫手守住超過1000億美元加密資產。機構級採納已經證明多重簽名唔止係實驗，已經成為高價值資產存放嘅可靠選擇。

不過多重簽名同時都帶來一系列新挑戰…… of challenges and limitations. The most obvious is coordination complexity. Every transaction requires multiple parties to be available and willing to sign. If you need 3-of-5 signatures and two of your co-signers are traveling without access to their keys, legitimate transactions can be blocked. This coordination overhead can make multisig wallets impractical for day-to-day use.

面對既挑戰同限制。其中最顯眼嘅就係協調複雜。每一筆交易都需要多方同時可用，並且願意簽名。如果你要五個人入面有三個簽名先得，而其中兩個夥伴啱啱外遊冇帶key，咁明明合法嘅交易都會畀人阻住。呢種協調開支好大，令多簽錢包喺日常使用上變得唔實用。

The technical implementation also varies significantly between different blockchains. It is difficult for multisig wallet providers to securely support new chains as the few cryptocurrency protocols that support multisig have distinct implementations from one another. Bitcoin's multisig implementation differs from Ethereum's, which differs from newer blockchains like Solana or Cardano. This fragmentation means that multisig solutions often work well on one blockchain but require completely different implementations for others.

技術層面嘅實現喺唔同區塊鏈之間都有好大分別。對多簽錢包供應商嚟講，要安全咁支持新嘅鏈好困難，因為支持多簽嘅加密貨幣協議本身實現方式都唔同。好似比特幣多簽就同以太坊唔同，以太坊又同新一代如Solana同Cardano有差異。咁嘅支離破碎情況，即係話多簽方案可能喺一條鏈做得好好，但去到另一條鏈就要全新開發。

There's also the question of key management distribution. While multisig eliminates the single point of failure, it multiplies the seed phrase management problem. Now instead of securing one seed phrase, you have multiple parties each responsible for securing their own keys. It is essential to distribute multi-sig private key access among distinct entities. A multi-sig setup where a single entity holds multiple private keys and stores them in a single location is essentially the same as a single-key wallet.

另外就係key管理分配問題。多簽雖然除咗單一失敗點，但種子詞管理難度大大提升，原本只需守一條seed phrase，現在每個人都要自己保管自己條私鑰。必須將多簽私鑰分散俾唔同人管理。如果一個人長期hold住幾把私鑰，一樣係單點失誤，形同單key錢包冇分別。

The user experience challenges extend beyond technical complexity to social and organizational dynamics. Who controls the keys? How do you handle disputes? What happens if one of the key holders becomes unavailable or unwilling to cooperate? What if relationships change or someone becomes malicious? These human factors can be more challenging to manage than the technical aspects.

用戶體驗方面，挑戰唔止技術層面，仲有社會同組織運作。邊個攞住key？糾紛點解決？其中一個key持有人搵唔到或者唔合作點算？人與人關係變埋或者有人變壞又點辦？呢啲人性問題有時比技術問題更難搞。

Despite these limitations, multisig wallets have found their niche in scenarios where the benefits outweigh the complexity. If you're looking for the best crypto multisig wallets, Sparrow Wallet stands out for its comprehensive features and high level of security. Safe Wallet, formerly known as Gnosis Safe, is a popular multi-signature smart contract wallet. These established solutions demonstrate that multisig technology has matured and found practical applications.

雖然有咁多限制，多簽錢包其實都有佢存在價值，適合某啲特定場景，當安全性比複雜度更重要。如果你想揾一個頂級嘅加密多簽錢包，Sparrow Wallet功能齊全又安全。Safe Wallet（即前稱Gnosis Safe）都係好受歡迎嘅多簽智能合約錢包。呢啲成熟方案證明多簽科技已經進化到好實用。

The institutional adoption of multisig technology has been particularly significant. BitGo is a multi-sig wallet solution tailored for institutional investors and businesses. It supports a wide range of cryptocurrencies and offers enterprise-grade security features, including multi-user access and advanced policy controls. This corporate adoption has driven improvements in user interfaces, policy management, and integration with existing business processes.

多簽科技仲成為好多機構採用嘅關鍵。好似BitGo咁，為企業投資者度身訂造多簽錢包，支援多種加密貨幣，有企業級安全功能，包括多人協作存取同進階政策管控。呢啲大型客戶推動咗用戶介面、政策管理同業務整合各方面嘅進步。

Yet even as multisig wallets have gained acceptance, their limitations have pointed toward the need for more sophisticated solutions. The coordination overhead, blockchain-specific implementations, and social complexities of managing multiple keys have led researchers and developers to explore alternatives that could provide multisig's security benefits without its operational drawbacks.

即使多簽慢慢被市場接納，其不足之處都提醒大家要搵更高級嘅解決方案。協調壓力、鏈上嘅技術碎片化、多人管理key嘅難處，令研究者同開發者想搵出同樣安全但更易用嘅選項。

The Cutting Edge: Multi-Party Computation Wallets

尖端技術：多方計算錢包

As the cryptocurrency ecosystem matured and institutional adoption accelerated, the limitations of both single-signature and multi-signature approaches became increasingly apparent. The industry needed a solution that could provide enterprise-grade security without the operational overhead of traditional multisig, while still maintaining the self-custody principles that make cryptocurrency valuable. The answer emerged from an advanced area of cryptography called multi-party computation, or MPC.

隨住加密貨幣生態成熟同機構參與越嚟越深，單簽同多簽方法嘅局限都越來越明顯。業界需要一種方案，既要有企業級別安全，又唔想傳統多簽咁麻煩，而且要保住加密貨幣最寶貴嘅自我保管原則。呢個答案，就係出自進階密碼學領域嘅多方計算（MPC）。

MPC enables multiple parties – each holding their own private data – to evaluate a computation without ever revealing any of the private data held by each party (or any otherwise related secret information). In the context of cryptocurrency wallets, this means that multiple parties can collaborate to sign transactions without any single party ever having access to the complete private key.

MPC容許幾個人，各自保留自己嘅私人資料之下，一齊計數一齊運算，而無需公開手上私隱數據或者秘密。喺加密貨幣錢包世界，意思即係幾個人可以一齊簽交易，但冇任何一個人單獨接觸到完整私鑰。

This represents a fundamental shift in how we think about key management. Traditional wallets store a complete private key somewhere, whether on a device, on paper, or in someone's memory. Even multisig wallets require complete private keys to be held by each party. MPC wallets, by contrast, split the private key into mathematical shares that are distributed among multiple parties, ensuring that no single party has access to the complete private key, eliminating single points of failure.

呢種方法令我哋對密鑰管理方式出現根本性轉變。傳統錢包喺某個地方（裝置、紙張、人腦）儲一條完整私鑰，多簽都係每個人儲自己嘅完整私鑰。但MPC錢包就將私鑰數學化分拆做幾份，俾唔同人持有，確保冇人可以獨自接觸整條私鑰，從根源消滅單點失效。

The technical elegance of MPC lies in its use of cryptographic protocols that allow computation on encrypted data. Think of it as a way for multiple people to jointly solve a mathematical equation without any of them knowing all the inputs. Each party holds a piece of the puzzle, and they can work together to create valid signatures without reconstructing the complete key. This process happens through sophisticated mathematical techniques involving threshold cryptography and distributed key generation.

MPC嘅精妙之處在於佢用到加密協定，可以直接喺加密資料之上進行運算。想像幾個人一齊解一條數，但冇人知道成條數據，每個人只知一部分。大家各自持有部分資訊，聯手都可以做合法簽名，但唔需要還原成條私鑰。成個過程涉及閾值密碼學同分佈式密鑰生成等高級數學方法。

The core mechanism that underpins MPC wallets is a sophisticated blend of distributed key generation (DKG) and threshold cryptography, two pillars of modern cryptography that enhance security and privacy in digital transactions. When you create an MPC wallet, the system generates key shares rather than a complete private key. These shares are mathematically related to each other in such a way that a predetermined threshold number of them can be combined to create valid signatures, but fewer than the threshold reveals no information about the key.

MPC錢包背後核心技術就係分佈式密鑰生成（DKG）同閾值密碼學，兩者都係現代密碼學強化數碼交易安全同私隱嘅大基石。開新MPC錢包，系統係會產生一堆密鑰分片，唔係完整私鑰。呢啲分片之間有數學關聯，當符合某個預設數量集合時就可以組合產生合法簽名，但唔夠數量嘅片段又洩露唔到任何資料。

The security benefits are substantial. Unlike traditional wallets (EOAs), that solely rely on a single private key, MPC wallets meaning use advanced cryptographic technology, to ensure that the private key is neither exposed to nor stored in a single direction, adding an extra layer of security. An attacker would need to compromise multiple independent systems simultaneously to steal funds, and even then, the compromise would be mathematically complex rather than simply copying a file or seed phrase.

安全性有明顯提升。傳統EOA錢包淨係靠單一私鑰，MPC錢包就用高級密碼學原理，保證私鑰無論點都唔會喺單一位數度暴露或儲存，成個保護層升級。黑客要偷錢，起碼要同時黑入多個系統，仲要跨過複雜數學，唔可以好似以前咁直接複製檔案或者seed phrase就攞晒。

Perhaps more importantly, MPC wallets eliminate many of the usability problems that have plagued traditional approaches. Unlike multisig wallets, which require coordination among multiple parties for every transaction, MPC wallets can be configured so that a subset of key shares can authorize transactions. This means that legitimate users can transact smoothly while still maintaining security against compromise of any individual component.

更加重要嘅係，MPC錢包消除了好多傳統用戶體驗上嘅痛點。多簽要求每次交易都要多方協作，MPC錢包可以設定只要部分分片就夠授權交易。即係話正當用家可以順利進行交易，冇咁多障礙，又可以防止個別分片被攻破而失守。

The technology has rapidly gained adoption among institutional players who need to balance security with operational efficiency. Fireblocks has established itself as the gold standard for institutional MPC wallets. The platform is trusted by banks, hedge funds, and asset managers because of its multi-layered security, automated transaction workflows, and compliance-first approach. This institutional validation demonstrates that MPC has moved beyond academic research to become practical technology for managing large-scale cryptocurrency operations.

呢項技術好快就畀大型機構接受，因為佢哋需要安全同效率平衡。Fireblocks已經成為機構MPC錢包嘅黃金標準。銀行、對沖基金、資產管理公司都用佢，因為多層安全、自動化交易流程、法律合規支援齊全。由學術研究到落地應用，MPC已經證明係管理大規模加密資產嘅可用技術。

The blockchain compatibility advantages of MPC are particularly significant. The MPC system developed in-house at Coinbase supports both ECDSA and EdDSA protocols. This means the wallet can handle cryptographic signing for almost any blockchain, and users don't have to pay for gas transactions since there is zero overhead. Unlike multisig implementations, which must be built specifically for each blockchain's architecture, MPC signatures are indistinguishable from regular signatures at the blockchain level.

MPC另一大優勢就係高度鏈上兼容性。Coinbase自家開發嘅MPC系統可以支持ECDSA同EdDSA協議，即係話絕大部分區塊鏈都用得，仲唔需要另外俾Gas，因為完全冇額外運算。唔同多簽要每條鏈都要重頭做，MPC簽名喺鏈上同普通簽名冇分別。

This universal compatibility is crucial as the cryptocurrency ecosystem becomes increasingly multi-chain. Unlike Multi-sig, MPC happens off-chain with only one single signature broadcast on-chain. It's data-light meaning it is cheaper and faster to execute, and much more secure. Users can manage assets across dozens of different blockchains using the same MPC wallet infrastructure, without needing to understand the specific multisig implementations of each chain.

呢個萬用兼容性超級重要，因為加密貨幣世界變得越來越多鏈。MPC唔同多簽，係鏈下完成，只需一個簽名傳到鏈上，數據輕盈、成本低、速度快又安全。用戶可以一個MPC錢包搞掂幾十條鏈，唔使理會每條鏈嘅多簽點實現。

The user experience improvements extend beyond technical compatibility to fundamental usability enhancements. Many MPC wallets are eliminating seed phrases entirely, instead using alternative recovery methods. Web3Auth: Wallet-as-a-service infrastructure that is friendly both to dedicated developers and end-users, Web3Auth uses MPC technology to bring improved security to users without the need for seed phrases. This represents a potential solution to one of cryptocurrency's most persistent user experience problems.

用戶體驗方面，唔止兼容性提升，根本易用度都大升級。好多MPC錢包開始完全唔用seed phrase，而係用其他方法還原。Web3Auth 就係一個Wallet-as-a-service基建，開發者同用戶都啱用，用MPC技術帶嚟更安全體驗，完全毋須seed phrase。呢個方向有望徹底解決加密貨幣最想唔見到嘅用戶痛點之一。

Recovery mechanisms in MPC wallets can be far more sophisticated than traditional approaches. Instead of relying on users to safely store seed phrases, MPC wallets can implement social recovery, biometric authentication, or institutional backup services. Phantom and Bitget Wallet are leading the way in smart recovery, experimenting with hybrid MPC and account abstraction to provide seamless and user-friendly recovery options. These approaches maintain the security properties of self-custody while dramatically reducing the risk of user error.

MPC錢包嘅恢復機制仲可以比傳統做法複雜得多。用戶唔使自己保存seed phrase，MPC可以採用社交恢復、生物認證或者企業級後備服務。Phantom同Bitget Wallet已經用緊混合MPC加賬戶抽象，做到無縫兼容又易用嘅智能還原方案。呢啲方法保持自我保管安全之餘，大大減少人為出錯風險。

The governance capabilities of MPC wallets also represent a significant advancement over traditional approaches. Create as many custom rules and policies as you want for different situations. Setting up well defined rules ensures that not a single transaction can be executed without the approval of the appointed persons. Organizations can implement complex approval workflows, spending limits, time locks, and other sophisticated controls that would be difficult or impossible with traditional wallet architectures.

MPC錢包喺治理能力都遠超傳統方案。你可以根據唔同需要，自訂無限規則同政策，每條規則都清清楚楚，無人批准嘅交易一律唔會郁。企業可以訂到極複雜嘅審批程序、花費上限、時間鎖等，有啲功能用舊式錢包根本做唔到。

However, MPC wallets are not without their challenges and limitations. The computational overhead, while manageable for institutions, can impact performance compared to simpler alternatives. While offering increased security, MPC wallets might slow down processes andrequire more communication compared to simpler methods. The cryptographic protocols require coordination among multiple parties, which can introduce latency, particularly in high-frequency trading scenarios.

比起較簡單的方法，呢啲方案需要更多嘅溝通。密碼學協議需要多方人員協調，呢種協調可能會帶來延遲，特別係喺高頻交易場景之下。

The complexity of MPC implementations also raises questions about auditability and trust. It's also worth noting that not all MPC wallets are open-source or interoperable, which could limit their usability and compatibility with other systems. Users must trust that the cryptographic implementations are correct and secure, which can be challenging to verify without deep mathematical expertise.

MPC 實現嘅複雜性同時亦引起咗對審計性同信任度嘅疑慮。值得注意嘅係，唔係所有 MPC 錢包都係開源或者可互通，呢啲限制咗佢哋嘅可用性同同其他系統嘅兼容性。用戶必須相信密碼學實現係正確同安全，但要驗證呢一點其實對缺乏高深數學知識嘅人嚟講好有挑戰性。

Despite these challenges, the trajectory of MPC wallet development suggests that they represent the future of cryptocurrency self-custody. In 2025, several MPC wallets stand out for their unique features and user benefits. Institutional platforms such as Ledger Vault, Fordefi, and Coinbase WaaS are leveraging MPC to secure billions in digital assets with multi-user access and hardware-grade protection.

即使面對以上挑戰，MPC 錢包嘅發展路向仍然顯示佢哋極有可能會係加密貨幣自行託管嘅未來。去到 2025 年，有多款 MPC 錢包因各自獨特功能同用戶優勢而突出。Ledger Vault、Fordefi 同 Coinbase WaaS 等機構級平台正利用 MPC 技術，以多用戶訪問權限同硬件級保護，保障住數以十億計嘅數字資產。

Comparative Analysis: Security, Usability, and Control

Understanding the relative strengths and weaknesses of seed phrase, multisig, and MPC approaches requires examining them across multiple dimensions that matter to real users and organizations. Each technology represents different tradeoffs between security, usability, cost, and control, and the optimal choice depends heavily on the specific use case and user requirements.

要了解助記詞、多重簽名同 MPC 呢幾類方案各自嘅優劣，必須從多個真實用戶同組織最關注嘅層面去分析。每一種技術都代表咗安全性、易用性、成本同控制權方面嘅不同取捨，而最佳選擇往往要視乎實際用例同用戶需求而定。

From a pure security standpoint, the progression from seed phrases to multisig to MPC represents a clear evolution toward more sophisticated threat models. Seed phrases, while cryptographically sound, create a single point of failure that has proven vulnerable to both technical attacks and human error. The simplicity that makes seed phrases accessible also makes them fragile. A single moment of carelessness – a screenshot saved to the cloud, a handwritten phrase left visible, a moment of confusion during a phishing attack – can result in complete loss of funds.

純粹從安全角度睇，從助記詞，到多重簽名，再到 MPC，其實係一個由簡至深、應對更複雜威脅模型嘅演變。助記詞雖然以密碼學來講係安全，但會造成單點失敗，亦證明咗會受到技術攻擊同人為失誤影響。助記詞易用嘅同時亦好脆弱——一時不慎，好似將畫面截圖儲存喺雲端、隨意擺放嘅紙條、釣魚攻擊時一時混亂——都有可能搞到資金全軍覆沒。

Multisig wallets address this single point of failure by distributing control, but they do so in a way that increases surface area for certain types of attacks. While it becomes much harder for an attacker to compromise multiple independent keys, the coordination required for legitimate transactions creates new vulnerabilities. Social engineering attacks can become more sophisticated, targeting relationships between key holders rather than technical infrastructure. The human factors that make multisig appealing – the ability to involve trusted parties in financial decisions – also create new attack vectors that don't exist with individual custody.

多重簽名錢包分散咗控制權，從而解決咗單點失敗嘅問題，但同時又會令某啲攻擊嘅範圍擴大。雖然要攻陷多把獨立私鑰會難好多，但正規交易所需嘅協調又會出現新漏洞。社交工程攻擊可以針對密鑰持有人嘅人際關係，而唔係單純針對技術設施。多重簽名容許多方信任參與財務決定，呢個正正係吸引但又帶嚟新攻擊面，同個人自行保管私鑰好唔同。

MPC wallets represent a significant advancement in addressing both technical and human vulnerabilities. By ensuring that complete private keys never exist in any single location, they eliminate entire categories of attacks while maintaining usability. The mathematical properties of MPC mean that compromising individual key shares reveals no useful information to attackers, making the system resilient to partial breaches. However, the complexity of MPC implementations introduces new categories of potential vulnerabilities related to protocol implementation and coordination mechanisms.

MPC 錢包喺解決技術同人為漏洞方面都係大大進步。因為佢哋確保完整私鑰唔會存在於同一處，從而可以杜絕成個類別嘅攻擊，同時又保留咗易用性。MPC 嘅數學特性決定咗，即使攻陷咗部份私鑰分享者都唔會洩露有用情報，令系統對局部入侵有極強抵抗力。不過，實現 MPC 嘅複雜度又衍生出新嘅協議實踐同協調漏洞風險。

The usability spectrum tells a different story. Seed phrases, despite their security limitations, offer unmatched simplicity for individual users who understand their responsibilities. There are no coordination requirements, no technical protocols to understand, and no dependencies on other parties or services. This simplicity has enabled the grassroots adoption of cryptocurrency and remains crucial for scenarios where complete individual sovereignty is paramount.

喺易用性方面，情況就好唔同。助記詞雖然安全上有限制，但對明白責任嘅個人用戶嚟講，其簡單性係無可比擬。無需協調，無需明白技術協議，亦毋須依賴其他人或服務。呢種極簡設計令加密貨幣得以從民間推廣，對需要絕對個人主權嘅場合嚟講依然關鍵。

Multisig wallets sacrifice individual simplicity for organizational robustness. The coordination overhead that makes them less suitable for individual day-to-day use becomes an advantage in scenarios where deliberate friction is desirable. Corporate treasuries, DAO governance, and family inheritance planning all benefit from requiring multiple parties to agree on transactions. However, this coordination requirement can make multisig wallets impractical for scenarios requiring quick response to market movements or frequent transactions.

多重簽名錢包犧牲咗個人簡單性，換嚟組織穩健性。協調開支令佢哋唔太適合日常個人使用，但喺需要有意設立阻力嘅場合，例如公司金庫、DAO 治理、家族遺產策劃等等，就變成優勢。不過，如果要應付快速市場反應或者頻繁交易，呢類錢包就未必實用。

MPC wallets aspire to combine the security benefits of multisig with the usability of individual wallets, and in many respects they succeed. The ability to set flexible threshold requirements means that routine transactions can be frictionless while maintaining protection against compromise. Advanced features like programmable policies and automated compliance checking can actually make MPC wallets more usable than traditional alternatives for sophisticated use cases.

MPC 錢包試圖結合多重簽名嘅安全優勢同個人錢包嘅易用性，而的確喺好多方面做到。彈性閾值設置令例行交易可以好順暢，而又可以維持防護被攻陷。更進階功能如可編程政策、自動合規檢查，喺複雜場景下甚至令 MPC 錢包比傳統方案更易用。

The cost considerations vary significantly across these technologies and use cases. Seed phrase management appears free but actually involves hidden costs in the form of security infrastructure, backup procedures, and risk management. Users who properly secure seed phrases often invest in safety deposit boxes, fireproof safes, or professional storage services. The psychological cost of constantly worrying about seed phrase security also represents a real burden for many users.

成本考慮方面，唔同技術同用例嘅差異好大。助記詞管理好似係免費，但其實有安全設施、備份程序、風險處理等隱藏成本。真係安全管理助記詞嘅人好多時會投資租保險箱、防火夾萬、專業存儲服務等等。經常擔心助記詞被盜嘅心理壓力，對唔少用戶嚟講都係一種真實負擔。

Multisig wallets have explicit coordination costs in terms of time and communication, but they can actually reduce total security costs by distributing responsibility. Instead of each individual bearing the full burden of perfect security practices, the risk is shared among multiple parties. However, the blockchain-specific nature of multisig implementations can create significant development and maintenance costs for organizations operating across multiple chains.

多重簽名錢包需要花時間同溝通成本去協調，但同時又可以透過分擔責任嚟減低總體安全成本。個別人唔需要一力承擔全部保安工夫，風險由多方共同負責。不過，由於多重簽名方案常常只適用於某一區塊鏈，對於要跨鏈操作組織來講，開發同維護成本可以好高。

MPC wallets often have higher upfront costs due to their technical sophistication, but they can provide significant operational savings for organizations with complex security requirements. The ability to implement automated compliance checking, flexible approval policies, and universal blockchain compatibility can reduce ongoing administrative overhead. For institutional users, the reduced insurance and audit costs often justify the technology premium.

MPC 錢包技術複雜，初期投入成本高，但對於安全需求複雜嘅組織嚟講，營運開支可以顯著減少。自動合規檢查、彈性批准政策、跨鏈兼容等功能都幫助降低長遠行政負擔。對機構用戶嚟講，減少咗保險同審計開支，往往足以抵消技術溢價。

The control dimension reveals fundamental philosophical differences between these approaches. Seed phrases represent the purest form of individual sovereignty – complete control with complete responsibility. This aligns perfectly with cryptocurrency's original vision of eliminating trusted intermediaries, but it places enormous burdens on individual users. The "not your keys, not your crypto" principle reaches its logical conclusion with seed phrase management, but this absolute control comes at the cost of flexibility and error recovery.

控制權方面，幾種技術背後其實有本質上嘅哲學分歧。助記詞代表最純粹嘅個人主權——完全控制、完全責任。咁啱啱係加密貨幣原始理想——消除可信中介——但同時將好多責任推晒畀用戶自己。所謂「唔係你嘅私鑰，就唔係你嘅幣」喺助記詞管理下發揮到極致，但呢種絕對控制也犧牲咗彈性同容錯。

Multisig wallets introduce structured interdependence while maintaining self-custody principles. Control is distributed by design, which can be either a feature or a limitation depending on the use case. For organizations, this structured sharing of control enables governance and risk management practices that would be impossible with individual keys. For individuals, it can provide security benefits while requiring trust in other parties.

多重簽名錢包喺維持自主管理原則之下，引入結構化相互依賴。控制權分散，可以話係優勢或者限制，要視乎場合。機構層面，咁樣可以推行治理同風險管理；個人而言，就算係安全有提升但又要信任其他人。

MPC wallets offer perhaps the most nuanced approach to control. They can provide individual control that feels like traditional seed phrase management while actually distributing security responsibilities across multiple components. This hidden distribution can provide security benefits without requiring users to actively manage relationships with other parties. However, it also introduces dependencies on service providers and technical infrastructure that some users may find philosophically inconsistent with self-custody principles.

MPC 錢包提供一種最細緻、微妙嘅控制方式。用戶感覺上似傳統助記詞式絕對控制，但保安責任其實已經分散咗落唔同技術環節。呢種「暗分散」有安全好處，同時唔使用戶花精神同第三方打交道。但另一方面，會引入對服務供應商、技術基建依賴，對某啲講究哲學原則嘅用戶嚟講未必完全符合自主管理理想。

The accessibility implications of these technologies extend beyond individual users to broader cryptocurrency adoption. Seed phrases, despite their conceptual simplicity, have proven to be a significant barrier to mainstream adoption. We found that the majority of our participants harbored significant misconceptions about seed phrases that could expose them to significant security risks — e.g., only 43% could correctly identify an image of a seed phrase, many believed they could reset their seed phrase if they lost them.

無論對個人用戶定推動加密貨幣大眾採用，幾種技術嘅易接觸程度都好重要。助記詞雖然原理簡單，但事實證明阻礙主流普及。舉例來講，我哋發現大多數受訪者對助記詞存在嚴重誤解，變相將自己處於安全風險之中——例如只有 43% 能夠正確認出助記詞圖片，好多人誤以為即使遺失都可以重設助記詞。

Multisig wallets require even higher levels of technical and social sophistication, making them suitable primarily for organizations or technically savvy individuals. The coordination requirements alone eliminate many potential users, and the blockchain-specific implementations create additional barriers to entry.

多重簽名錢包對技術及社交層面要求更高，主要適合組織或熟手技術人員。單是協調需求，已經淘汰咗大部份潛在用戶，而每種區塊鏈專屬實現又進一步設障。

MPC wallets show the most promise for bridging the gap between sophisticated security and mainstream accessibility. By abstracting away cryptographic complexity and eliminating seed phrase management, they could enable widespread self-custody adoption among users who would otherwise rely on centralized exchanges or custodial services.

MPC 錢包最有潛力將進階保安同主流易用性兩者拉近。佢抽象咗密碼學複雜，取消助記詞管理，令一班原本只能依賴中心化交易所或保管服務嘅用戶都可以實現自行託管。

Trust Models and Decentralization Philosophy

The evolution of wallet technologies reflects deeper questions about the nature of trust in decentralized systems. While all three approaches maintain the fundamental principle of self-custody – meaning users retain ultimate control over their assets – they implement dramatically different trust models that have profound implications for both security and philosophical consistency with cryptocurrency's founding principles.

錢包技術嘅演進，其實更深層次係反映出係去中心化體系中「信任」嘅本質。三種方案雖然都堅持自主管理資產這一基本原則，但佢哋引入嘅信任模式有本質差異，呢啲分別對保安同加密貨幣原始哲學理念都有重大影響。

Seed phrase wallets represent the most radical interpretation of trustlessness. In this model, trust is not distributed or managed – it is eliminated as much as possible. The user trusts only in mathematics and cryptography, not in any external parties, services, or coordination mechanisms. This aligns perfectly with the cypherpunk philosophy that inspired Bitcoin's creation, where the goal was to create a system that could function without requiring trust in governments, banks, or other traditional institutions.

助記詞錢包係對「不信任」這個概念最徹底嘅詮釋。呢個模式下，無需分配或者管理信任——反而係盡量移除信任。用戶只信數學同密碼學，不信外部人員、服務或者協調機制。呢種做法同 cypherpunk 精神（即啟發比特幣誕生嘅理念）完全吻合——去建立一個毋須信任政府、銀行或者其他傳統機構都可以運行嘅系統。

The philosophical purity of this approach is compelling, but it places enormous practical burdens on users.
這種方法的哲學純粹性極具吸引力，但同時為用戶帶來極大實際負擔。

When you eliminate external trust, you must internalize all responsibility. Every security decision, every backup procedure, and every access control mechanism becomes the individual's responsibility.
當你排除外部信任時，所有責任都必須自行承擔。每一個保安決定、每一個備份程序、每一個存取控制機制都變成個人責任。

The system cannot help you if you make mistakes because helping would require introducing trusted elements that could be compromised or corrupted.
系統不能在你犯錯時協助，因為協助本身就需要引入可信元素，而這些元素有機會被攻擊或受損。

This trust-elimination approach has proven both powerful and problematic. It has enabled cryptocurrency to function across political boundaries, survive regulatory attacks, and provide financial access to people excluded from traditional banking systems.
這種排除信任的方法證明既強大又有問題。它令加密貨幣能夠跨越政治邊界運作、在監管壓力下依然存在，並且讓被傳統銀行排除在外的人都可以進行財務活動。

However, it has also resulted in massive losses due to user error and has created barriers to adoption that limit cryptocurrency's potential social impact.
但這同時也因用戶操作失誤造成了大量損失，亦帶來了採用障礙，從而限制了加密貨幣潛在的社會影響。

Multisig wallets introduce structured trust relationships while attempting to maintain decentralization principles. Rather than eliminating trust, they distribute it among multiple parties based on explicit agreements and technical controls.
多簽錢包在保持去中心化原則的同時，引入了有結構的信任關係。不是消除信任，而是根據明確協議和技術控制，把信任分配至多方。

This represents a middle ground between individual sovereignty and collective security, but it also introduces social complexities that can be difficult to manage.
這種做法介乎個人主權與集體安全之間，但同時引入了難以處理的社會複雜性。

The trust model in multisig systems depends heavily on the relationships between key holders. In corporate settings, these relationships are typically defined by employment contracts, fiduciary duties, and legal frameworks.
多簽系統的信任模型主要取決於持有私鑰者之間的關係。在企業環境下，這些關係通常以僱傭合約、信託責任及法律架構界定。

The trust is structured and legally enforceable, making it relatively predictable and manageable. In informal settings – such as family inheritance planning or community treasuries – the trust relationships are more personal and potentially more fragile.
這種信任是有層次、可依法執行的，因此相對容易預期和管理。但在非正式情境下—例如家族遺產規劃或社區資金庫—信任關係就較為私人，而且可能較脆弱。

The technical trust assumptions in multisig systems are generally well-understood and aligned with decentralization principles. The blockchain itself enforces the multisig requirements, and no external parties can override the mathematical rules that govern transaction authorization.
多簽系統的技術層面信任假設基本上已被理解，亦符合去中心化原則。區塊鏈本身會確保多簽要求得到執行，無外部實體可以繞過交易授權的數學規則。

However, the coordination mechanisms often rely on external communication channels and decision-making processes that can introduce trusted elements.
然而，協調機制往往依賴外部通訊渠道和決策過程，這可能會引入可信賴元素。

MPC wallets represent the most sophisticated approach to trust management, using cryptographic techniques to create trust relationships that are simultaneously distributed and invisible to users.
MPC（多方計算）錢包代表最先進的信任管理方法，透過加密技術建立分散但對用戶來說不可見的信任關係。

This approach attempts to provide the security benefits of distributed trust without requiring users to actively manage social relationships or coordination mechanisms.
這種方式希望帶來分散信任的安全好處，而毋需用戶積極管理社交關係或協調機制。

The technical trust model in MPC systems is complex and varies significantly between implementations. In threshold MPC systems, trust is distributed among multiple computational parties, but users must trust that these parties will remain available and honest.
MPC 系統的技術信任模型非常複雜，而且不同實現之間差異很大。在閾值 MPC 系統內，信任分佈在多個計算方，但用戶要相信這些方會持續提供服務和誠信。

The two basic properties that a multi-party computation protocol must ensure are: Privacy: The private information held by the parties cannot be inferred from the execution of the protocol. Accuracy: If a number of parties within the group decide to share information or deviate from the instructions during the protocol execution, the MPC will not allow them to force the honest parties to output an incorrect result.
多方計算協議必須保證兩個基本特性：隱私—所有方持有的私人資料不能因協議運作而被推斷出來；準確—如果有部份方在執行協議時選擇分享資訊或偏離指示，MPC 都不能讓他們強迫誠實方輸出錯誤結果。

However, the practical trust requirements in MPC systems can vary dramatically depending on the implementation model. Self-hosted MPC systems, where users run their own MPC nodes, maintain strong decentralization properties but require significant technical expertise.
但實際上 MPC 系統的信任需求視乎實踐模式而異。如自我託管型 MPC 系統，用戶需自己運行 MPC 節點，雖然保持高去中心化，但技術門檻極高。

Hosted MPC services, where third parties manage the computation infrastructure, provide better usability but introduce trust relationships with service providers that may not align with pure self-custody principles.
由第三方管理運算設施的 MPC 託管服務，雖帶來較佳易用性，但同時引入對服務供應商的信任，未必符合純正自我託管原則。

The philosophical implications of these different trust models extend beyond individual security considerations to questions about the future of financial sovereignty.
這些不同信任模型的哲學涵義，已不止於個人保安範疇，更觸及金融主權未來等重大問題。

Seed phrase systems embody the most radical vision of individual financial autonomy, but their practical limitations may limit their applicability to a relatively small group of technically sophisticated users.
助記字系統最極致地體現了個人財務自主，但現實局限可能令其只適用於少數精通技術的用戶。

Multisig systems suggest that financial sovereignty can be compatible with structured social relationships and organizational governance.
多簽系統則指出，財務主權可以與有結構的社會關係和機構治理並存。

This model may be more suitable for institutions and communities that want to maintain self-custody while implementing collective decision-making processes.
這種模型或許更適合希望保有自我託管權且實施集體決策流程的機構或社區。

The success of multisig systems in corporate and DAO contexts demonstrates that decentralization doesn't require eliminating all forms of structured trust.
多簽系統於企業與 DAO（去中心化自治組織）場景的成功，顯示去中心化並不代表必須消滅所有結構化信任。

MPC systems present the most complex philosophical questions because they can hide trust relationships behind cryptographic abstractions.
MPC 系統帶來最複雜的哲學問題，因其可以用加密抽象方式隱藏信任關係。

On one hand, they offer the potential to provide strong security guarantees while maintaining excellent usability, potentially enabling mainstream adoption of self-custody principles.
一方面，它們有機會在保安有保證及易用性之間取得平衡， 促成自我託管普及。

On the other hand, they may undermine the transparency and user control that many consider essential to cryptocurrency's value proposition.
但另一方面，它們也可能削弱許多人認為對加密貨幣價值主張至關重要的透明度與用戶自主。

The question of auditability becomes crucial in evaluating these trust models.
審計性問題對評估這些信任模型來說變得極為重要。

Seed phrase systems are completely auditable by users – anyone can verify the mathematical relationship between their seed phrase and their private keys using open-source software.
用戶可以完全審計助記字系統—任何人都可以用開源軟件驗證自己助記字與私鑰之數學關聯。

Multisig systems are partially auditable – users can verify the technical properties of their multisig arrangements but must rely on social trust for coordination mechanisms.
多簽系統則屬部份可審計—用戶可以驗證多簽的技術性質，但協調機制則需依賴社會信任。

MPC systems present the greatest auditability challenges because the cryptographic protocols are complex and the distributed computation infrastructure may not be transparent to users.
MPC 系統在審計性上最具挑戰，因其密碼學協議複雜，而且分布式計算基礎設施對用戶而言未必透明。

It's also worth noting that not all MPC wallets are open-source or interoperable, which could limit their usability and compatibility with other systems.
值得注意，不是所有 MPC 錢包都開源或具有互操作性，這會限制它們的可用性及與其他系統的兼容性。

This opacity doesn't necessarily indicate problems, but it does require users to trust mathematical proofs and implementation quality rather than being able to verify security properties directly.
這種「不透明」未必代表有問題，但要求用戶信任數學證明和實現質素，而非直接驗證安全性。

The decentralization implications of these trust models also vary significantly. Seed phrase systems are maximally decentralized at the individual level but may contribute to centralization at the ecosystem level if their difficulty drives users toward custodial services.
不同信任模型對去中心化亦有極大分別。助記字系統於個人層面為最極致去中心化，但因其難度而推動用戶轉用託管服務，或會在生態層面產生集中效應。

Multisig systems maintain decentralization by distributing control among multiple parties, but they require coordination mechanisms that may introduce centralized elements.
多簽系統通過將控制權分散在多方來維持去中心化，但協調過程可能引入某程度中心化成分。

MPC systems can potentially provide strong decentralization properties while maintaining usability, but this depends heavily on the specific implementation model.
MPC 系統或可同時實現高去中心化與易用性，但這非常依賴具體實現方式。

Centralized MPC services may provide better user experience while undermining decentralization goals. Decentralized MPC networks may preserve philosophical consistency while introducing new technical and economic challenges.
中心化 MPC 服務或帶來更佳體驗，但同時削弱去中心化目標；而去中心化 MPC 網絡則保持哲學一致性，但會帶來新的技術和經濟挑戰。

Real-World Applications and Use Cases

The theoretical advantages and disadvantages of different wallet technologies become clearer when examined through the lens of real-world applications. Different organizations and individuals have found that their specific security requirements, operational constraints, and risk tolerance favor different approaches, creating a diverse ecosystem where multiple technologies coexist and serve different needs.

現實世界案例讓各款錢包技術理論上的優缺點變得更為明顯。不同組織及個人因應自身的安全需求、營運限制及風險承受能力，而傾向選用不同方案，促成了一個多元共存、各取所需的生態圈。

Individual retail users represent the largest potential market for wallet technologies, but their needs vary dramatically based on technical sophistication, asset values, and usage patterns.
散戶用戶是錢包技術最大的潛在市場，但他們的需求因技術能力、資產金額及使用習慣而大相逕庭。

For users who make infrequent transactions and have developed strong security practices, seed phrase wallets remain an attractive option. The simplicity and complete control they provide align well with the philosophical motivations that draw many people to cryptocurrency in the first place.
對於交易不頻繁且具備良好安全習慣的用戶而言，助記字錢包仍然吸引。其簡單和絕對控制權，契合令很多人最初投身加密貨幣的哲學動機。

However, seed phrase management has proven particularly challenging for users who are new to cryptocurrency or who lack strong technical backgrounds.
然而，對剛接觸加密貨幣或技術底子薄弱的用戶來說，管理助記字尤為困難。

We found that the majority of our participants harbored significant misconceptions about seed phrases that could expose them to significant security risks.
我們發現大多數參與者對助記字存有嚴重誤解，易導致重大的安全風險。

This has created a significant barrier to mainstream adoption, as many potential users are deterred by the responsibility of managing seed phrases safely.
這成為主流用戶採納的大障礙，因很多潛在用戶害怕安全管理助記字的責任。

For these users, MPC wallets offer a promising alternative that maintains self-custody while reducing the burden of key management.
對這類用戶來說，MPC 錢包則提供一個有潛力的替代方案，既可保有自我託管，又簡化密鑰管理負擔。

The Zengo wallet is a crypto wallet solution that lets users create self-custody wallets that don't require seed phrases or keys.
Zengo 錢包是一項加密錢包方案，讓用戶無需助記字或密鑰就能建立自我託管錢包。

This approach eliminates one of the most significant user experience barriers while maintaining the security benefits of distributed key storage.
此做法既移除了最大用戶體驗障礙之一，同時保留了分散密鑰儲存的安全優勢。

Corporate treasury management represents one of the most successful applications of multisig technology.
企業財資管理是多簽技術其中一個最成功的實際應用。

Companies that hold significant cryptocurrency assets need to balance security against operational efficiency while meeting regulatory and audit requirements.
持有大量加密資產的公司需在保障資產安全及提升營運效率之間取平衡，同時符合監管及審計要求。

BitGo is a multi-sig wallet solution tailored for institutional investors and businesses. It supports a wide range of cryptocurrencies and offers enterprise-grade security features, including multi-user access and advanced policy controls.
BitGo 是針對機構投資者和企業而設的多簽錢包解決方案，支援多種加密貨幣，並提供企業級保安功能，包括多用戶存取及進階政策控制等。

The corporate use case demonstrates how multisig technology can actually improve usability by providing structured authorization processes that meet compliance requirements.
企業應用案例證明，多簽技術能通過有組織授權流程，提升系統易用性並符合規範要求。

Rather than requiring individual employees to manage seed phrases for corporate assets, multisig systems allow companies to implement approval workflows that align with existing business processes while maintaining cryptographic security.
不再要求各員工替公司資產管理助記字，多簽系統可令公司以既有業務流程推動批核程序，同時維持密碼學安全。

However, corporate adoption has also driven the evolution toward MPC systems, which provide many of the same benefits with better operational efficiency.
但企業需求同時推動了向 MPC 系統發展，MPC 在保留多簽優勢的同時，進一步提升營運效率。

Fireblocks has established itself as the gold standard for institutional MPC wallets. The platform is trusted by banks, hedge funds, and asset managers because of its multi-layered security, automated transaction workflows, and compliance-first approach.
Fireblocks 已成為機構級 MPC 錢包的金標準。平台以多層次安全、自動化交易流程及以合規為先而備受銀行、對沖基金及資產管理公司信任。

The ability to implement complex...
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政策與自動化合規檢查令 MPC 系統對於擁有複雜營運需求的機構而言，特別具吸引力。

加密貨幣交易所和託管服務是另一個重要的應用場景，不同的錢包技術可滿足不同的營運需要。許多交易所會於熱錢包中採用多重簽名（multisig）系統，因為協調成本可控，交易主要由自動化系統處理，而非人工操作。多簽方案分散的特性帶來安全優勢，而相關營運開支則可由自動化基礎設施吸收。

至於大型資產的冷錢包，多數機構級託管商已傾向選用 MPC 系統，這類系統於保持營運彈性的同時，提供更佳的安全性。例如 Fireblocks 是一家機構級數碼資產託管商，提供兼容超過 30 條區塊鏈協議及 1,100 種代幣的 MPC 錢包。區塊鏈通用兼容性，對於需要支援多元化客戶組合而不想維護多套基礎設施的託管商來說，是十分重要的。

去中心化自治組織（DAOs）是錢包技術一個有趣的測試場景，因為它們結合了加密貨幣的去中心化理念以及實際治理需求。許多 DAO 採用多簽系統管理國庫，認為其協調要求與治理流程頗為吻合。國庫交易需多重簽名，有自然的監察點，可防止未經授權花費，同時確保合規的治理決定可以執行。

不過，一些 DAO 正在試驗用 MPC 系統以引入更為進階的治理模式。可編程政策與自動化合規檢查能力，有助推動更複雜的治理結構，並減少需大量協調的人為成本，加快 DAO 的運作效率。

家族及遺產規劃是錢包技術最具挑戰性的應用之一，因為它需在安全、取用便利和社會動態間取得平衡。傳統種子短語（seed phrase）方法，對遺產安排構成不少困難——不是要在身前分享敏感資料，就是要承受萬一有意外，資產會永遠遺失的風險。

多簽系統對家族遺產安排有一定好處，家庭成員可參與安全流程，而不用完全依賴信任。有 22% 受訪者分享過種子短語作恢復用途，許多受訪者都認同賬戶恢復規劃的重要性，但實際上卻未採取相應行動。不過，多簽的協調要求在家人地理分布分散或技術知識有限時，亦帶來一定操作困難。

MPC 系統於遺產規劃方面頗具潛力，因為可設定進階的恢復機制，而不用要求家族成員主動協調。社交恢復機制、生物認證及機構備份服務都能提供多元化的資產回復途徑，同時維持防範未經授權取用的安全性。

跨境支付及匯款是另一個重要場景，錢包技術選擇會有很大實際影響。對需在國際間匯款的個人來說，種子短語方案的簡單及通用性極具優勢，因為他們不用協調他人或依賴未必所有司法管轄區都有的服務供應商。

然而，國際旅行或局勢動盪地區，遺失種子短語的風險更高，致使種子短語管理相當困難。有內置恢復機制和減少對實物儲存依賴的 MPC 系統，對這些用戶來說會更加實用。

遊戲及 NFT 生態系統成為了錢包技術的重要新試煉場，因為這裡有大規模交易量，以及大量首次接觸加密貨幣的新手用戶。傳統的種子短語管理在遊戲應用中成為重大障礙，用戶期望有如傳統應用程式一樣簡易的上手體驗。

MPC 錢包若整合到遊戲應用程式內，可以讓用戶自主管理資產，而無需理解複雜的金鑰管理概念。此外，Coinbase、Binance 及 Web3Auth 等平台有內置 MPC 方案於其開發套件，讓應用及遊戲可以提供安全，支援社交或生物認證恢復的自主管理錢包。這種嵌入式方式，或許是將自主管理帶入大眾消費應用的重要一步。

技術深度剖析：這些系統實際是怎樣運作的

要理解不同錢包技術的實踐落地，需探討其背後的密碼學及計算原理——這些原理令其安全性成為可能。用戶不必深究技術細節都可有效使用，但不同技術的實現差別，對系統的安全性、效能及長遠可持續運作有重大影響。

種子短語系統基於多年發展而成的成熟密碼標準。流程由熵（entropy）生成開始，錢包軟件創建隨機數，確保持有足夠熵以保證密碼安全。這個熵數會依照 BIP-39 標準被轉換成數個單字序列，BIP-39 定義了 2,048 個單字清單，以及熵值與字詞序列之間的數學關係。

種子短語作為金鑰衍生（derivation）函數的輸入，用作產生實際交易時所需的密碼金鑰。BIP-32 標準定義了如何由同一種子短語衍生多條金鑰，於是錢包就可以為隱私及組織需要生成無限錢包地址。種子短語與衍生金鑰之間的關係是確定性（deterministic）的，即相同種子短語每次都會產生同一組金鑰，讓不同裝置上的錢包恢復成為可能。

種子短語系統的安全性，完全取決於最初熵的隨機性，以及種子短語本身保密。其密碼算法經過嚴格測試，被認為能抵禦已知攻擊，但一旦種子短語本身洩漏，系統本身無法提供額外保護。這正是促使其他方案發展的根本原因。

多重簽名系統於基礎密碼學模型上作延伸，要求多個簽名才能授權交易。技術實作於不同區塊鏈各有差異，但其原理為設計特別的交易類型，指定多個公鑰（public key），以及需要簽名的閾值數目。

例如在比特幣，多重簽名交易以指令碼（script opcode）形式，直接於交易內定下簽名要求。一個 2-of-3 多簽交易包含三個公鑰，必須有其中兩把對應私鑰的有效簽名方能生效。比特幣網絡會用與單簽交易同樣的密碼算式驗證，但需同時驗證多組金鑰。

以太坊的多簽做法則不同，依賴智能合約而非原生區塊鏈特性。以太坊的多簽錢包由智能合約實現，合約保存多個公鑰並在執行交易前驗證簽名。這種方式靈活性更高，政策設置更自由，但需要更多計算資源及 gas 費。

多簽系統的安全假設為「同時攻破多個獨立私鑰」會遠比攻破單一金鑰困難。這種假設現實中基本成立，不過前題必須是金鑰真能做到獨立儲存——分開位置、不同人管理、不同手段防護。

MPC 系統則運用更進階的密碼技術，使多方可共同簽署交易，而任何一方都不拿到完整私鑰。技術層面上涉及多個密碼學概念互相配合，以達致需的安全效果。

大部份 MPC 實作以「閾值秘密分享（threshold secret sharing）」為基礎。此技術可將（私鑰）秘密分割成多份，只要到達預定的閾值人數即可重組秘密，少於閾值則什麼都推算不到。例如 3-of-5 閾值方案，任何三份可還原私鑰，只有兩份則無法讓攻擊者獲得任何有用信息。

但如果單純分割然後重組，還原完整私鑰，其實違反了 MPC 的本意，因為這樣等同於還是在某時刻復原了完整私鑰。真正的 MPC 協議會用安全多方計算，直接在分享的秘密上進行密碼操作，完全不會還原整個私鑰。

MPC 簽章在實踐上，通常要經過多輪協議，由各持份方就其分得的金鑰份量（key share）互相傳送精心包裝的訊息，令大家一同生成有效簽章。具體協議會根據簽章算法及安全需求有所不同，原理是每一方只於本地用自己的金鑰份額運算，然後把中間結果發送給其他人，最終把結果組合成最終簽章。The two basic properties that a multi-party computation protocol must ensure are: Privacy: The private information held by the parties cannot be inferred from the execution of the protocol. Accuracy: If a number of parties within the group decide to share information or deviate from the instructions during the protocol execution, the MPC will not allow them to force the honest parties to output an incorrect result.

翻譯：多方計算協議（MPC）必須確保兩個基本屬性：私隱性——參與方持有的私人資料不得從協議執行中被推斷出來。準確性——即使小部分成員在協議執行過程中選擇共享資料或偏離指令，MPC 也不會讓誠實執行協議的成員被逼交出錯誤結果。

The distributed key generation process in MPC systems is particularly sophisticated because it must create key shares without ever creating the complete private key. This involves cryptographic protocols where multiple parties contribute randomness and perform joint computations to generate key shares that are mathematically related but individually reveal no information about the final key.

翻譯：MPC 系統中的分布式密鑰生成過程尤其複雜，因為需要分發密鑰份額，但從來不會生成完整的私鑰。這過程需要各方提供隨機性，並一齊計算，生成彼此有數學關聯、但獨立來看卻完全不洩露最終密鑰資料的密鑰份額。

The performance implications of these different approaches vary significantly. Seed phrase systems have minimal computational overhead because they use standard cryptographic operations that are highly optimized in most software and hardware implementations. The only performance consideration is the key derivation process, which is intentionally designed to be computationally expensive to slow down brute force attacks, but this only affects wallet creation and recovery, not routine transactions.

翻譯：這幾種方法在效能上的差異相當大。助記詞系統的計算負擔極低，因為它們只需用到已經在軟硬件實現中高度優化的標準密碼學操作。唯一需要留意是密鑰推導過程，這部分設計得較為耗時，目的是防止暴力破解，不過這只影響錢包的建立或恢復，對日常交易沒太大影響。

Multisig systems have moderate performance overhead compared to single-signature transactions because they require multiple signature verifications. In Bitcoin, this primarily affects transaction size and validation time. In Ethereum, multisig transactions can require significantly more gas because they involve smart contract execution rather than simple signature verification.

翻譯：多重簽名系統相比單一簽名有中度的效能負擔，因為每次交易都要驗證多個簽名。在比特幣中，這主要令交易體積增大、驗證時間變長；以太坊方面，多重簽名通常透過智能合約實現，所需 Gas 顯著增多，因此費用比簡單轉賬高出不少。

MPC systems have the highest computational overhead because they require multiple rounds of communication and cryptographic computation to generate each signature. While offering increased security, MPC wallets might slow down processes and require more communication compared to simpler methods. However, this overhead is generally acceptable for most applications, and ongoing research is focused on optimizing MPC protocols to reduce latency and computational requirements.

翻譯：MPC 系統的計算成本最高，因為每次產生簽名都要進行多輪通訊和各種密碼計算。雖然安全性更高，但過程會較慢，且需要更多彼此之間的協調。不過，這個負擔於大部分應用範疇都算合理，而且現時有不少研究致力優化 MPC 協議，提升速度和降低計算要求。

The network communication requirements also differ significantly between these approaches. Seed phrase systems require no coordination, making them ideal for offline or air-gapped environments. Multisig systems require coordination among key holders but only at the time of transaction authorization. MPC systems require more extensive communication between parties during the signature generation process, which can create challenges in high-latency or unreliable network environments.

翻譯：這幾種方案在網絡傳輸上的需求也各不相同。助記詞方案完全不需協調，非常適合離線／隔離環境。多重簽名需要持有人在授權交易時進行一次性協調。MPC 則在產生簽名時要多次雙向通訊，如果網絡延遲高或不穩定會有一定難度。

The blockchain compatibility implications are particularly important as the cryptocurrency ecosystem becomes increasingly multi-chain. Seed phrase systems work universally because they generate standard private keys that are compatible with any blockchain using the same cryptographic algorithms. Multisig systems require blockchain-specific implementations because each blockchain handles multisig transactions differently.

翻譯：隨加密貨幣生態日益多鏈化，這些方法的區塊鏈兼容性就顯得非常重要。助記詞方案普遍適用，因為它產生的標準私鑰與所有採用相同密碼算法的鏈都兼容。多重簽名方案則需鏈上特定實現，因為每條鏈對多重簽名的處理都不同。

Unlike Multi-sig, MPC happens off-chain with only one single signature broadcast on-chain. It's data-light meaning it is cheaper and faster to execute, and much more secure. This blockchain-agnostic property makes MPC systems particularly attractive for organizations that need to operate across multiple blockchain ecosystems without maintaining separate infrastructure for each.

翻譯：與多重簽名不同，MPC 在鏈下完成，最終只需向鏈上廣播一個簽名，因此數據量極小、成本低、交易亦更快，安全性亦更佳。這種區塊鏈無關（blockchain-agnostic）的特性，特別適合需要跨多條區塊鏈操作而不想維持多套基建的機構。

Economic Implications and Market Impact

翻譯：## 經濟影響與市場效應

The evolution of wallet technologies is reshaping the economic landscape of cryptocurrency in ways that extend far beyond individual user security. The different approaches to key management create distinct cost structures, risk profiles, and market dynamics that influence everything from institutional adoption to the development of new financial products and services.

翻譯：錢包技術的發展正在重塑加密貨幣的經濟格局，影響遠遠超出個人用戶的安全範疇。不同的密鑰管理方法造就了各自獨特的成本結構、風險輪廓和市場動態，影響由機構採納到新型金融產品和服務的誕生等方方面面。

The direct costs associated with different wallet technologies vary significantly and often include hidden expenses that become apparent only through long-term use. Seed phrase management appears to have minimal direct costs, but proper security requires investments in storage infrastructure that many users underestimate. Professional-grade storage solutions such as bank safety deposit boxes, fireproof safes, or specialized storage services can cost hundreds or thousands of dollars annually for users with significant assets.

翻譯：不同錢包技術的直接成本差異甚大，而且經常有長期使用才浮現的隱藏開支。助記詞管理表面上直接成本甚低，但若要確保安全，其實需投資不菲於儲存基建，這點不少用戶都低估了。像銀行保險箱、防火保險櫃或專業存儲服務這些專業方案，對資金較多的用家來說，每年可能要付上數百至數千美元。

The insurance implications are particularly important for institutional users. Traditional insurance policies generally don't cover cryptocurrency losses, and specialized cryptocurrency insurance is expensive and often requires specific security measures. Seed phrase systems typically receive the lowest insurance coverage because of the single point of failure risk, while multisig and MPC systems can qualify for better coverage terms due to their distributed security models.

翻譯：保險對機構級用戶來說尤其關鍵。傳統保單通常不承保加密貨幣損失，而專門的加密貨幣保險價格高昂，而且常常要特定安全措施。由於單點失效風險，助記詞方案通常得到最低程度保障；多重簽名和 MPC 因為安全結構分散，獲批的保險條款就會較好。

In 2023 alone, approximately $3.8 billion worth of cryptocurrency was stolen through various cyberattacks, with a significant portion attributed to single-signature wallet vulnerabilities. Multisig wallets have proven to be an effective deterrent, reducing the risk of unauthorized access by over 60%. These statistics translate directly into insurance pricing and risk assessment, making advanced wallet technologies increasingly attractive from a total cost of ownership perspective.

翻譯：僅在 2023 年，被盜的加密貨幣總值約 38 億美元，當中很大部份原因是單一簽名錢包被攻擊而失守。多重簽名錢包已證明可以有效防範此類風險，未經授權取得資金的機會可減低超過六成。這類數據直接影響保險費和風險評估，使得先進錢包技術在長遠「擁有成本」層面上變得越來越吸引。

The operational costs associated with different wallet technologies create different economic incentives for various types of organizations. Small individual users may find seed phrase management to be the most cost-effective approach despite the risks, while larger organizations often discover that the coordination and security costs of multisig systems are justified by the risk reduction they provide.

翻譯：不同錢包技術在操作成本上亦為不同組織帶來不同的經濟誘因。小型個人用戶縱然存在風險，可能仍覺得助記詞管理係最便宜的方法；而大型機構則能體會多重簽名在協調及安全費用上的投入，可以用其帶來的風險減低作出正當化。

MPC systems typically have higher upfront costs due to their technical complexity, but they can provide significant operational savings for organizations with complex security requirements. What sets Fireblocks apart is its network of 1,800+ institutions, allowing instant, secure settlements without counterparty risk. This network effect creates economies of scale that can make MPC systems more cost-effective than traditional approaches for institutions that frequently transact with other network participants.

翻譯：MPC 系統一般前期投入較高，因為其技術複雜，但對有複雜安全需求的機構而言，可以在運營上帶來顯著節省。以 Fireblocks 為例，其超過 1,800 間機構組成的網絡令其可即時安全結算，毋須承擔對手風險。這種網絡效應帶來規模經濟，使 MPC 系統比傳統方案更具成本優勢，尤其適合與其他網絡參與者頻繁交易的機構。

The impact on transaction costs varies significantly between blockchain networks and transaction types. Bitcoin multisig transactions are larger than single-signature transactions, resulting in higher transaction fees during periods of network congestion. Ethereum multisig transactions require more gas because they involve smart contract execution, making them significantly more expensive than simple transfers.

翻譯：不同區塊鏈和交易類型對交易費用的影響差距也很大。比特幣多重簽名交易比單一簽名的體積更大，在網絡擠塞時引致更高費用。以太坊多重簽名要用智能合約執行，要收取更多 Gas，使其費用遠高於一般轉賬。

A key feature of TotalSig is its ability to optimize transaction fees, potentially reducing them by 3 to 5 times. This is especially valuable during periods of high gas prices, allowing users to save significant amounts per transaction and providing cost-effective solutions during network congestion. This demonstrates how advanced wallet technologies can actually reduce transaction costs through optimization techniques that aren't available with simpler approaches.

翻譯：TotalSig 的一大特色在於可優化交易費，最多能降低 3 至 5 倍，尤其在 Gas 費高昂的時期幫助巨大，用戶每單交易都能慳唔少，並在網絡擁擠時提供具成本效益的解決方案。這反映了先進錢包技術可透過優化，做到傳統簡單方法做唔到的事，降低實際交易成本。

The market impact of wallet technology evolution extends to the development of new financial products and services. The security limitations of seed phrase systems have created a large market for custodial services, where institutions manage cryptocurrency on behalf of users who don't want to handle key management themselves. This custodial market represents billions of dollars in assets under management and generates significant fee revenue for service providers.

翻譯：錢包技術的進化亦促進了新型金融產品和服務的開發。助記詞方案在安全性上的限制，孳生出巨大的託管市場——用戶不想親自管理密鑰，由機構承包資產託管業務。此市場規模以十億美元計，並為服務供應商創造大量手續費收入。

However, the emergence of more user-friendly self-custody solutions could potentially disrupt this market. If MPC wallets and other advanced technologies can provide institutional-grade security with consumer-friendly usability, they might enable users to maintain self-custody without sacrificing convenience. This could reduce demand for custodial services and shift value to wallet infrastructure providers.

翻譯：不過，若更多易用的自主管理方案陸續出現，這個市場可能受衝擊。若 MPC 或其他先進錢包能兼顧機構級安全和用家體驗，讓普通用戶也可輕鬆自主管理資產，託管服務的需求自然會下跌，價值鏈會從託管商轉移到錢包基建供應商。

The institutional adoption patterns reveal important economic dynamics in the wallet technology market. Early institutional adopters often chose multisig solutions because they were the most mature alternative to single-signature wallets. However, many institutions are now migrating to MPC systems as they mature and offer better operational efficiency.

翻譯：機構用戶的採納模式反映出錢包技術市場的重要經濟動態。初期機構多選擇多重簽名，視其為單一簽名以外最成熟的選擇。不過，隨著 MPC 技術逐漸完善並帶來更高效運作，現時越來越多機構轉向採用 MPC 系統。

Looking ahead to the second half of 2025, several developments are expected. Bitcoin.com Wallet will integrate deeper Zano support for private payments and improve smart recovery features. Binance Web3 Wallet will add gasless transaction support and biometric recovery tools. MetaMask Institutional will expand its MPC custodian integrations, offering more control and compliance-ready infrastructure. This institutional migration toward MPC systems reflects their economic advantages for complex organizational use cases.

翻譯：展望 2025 下半年，業界會有多項新發展。Bitcoin.com 錢包將加強 Zano 支援，提升私隱支付和智能恢復功能；幣安 Web3 錢包即將支援免 Gas 交易及生物識別恢復工具；MetaMask Institutional 亦會擴展 MPC 託管整合，提供更多可控和合規的基建。這股機構用戶遷移至 MPC 系統的趨勢，正好突顯該技術在複雜組織應用中的經濟優勢。

The competitive dynamics in the wallet technology market are being shaped by the different value propositions of these technologies. Seed phrase wallets compete primarily on simplicity and cost, making them attractive for individual users and small organizations with limited security budgets. Multisig solutions compete on proven security and regulatory compliance, appealing to institutions that need established solutions with clear audit trails.

翻譯：錢包技術市場的競爭局勢，隨不同技術的價值主張而決定。助記詞錢包憑簡單同低成本爭市場，吸引個人和安全預算有限的小型組織。多重簽名則以成熟的安全性及符合法規爭取機構客戶，為那些需要有審計記錄的傳統組織提供明確方案。

MPC systems compete on the promise of combining the security benefits of multisig with the usability of single-signature systems, but they must overcome higher costs and technical complexity to achieve market adoption. The success of MPC providers will likely depend on their ability to deliver on this value proposition while building ecosystem partnerships that justify the technology premium.

翻譯：MPC 系統打出結合多重簽名安全性和單一簽名易用性的承諾，不過若要取得市場認同，必須克服成本及技術門檻。MPC 供應商的成敗，將取決於能否實現這一價值主張，同時能否建立出有說服力的生態圈合作，合理化科技溢價。

The network effects associated with different wallet technologies create interesting economic dynamics. Seed phrase systems benefit from universal compatibility and the large ecosystem of

翻譯：不同錢包技術所帶來的網絡效應正形塑著有趣的經濟動態。助記詞系統有賴其普遍兼容性及龐大的生態圈。supporting tools and services. Multisig systems benefit from institutional adoption and regulatory acceptance, creating credibility that drives further adoption.

支援工具及服務。多重簽章（multisig）系統受惠於機構採用同監管認可，從而建立信譽，推動更多用戶採納。

MPC systems are attempting to create network effects through platform strategies, where multiple services build on common MPC infrastructure. The public crypto exchange's MPC wallet enables a large and growing number of users to access the Web3 ecosystem in a safe, reliable, and secure manner. If successful, these platform strategies could create powerful economic moats that favor early MPC adopters.

MPC（多方計算）系統嘗試以平台策略創造網絡效應，讓多個服務建立於共同嘅 MPC 基礎設施之上。公眾加密貨幣交易所提供嘅 MPC 錢包，令愈來愈多用戶能夠以安全、可靠嘅方式進入 Web3 生態系統。如果成功，呢啲平台策略將會為早期 MPC 採用者帶來強大嘅經濟護城河。

The impact on cryptocurrency adoption more broadly may be the most significant economic implication of wallet technology evolution. The complexity and risk associated with seed phrase management has been identified as a major barrier to mainstream cryptocurrency adoption. If advanced wallet technologies can reduce this barrier while maintaining the self-custody benefits that make cryptocurrency valuable, they could unlock much larger markets.

錢包技術發展對整體加密貨幣普及嘅影響可能係最大嘅經濟意義。種子短語管理嘅複雜性同風險一直被認為係主流普及加密貨幣嘅主要障礙。如果進階錢包技術能夠降低呢個門檻，同時保留加密貨幣自我保管嘅優點，將有機會打開更大市場。

However, the economic incentives around wallet technology development create potential conflicts with decentralization principles. Companies that invest in developing advanced wallet technologies need to generate returns on their investments, which may lead them toward business models that concentrate control or extract value in ways that contradict cryptocurrency's philosophical foundations.

然而，錢包技術發展嘅經濟誘因可能會同去中心化原則出現衝突。投放資源於先進錢包技術嘅公司，需要有回報，故此可能採用集中控制、提取價值等同加密貨幣核心理念相違背嘅商業模式。

The regulatory implications of different wallet technologies also have significant economic consequences. Regulators are generally more comfortable with multisig systems because they provide clear audit trails and can implement compliance controls that are difficult or impossible with individual seed phrase management. MPC systems may offer even better compliance capabilities while maintaining user control, potentially reducing regulatory friction for cryptocurrency businesses.

唔同錢包技術對監管層面都有重要經濟影響。監管機構一般對 multisig 系統較有信心，因為可以提供明確嘅審計記錄，亦可以設置合規控管，而用種子短語管理就難以做到。MPC 系統有機會做到更佳合規之餘，仍可維持用戶控制權，有助降低加密貨幣公司遇到嘅監管摩擦。

Challenges and Limitations

挑戰與限制

Despite the technological advances represented by multisig and MPC wallets, each approach faces significant challenges that limit their applicability and effectiveness in certain scenarios. Understanding these limitations is crucial for making informed decisions about wallet technology adoption and for identifying areas where further innovation is needed.

雖然 multisig 同 MPC 錢包代表咗技術進步，但每種方法喺實際應用時都遇到好多挑戰，局限咗其效用同適用範圍。了解相關限制，對於選擇適合嘅錢包技術同釐定創新方向至為重要。

User education remains a fundamental challenge across all wallet technologies, but the nature of the educational burden varies significantly. While seed phrase management appears conceptually simple, many believed they could reset their seed phrase if they lost them, indicating that even basic concepts are widely misunderstood. This educational gap contributes to security vulnerabilities and user losses that undermine confidence in self-custody approaches.

用戶教育始終係所有錢包技術中最基礎嘅挑戰，不過所需嘅教育內容各有不同。種子短語聽落簡單，但原來好多用戶以為遺失後可以重設，其實基礎認知都誤會咗。呢啲教育落差就變成安全漏洞同用戶資產損失，影響用戶對自我保管嘅信心。

Multisig systems introduce different educational challenges because users must understand not only the technical aspects of key management but also the social dynamics of coordination and governance. The technical knowledge required to set up and maintain multisig wallets is often beyond the capabilities of individual users, limiting adoption to organizations with dedicated technical resources.

multisig 系統有其他教育挑戰，因為用戶除咗要識鑰匙管理技術，仲要明白協調、治理等社會性運作。建立同維護 multisig 錢包所需技術知識對一般用戶嚟講太高門檻，所以通常只限於有技術團隊嘅機構採用。

MPC systems present perhaps the greatest educational challenge because they abstract away the underlying security mechanisms in ways that can be difficult for users to verify or understand. While this abstraction can improve usability, it can also create false confidence or inappropriate trust in systems that users cannot fully evaluate. The complexity of the underlying cryptography makes it difficult for users to distinguish between well-implemented and poorly-implemented MPC systems.

MPC 系統教育門檻甚至更高，因為有好多底層安全機制都被抽象化，用戶難以理解同驗證。雖然抽象化提升咗易用性，但同時可能令人誤信或過分信任難以評估嘅系統。底層密碼學嘅複雜性，都令用戶好難分辨咩叫做實做出色或者有問題嘅 MPC 系統。

The standardization challenges facing the wallet technology ecosystem create fragmentation that limits interoperability and increases development costs. While seed phrase systems benefit from well-established standards like BIP-39 and BIP-32, multisig implementations vary significantly between different blockchains and wallet providers. It is difficult for multisig wallet providers to securely support new chains as the few cryptocurrency protocols that support multisig have distinct implementations from one another.

錢包技術生態系統面對標準化挑戰，導致市場碎片化，限制互通同提高開發成本。種子短語系統可受惠於 BIP-39、BIP-32 等國際標準，但 multisig 喺唔同區塊鏈及錢包供應商之間嘅實做差異好大。因為每個支持 multisig 嘅幣種協議實做各異，multisig 錢包好難安全地支援新鏈。

MPC systems face even greater standardization challenges because the technology is newer and the implementation space is more complex. Different MPC protocols offer different tradeoffs between security, performance, and functionality, making it difficult to establish universal standards. The lack of standardization creates vendor lock-in risks and makes it difficult for users to migrate between different MPC providers.

MPC 系統標準化問題更加嚴重，因為技術新，實做複雜。唔同 MPC 協議會攝取唔同安全、效能、功能權衡，所以難以有一套通用標準。無標準令用戶有供應商依賴風險，難以自如轉換唔同 MPC 服務。

Recovery and inheritance planning present persistent challenges across all wallet technologies, but the specific obstacles vary significantly. Seed phrase systems require users to securely share sensitive information with trusted parties or accept the risk of permanent loss. The social dynamics of sharing seed phrases often conflict with security best practices, creating difficult tradeoffs between accessibility and protection.

資產恢復同遺產承繼一向都難以解決，不同錢包技術遇到嘅障礙亦唔同。種子短語系統需要用戶安全地將敏感資料交給信任對象，否則就要冒永久遺失風險。分享種子短語嘅社會操作，往往同最佳安全做法有衝突，令可用性同保障之間有難以取捨。

Moreover, only a minority have engaged in any estate planning for their crypto assets. This lack of planning creates significant risks for asset recovery and inheritance, particularly given the irreversible nature of cryptocurrency transactions. Traditional legal frameworks for inheritance often don't accommodate the unique properties of cryptographic assets, creating additional complexity for families and estates.

而且，目前好少人會為其加密資產做遺產規劃。呢個缺口帶嚟巨大遺失及承繼風險，特別考慮到加密貨幣交易不可逆。傳統遺產繼承法律，往往無法處理加密資產獨有特性，對家庭及遺產管理增添層層難度。

Multisig systems can provide better inheritance planning capabilities by allowing multiple parties to be involved without sharing complete control, but they introduce coordination challenges that can be difficult to manage across generations or changing family relationships. The technical requirements for maintaining multisig wallets over long periods can create dependencies on specific service providers or technical expertise that may not be sustainable.

multisig 系統可以透過多方控制，提高遺產規劃彈性，但多方協調喺跨代同家庭關係變化時可能增添管理難度。長期維護 multisig 錢包需要有專門技術或特定服務供應商支援，未必可以一直持續。

MPC systems offer promise for addressing inheritance challenges through sophisticated recovery mechanisms, but they often require trust in service providers or infrastructure that may not be available indefinitely. The long-term viability of MPC services is difficult to evaluate, creating risks for users who depend on them for asset recovery.

MPC 系統雖然可以透過進階恢復方案處理遺產規劃問題，但往往需要信任服務商或基礎設施，而相關資源未必永久存在。MPC 服務嘅長遠壽命難以預計，用戶依賴佢哋做資產恢復亦有風險。

Performance and scalability limitations affect different wallet technologies in different ways. Seed phrase systems have minimal performance overhead for individual use, but they don't scale well to organizational use cases that require coordination among multiple parties. The lack of built-in authorization controls makes seed phrase systems unsuitable for complex governance requirements.

效能同可擴展性問題會影響唔同錢包技術。種子短語系統適合個人用戶，效能負擔低，但組織要多人協作時就唔適用。無內置授權控制，亦唔適合複雜治理場景。

Multisig systems can handle complex authorization requirements effectively, but the coordination overhead limits their scalability for high-frequency transactions. The blockchain-specific nature of multisig implementations also creates scalability challenges for organizations operating across multiple networks.

multisig 系統能夠應付複雜授權，但協調成本高，唔適合處理高頻率交易。由於每條鏈嘅 multisig 實做都唔同，對跨鏈組織造成額外擴展問題。

The process of transaction authorization in MPC wallets, which requires collaboration among multiple parties, can introduce delays, especially in high-frequency trading environments. While MPC systems offer better scalability than traditional multisig for many use cases, the computational overhead and communication requirements can create bottlenecks in scenarios requiring rapid transaction processing.

MPC 錢包進行交易授權時要多方協作，會有延誤，特別喺高頻交易情景下明顯。雖然 MPC 比傳統 multisig 適合處理更多使用場景，但計算同通訊負擔有機會成為快速交易流程的瓶頸。

Regulatory uncertainty creates challenges for all advanced wallet technologies, but the specific risks vary. Multisig systems are generally well-understood by regulators because they provide clear audit trails and can implement compliance controls. However, the distributed nature of key management can create challenges for meeting certain regulatory requirements, particularly in jurisdictions with strict custody regulations.

監管不明朗為所有先進錢包技術帶來挑戰，但不同技術所受風險各異。監管機構普遍明白 multisig 系統，因為其可追蹤认证同合規控管，但分散式鑰匙管理都可能令部分監管法則難以落實，特別係要求嚴格託管地區。

MPC systems present more complex regulatory challenges because the distributed nature of key management may not fit cleanly into existing regulatory frameworks. Regulators may struggle to understand which parties have custody and control over assets in MPC systems, potentially creating compliance challenges for institutional adopters.

MPC 系統更難符合監管架構，因為分散化鑰匙管理未必契合現行監管框架。監管部門難以判斷誰對資產有託管同控制權，機構級別應用可能因此遇到合規困難。

The technical debt and maintenance challenges associated with different wallet technologies create long-term sustainability concerns. Seed phrase systems benefit from their simplicity and the maturity of supporting infrastructure, making them relatively easy to maintain over long periods. However, the security challenges associated with individual key management may become more severe as attack techniques evolve.

各種錢包技術帶嚟嘅技術負擔同運維困難，會影響持續可行性。種子短語系統夠簡單，配套設施成熟，容易長期維護。但單一鑰匙管理面對攻擊方式進化，相關安全問題會愈來愈明顯。

Multisig systems require ongoing maintenance to stay current with blockchain protocol changes and security best practices. The blockchain-specific nature of multisig implementations creates technical debt that can be expensive to maintain as the ecosystem evolves.

multisig 系統要經常更新，追上區塊鏈協議變動同最新安全做法。每條鏈都有唔同實做，技術負擔高，維護成本隨生態發展會越來越貴。

MPC systems face the greatest maintenance challenges due to their complexity and the rapid evolution of the underlying technology. The cryptographic protocols that underpin MPC systems continue to evolve, potentially requiring significant updates or migrations to maintain security and performance. The dependency on specialized expertise for maintenance makes MPC systems particularly vulnerable to technical debt accumulation.

MPC 系統因為本身複雜同底層技術快速演進，運維難度可能最高。支撐 MPC 嘅密碼協議不斷更新，要持續維持安全與效能或需大規模升級轉換。因為維護高度依賴專家，MPC 系統容易積累技術負擔。

Interoperability challenges limit the effectiveness of all wallet technologies in the increasingly multi-chain cryptocurrency ecosystem. While seed phrase systems provide good compatibility across different blockchains, they don't offer built-in solutions for cross-chain transactions or unified management of multi-chain portfolios.

隨住多鏈生態發展，互操作問題限制咗所有錢包技術。種子短語系統喺不同鏈之間兼容性好，但本身無內置跨鏈交易或組合統一管理功能。

Integrating MPC wallets seamlessly with the existing infrastructure of blockchain and cryptocurrency ecosystems can be difficult. This lack of interoperability might limit their widespread adoption as users and services look for solutions that can easily work within the current landscape.

MPC 錢包要同現有區塊鏈及加密貨幣生態配合，往往不容易。呢種互通性不足，會影響普及，因為用戶同服務供應商都想搵啱現有生態嘅無縫方案。

The cost and accessibility barriers associated with advanced wallet technologies create challenges for widespread adoption. While

高昂成本同可及性問題，令先進錢包技術難以大規模普及。雖然the total cost of ownership may favor advanced systems for institutional users, the upfront costs and technical complexity can be prohibitive for individual users and small organizations. This creates a potential bifurcation in the market where advanced security is available primarily to well-resourced users.

擁有權總成本或會令機構用戶偏好先進系統，但對於個人用戶同細規模組織嚟講，前期成本同技術複雜度可以非常高，甚至難以負擔。呢種情況導致市場可能出現分化，先進保安措施主要只提供畀資源充足嘅用戶。

Future Developments and Emerging Trends

未來發展同新興趨勢

The trajectory of wallet technology development suggests that we are approaching a period of rapid innovation and convergence, where the distinct categories of seed phrase, multisig, and MPC wallets may begin to blur as new hybrid approaches emerge. Several technological and market trends are shaping this evolution in ways that could fundamentally transform how people interact with cryptocurrency.

錢包技術發展嘅趨勢顯示我哋就快進入一個創新同融合加速嘅時期，傳統嘅種子語、多人簽名（multisig）同MPC錢包嘅界線可能會因應新型混合方案而開始模糊。有多個科技同市場趨勢正推動住呢個進化，可能會根本性地改變人哋點樣接觸加密貨幣。

The integration of artificial intelligence and machine learning into wallet security represents one of the most promising areas of development. AI systems can potentially provide intelligent risk assessment, automated policy enforcement, and predictive security monitoring that could make all types of wallets more secure and user-friendly. Machine learning algorithms could analyze transaction patterns to detect suspicious activity, optimize fee structures, and even provide personalized security recommendations based on individual usage patterns.

將人工智能（AI）同機器學習應用喺錢包保安上係其中一個最具潛力嘅發展方向。AI系統有機會做到智能風險評估、自動執行政策同預測式保安監控，令所有類型錢包變得更安全同易用。機器學習演算法可以分析交易模式，偵測可疑活動、優化收費結構，甚至根據個人使用習慣提供度身訂造嘅安全建議。

Biometric authentication is becoming increasingly sophisticated and accessible, creating opportunities to replace or supplement traditional authentication methods across all wallet types. Advanced biometric systems could provide the security benefits of hardware tokens while offering the convenience of always-available authentication. The combination of biometric authentication with MPC systems could enable truly seamless self-custody experiences that don't require users to manage any traditional credentials.

生物認證技術愈嚟愈先進同普及，令所有錢包類型都有機會用嚟取代或補充傳統嘅認證方式。先進生物認證系統可以提供類似硬件驗證器嘅保安效益，同時又有隨時可用嘅便利性。生物認證結合MPC技術，可以真正實現唔使管理傳統認證資訊，一樣享受到無縫自主管理資產嘅體驗。

Phantom will roll out smarter token and NFT data tools and test MPC-based recovery. Coinbase Wallet will continue embedding MPC-backed wallets into third-party apps through its WaaS SDK. This integration of MPC technology into consumer applications represents a significant trend toward making advanced security invisible to end users while maintaining the benefits of self-custody.

Phantom會推出更智能嘅代幣同NFT數據工具，並測試以MPC為基礎嘅恢復功能。Coinbase Wallet會透過其WaaS SDK，繼續喺第三方應用內加入MPC支持嘅錢包。喺消費者應用層面整合MPC技術，反映現時大趨勢就係令先進保安措施對終端用戶「無感知」之下，都可以保留自主管理嘅好處。

The development of account abstraction on Ethereum and other smart contract platforms is creating new possibilities for wallet functionality that blur the lines between traditional categories. Account abstraction (AA) is a blockchain feature that allows smart contracts to function as fully customizable wallets, removing the need for externally owned accounts (EOAs) like traditional Ethereum wallets. This capability enables wallets to implement complex authorization logic, automated transactions, and recovery mechanisms that were previously impossible.

以太坊同其他智能合約平台上賬戶抽象（Account Abstraction, AA）嘅發展，為錢包功能帶嚟新可能，模糊咗傳統分類。AA讓智能合約可以變成完全自定義嘅錢包，唔使再用傳統以太坊錢包咁要有EOA（外部擁有賬戶）。呢個能力令錢包可以實現複雜授權邏輯、自動化交易同更先進嘅恢復機制，之前係做唔到嘅。

Account abstraction could enable hybrid systems that combine elements of multisig and MPC technology while adding programmable features like automated compliance checking, conditional transactions, and social recovery mechanisms. These capabilities could make sophisticated wallet security accessible to mainstream users without requiring them to understand the underlying complexity.

賬戶抽象可以令部分多人簽名同MPC技術結合，再加埋可編程功能，例如自動合規檢查、有條件交易同社交恢復機制。呢啲新能力可以將高階錢包安全帶到主流用戶層面，同時唔使佢哋搞清背後所有技術細節。

The emergence of decentralized identity systems could provide new foundations for wallet security and recovery that don't depend on traditional seed phrases or centralized service providers. Decentralized identity could enable reputation-based recovery mechanisms, social attestation systems, and cross-platform identity verification that could make wallet management both more secure and more user-friendly.

去中心化身份系統興起，為錢包保安同恢復提供咗新基礎，唔再需要依賴傳統嘅種子語或者集中式服務供應商。用戶可以透過聲譽回復、社交認證系統、跨平台身份驗證等方式，令錢包管理更安全亦更方便。

Cross-chain interoperability continues to evolve rapidly, with new protocols and standards emerging to enable seamless asset management across multiple blockchain networks. The wallet technologies that can most effectively integrate with these interoperability solutions will likely have significant advantages in the increasingly multi-chain cryptocurrency ecosystem.

跨鏈互通技術發展迅速，新協議同標準不斷出現，讓用戶可以無縫咁喺多個區塊鏈網絡之間管理資產。能夠最好結合呢啲互通方案嘅錢包技術，會喺日漸多鏈化嘅加密貨幣生態中取得明顯優勢。

The revamped wallet is also gearing up to support all blockchains compatible with the Ethereum Virtual Machine (EVM) and select others, such as Solana. This trend toward universal blockchain support will likely favor MPC systems and account abstraction approaches that can provide consistent interfaces across different blockchain architectures.

而升級後嘅錢包都已經做好準備，支援所有EVM（以太坊虛擬機）兼容區塊鏈，加多Solana等熱門鏈。呢種趨向「全鏈支援」嘅潮流，會令MPC系統同賬戶抽象方案更有優勢，因為佢哋可以跨不同鏈架構提供一致介面。

The regulatory landscape is evolving in ways that could significantly impact wallet technology development. As governments around the world develop more sophisticated cryptocurrency regulations, wallet providers will need to implement compliance features that can satisfy regulatory requirements without compromising the benefits of self-custody.

全球監管環境不斷演變，對錢包技術發展帶來深遠影響。隨住政府進一步發展加密貨幣監管，錢包供應商要加入合規功能，以滿足監管要求—同時又唔可以犧牲自主管理帶來嘅好處。

The development of central bank digital currencies (CBDCs) could create new requirements for wallet interoperability and compliance monitoring that influence the design of all wallet technologies. While CBDCs may operate on different technical principles than existing cryptocurrencies, the wallet infrastructure that supports them will likely need to integrate with existing cryptocurrency systems.

中央銀行數字貨幣（CBDC）發展，會帶嚟新嘅互通性同合規監控要求，影響所有錢包技術設計。雖然CBDC技術原理可能同現有加密貨幣唔同，但用嚟支援CBDC嘅錢包基建，大機會都需要同現有加密系統融合。

Privacy-preserving technologies continue to advance, with new cryptographic techniques enabling stronger privacy protection without sacrificing security or compliance capabilities. Zero-knowledge proofs, homomorphic encryption, and other advanced cryptographic techniques could enable wallet systems that provide complete transaction privacy while still supporting regulatory compliance and audit requirements.

保護私隱嘅技術繼續進步，令新加密方法可以提供更強私隱保障，但又唔會犧牲安全或合規能力。零知識證明、同態加密等先進密碼技術，可以令錢包完全私隱處理交易，同時又可配合監管合規與稽核要求。

The integration of Internet of Things (IoT) devices and edge computing capabilities could enable new forms of distributed wallet security that take advantage of multiple connected devices. Rather than relying on centralized servers or coordination between human parties, future wallet systems could leverage the computational resources of multiple devices to provide distributed security while maintaining usability.

物聯網（IoT）設備同邊緣運算能力結合，可以實現用多部連接裝置持有新型分散式錢包安全。將來錢包系統未必再要靠中央伺服器或人為協調，而係自由利用多設備計算資源，達致分布式保安同時又保持易用性。

Quantum computing represents both a threat and an opportunity for wallet technology development. While quantum computers could potentially break existing cryptographic algorithms, they could also enable new forms of cryptographic security that are fundamentally more secure than current approaches. Wallet technologies that can adapt to post-quantum cryptography will have significant advantages as quantum computing capabilities advance.

量子計算對錢包技術發展來講，係威脅兼機遇。量子電腦有潛力破解現時用嘅密碼算法，但同時又可以帶嚟更安全新型加密技術。能夠應對「後量子」加密嘅錢包技術，隨住量子能力提升會有極大優勢。

The development of more sophisticated hardware security modules (HSMs) and trusted execution environments (TEEs) could enable new forms of secure computation that combine the benefits of hardware security with the flexibility of software-based systems. These technologies could enable MPC systems that provide better security guarantees while reducing the coordination overhead associated with current implementations.

更先進硬件保安模組（HSM）同可信執行環境（TEE）發展，可以推動結合硬件安全優勢和軟件彈性的新安全計算形式。呢啲技術可以令MPC系統提供更高安全保證，同時減少現行方案嘅協調開銷。

Social recovery mechanisms are becoming more sophisticated and may represent a convergence point between different wallet approaches. Bitget Wallet will introduce a new "smart recovery" feature combining MPC and social login. These systems could provide the security benefits of distributed control while eliminating the coordination challenges that have limited multisig adoption.

社交恢復機制愈趨成熟，有望成為不同錢包方案嘅收斂點。Bitget Wallet將會推出結合MPC同社交登入嘅「智能恢復」功能。呢類系統可以提供分散式控制帶嚟嘅安全效益，同時避開多人簽名過往普及慢、協調難嘅問題。

The gamification of wallet security could make good security practices more engaging and accessible to mainstream users. By incorporating elements of gaming, achievement systems, and social interaction, wallet providers could encourage users to adopt better security practices while making the overall experience more enjoyable.

將錢包安全「遊戲化」，可以令主流用戶更積極投入同主動執行好嘅安全守則。透過加入遊戲機制、成就系統或社交互動，錢包服務供應商可以鼓勵用戶採用更好嘅安全習慣，同時提升整體用戶體驗。

Automated compliance and reporting capabilities are becoming more sophisticated, potentially enabling wallet systems that can satisfy complex regulatory requirements without requiring manual intervention from users. These systems could automatically generate audit trails, enforce spending policies, and report transactions to relevant authorities while maintaining user privacy and control.

自動化合規同報告能力愈來愈先進，有潛力令錢包系統自主滿足複雜監管要求，用戶毋須手動參與。系統可以自動產生審計紀錄、執行消費政策、向相關機構報告交易，同時仍然保障用戶私隱與自主權。

Recommendations and Best Practices

建議與最佳做法

Navigating the complex landscape of wallet technologies requires a strategic approach that considers individual needs, risk tolerance, and technical capabilities. The decision between seed phrase, multisig, and MPC approaches should be based on careful evaluation of specific use cases rather than assuming that any single technology is universally optimal.

面對複雜錢包技術生態，必須有策略地根據個人需要、風險承受能力同技術水平選擇。喺種子語、多簽或MPC方案之間，其實應該因應實際應用情境詳細評估，而唔好以為單一技術就一定適合所有人。

For individual users who are new to cryptocurrency or have limited technical expertise, the primary considerations should focus on balancing security with usability while minimizing the risk of permanent loss due to user error. Traditional seed phrase management may be appropriate for users who can commit to developing strong security practices and who value maximum control over their assets. However, this approach requires significant ongoing attention to security details and backup procedures.

對加密貨幣新手或技術水平有限嘅個人用戶，最重要係安全同易用性要取得平衡，並且盡量減少因用戶操作失誤導致永久失去資產嘅風險。傳統種子語管理適合能夠長期堅持良好安全習慣、並且重視極高控制權嘅人。不過，呢套做法需要用戶長期注意安全細節同備份。

As soon as you create a new wallet or key, make sure to record your recovery phrase with your preferred method. Self-custody wallet providers, including BitPay, do not save or take responsibility for your seed phrase. Users who choose seed phrase systems must immediately implement proper backup procedures and should never delay this critical security step.

每當你開新錢包或新私鑰時，即時用合適方法記低恢復詞。自主管理錢包服務供應商（如BitPay）唔會幫你儲存或負責你嘅種子語。因此，用種子語方案用戶，必須即時做好妥善備份，千祈唔好拖延，因為呢一步係保安關鍵。

For individual users who prioritize convenience or who are concerned about their ability to manage seed phrases safely, MPC wallets offer an increasingly attractive alternative. Zengo: With an excellent record as a safe self-custodial MPC wallet, Zengo makes asset management easier while providing stronger protection against unauthorized access. These systems can provide institutional-grade security while eliminating many of the user experience challenges associated with traditional key management.

如果你重視方便，或者擔心自己處理種子語唔夠安全，MPC錢包係一個愈來愈吸引嘅選擇。舉例Zengo作為安全自主管理MPC錢包，一直有好口碑，容易管理資產之餘，亦有更強的防未經授權存取能力。這類系統可提供機構級保安，同時減少傳統金鑰管理嘅困難。

However, users considering MPC systems should carefully evaluate the long-term viability and trustworthiness of the service providers they depend on. The distributed nature of MPC security provides protection against many types of attacks, but users must still trust that the service infrastructure will remain available and secure over time.

但係，考慮用MPC系統嘅用戶，應該審慎評估服務供應商嘅長遠可持續性同可信度。雖然MPC分佈式架構能防禦好多類型攻擊，但用戶都要信任呢套服務基礎設施長期可用同安全。

For organizations and institutions, the choice between multisig

（到此為止，已按要求翻譯。如需繼續餘下內容，請再通知！）and MPC systems often depends on specific operational requirements and regulatory constraints. Organizations with established governance processes and clear authorization hierarchies may find that multisig systems align well with their existing procedures while providing clear audit trails and regulatory compliance.

根據具體的營運需求及監管限制，選擇multisig或MPC系統各有適合的情景。已經建立了完善治理流程和明確授權架構的機構，通常會發現multisig系統能夠與其既有程序無縫配合，同時亦可提供清晰的審計紀錄及符合法規的操作。

The Safe multisig wallet is a secure crypto wallet trusted by Vitalik Buterin (Ethereum cofounder) and other leading Web3 projects to secure over USD 100 billion in crypto assets. This level of institutional adoption demonstrates that multisig technology has proven itself in high-stakes environments and can provide the security and governance capabilities that organizations require.

Safe multisig 錢包被以太坊聯合創辦人 Vitalik Buterin 及多個領先的 Web3 項目信任，用作保障超過一千億美元加密資產的安全。這種級別的機構採用，充分證明了multisig技術在高風險環境下的可靠性，並能夠提供組織所需的安全性及治理能力。

However, organizations that need to operate across multiple blockchain networks or that require high transaction throughput may find that MPC systems provide better operational efficiency. Fireblocks' institutional MPC wallet maximizes security and service level agreements (SLAs) while minimizing operational overhead. The universal blockchain compatibility and automated policy enforcement capabilities of advanced MPC systems can provide significant operational advantages for complex organizational use cases.

不過，若機構需跨多個區塊鏈網絡操作，或追求高交易吞吐量，MPC系統往往能帶來更佳的營運效率。Fireblocks 的機構級MPC錢包，在提升安全和服務水平協議(SLA)同時，亦能減低運作負擔。進階的MPC系統具備高度區塊鏈相容性及自動政策執行功能，可為複雜的機構用例帶來顯著營運優勢。

Estate planning and inheritance considerations should be a priority for all cryptocurrency users, regardless of which wallet technology they choose. Moreover, only a minority have engaged in any estate planning for their crypto assets. This lack of planning creates significant risks not only for individual users but also for the broader adoption of cryptocurrency as a store of value.

無論使用哪種錢包技術，遺產規劃和繼承安排都應該是所有加密貨幣用戶的首要考慮。不過，現實上只有極少數人做過加密資產的遺產規劃。這種缺乏準備，不但對個人用戶帶來重大風險，同時亦影響加密貨幣被廣泛採用作為價值存儲的信心。

Users of seed phrase systems should implement comprehensive estate planning that includes secure storage of seed phrases in locations accessible to trusted family members or legal representatives. This often requires balancing the security risks of sharing sensitive information against the risks of assets becoming permanently inaccessible.

使用助記詞系統的用戶，應設立完善的遺產規劃，包括把助記詞安全地儲存在可信家人或法律代表可取用的位置。這通常需要在分享敏感資料的安全風險和資產永久無法取回的風險之間取得平衡。

Multisig systems can provide better inheritance planning capabilities by allowing family members or legal representatives to be included as key holders without requiring them to have complete access to assets during the account holder's lifetime. However, this approach requires careful planning to ensure that the necessary technical knowledge and coordination capabilities will be available when needed.

Multisig系統可以更靈活地處理遺產規劃，讓家人或法律代表成為其中一個持鑰人，而毋須在賬戶持有人在世時完全掌控資產。不過，這種做法也需要事先細心計劃，確保在需要時有足夠技術知識和協調能力去處理。

MPC systems may offer the most flexible inheritance planning options through sophisticated recovery mechanisms that can be configured to provide access to designated parties under specific circumstances. However, users should ensure that these recovery mechanisms are properly documented and that designated beneficiaries understand how to use them.

MPC系統則有機會提供最靈活的遺產管理功能，透過高度可配置的恢復機制，容許在特定情況下授權指定人士取回資產。不過，使用者必須確保這些恢復方案有詳細紀錄，並且受益人了解如何操作。

Security practices should be adapted to the specific characteristics of each wallet technology while maintaining fundamental principles of defense in depth. For seed phrase systems, this means implementing multiple backup methods, using dedicated hardware for key generation and storage, and regularly testing recovery procedures to ensure they work correctly.

保安措施亦應因應不同錢包技術的特性而調整，同時維持分層防禦的基本原則。對助記詞系統而言，包括採用多重備份方法，利用獨立硬件生成及儲存密鑰，並定期測試恢復流程以確保其可行。

Use an offline backup method that can't be hacked, like copied on a piece of paper or engraved onto steel; store either at a secret location within a fire-proof personal safe or safety deposit box. Physical security measures remain crucial even for the most advanced wallet technologies, and users should implement multiple layers of protection against both digital and physical threats.

建議採用無法被駭客入侵的離線備份方式，例如寫在紙張或刻在鋼牌上，再存放於防火私家夾萬或保險箱等秘密位置。即使是最先進的錢包技術，實體保安措施依然至關重要，用戶應對數碼和實體威脅均設多重防護。

For multisig systems, security practices should focus on ensuring the independence of key holders and the security of coordination mechanisms. Key holders should use different devices, different storage methods, and different communication channels to minimize the risk of correlated failures. Regular testing of transaction authorization procedures can help identify potential coordination problems before they affect critical operations.

對於multisig系統，主要安全措施是確保持鑰人之間的獨立性，以及協調機制的穩妥。持鑰人應使用不同裝置、存儲方法及通訊方式，以最小化同時出錯的風險。定期測試交易授權程序，有助預早發現潛在協作問題，避免影響關鍵運作。

MPC systems require users to understand the trust assumptions associated with the specific implementation they choose. While the cryptographic protocols provide strong security guarantees, users must trust the service providers, software implementations, and communication infrastructure that enable the MPC functionality. Regular security audits and ongoing monitoring of service provider security practices are essential for maintaining confidence in MPC systems.

MPC 系統要求用戶理解所選實現方案背後的信任假設。雖然密碼學協議本身提供極強保障，但用戶仍須信任相關的服務提供者、軟件實作以及通訊基礎設施。定期進行安全審計及持續監察服務方的保安措施，對於維持對MPC系統的信心非常重要。

Risk management strategies should be tailored to the specific threats that are most relevant to each user's situation and wallet technology choice. Individual users in stable political and economic environments may focus primarily on protecting against theft, loss, and user error. Users in less stable environments may need to prioritize portability, censorship resistance, and protection against physical threats.

風險管理策略必須針對每位用戶的實際狀況及錢包技術選擇而訂定。身處政治及經濟穩定地區的個人用戶，主要關注如何預防盜竊、損失及使用失誤；而處於較動盪環境的用戶，則更需重視資產的便攜性、抗審查能力及實體安全。

Institutional users typically face more complex risk management requirements that may include regulatory compliance, fiduciary responsibilities, and protection against insider threats. The wallet technology choices should align with the organization's broader risk management framework and should be regularly reviewed as business requirements and threat landscapes evolve.

機構用戶一般需要面對更複雜的風險管理，包括合規責任、受託人責任，以及防範內部威脅。錢包技術的選擇應配合該組織更全面的風險管理策略，並隨著業務需求和威脅環境變化而定期審視。

Diversification across multiple wallet technologies can provide additional security benefits while reducing dependence on any single approach. Users with significant cryptocurrency holdings might consider distributing their assets across different wallet types to reduce the impact of any single point of failure. This approach requires additional complexity and coordination, but it can provide significant risk reduction benefits.

同時使用多種錢包技術進行分散，可以額外增加保安優勢，減低對單一方法的依賴。具大量加密資產的人士，可考慮將資產分散存放於不同錢包類型，以減低單一失效點帶來的影響。雖然這需要額外的複雜性和協調，但其風險減低的效果十分顯著。

However, diversification should be implemented carefully to avoid creating new vulnerabilities through increased complexity. Each additional wallet system introduces new attack vectors and management overhead that must be carefully evaluated against the security benefits provided.

但分散策略必須小心執行，以免因複雜度提升而引入新漏洞。每加入一種錢包系統，就會新增攻擊途徑及管理開支，這些都必須與實際的安全效益作仔細評估。

Final thoughts

The evolution of cryptocurrency wallet technologies from simple seed phrases to sophisticated multi-party computation systems represents more than just incremental security improvements. It reflects a fundamental maturation of the cryptocurrency ecosystem as it grapples with the challenge of making self-custody both secure and accessible to mainstream users. Each technological approach embodies different philosophical perspectives on the balance between individual sovereignty, collective security, and practical usability.

加密貨幣錢包技術，由簡單的助記詞發展至先進的多方計算（MPC）系統，不僅僅是安全性的漸進提升，更標誌着整個加密生態系統已進入成熟階段，不斷尋求令自我保管既安全又普及的方法。每一種技術路線，各自反映了對個人主權、集體安全和實用性之間不同的哲學取態和平衡。

Seed phrases will likely remain relevant for users who prioritize maximum individual control and who have the knowledge and commitment required to manage them safely. Their simplicity and universal compatibility ensure that they will continue to serve as the foundation for cryptocurrency self-custody, even as more sophisticated alternatives become available. However, their limitations in terms of user experience and error tolerance suggest that they will increasingly become a niche solution rather than the default choice for most users.

對極度重視個人控制權，又有知識和決心妥善管理助記詞的人來說，seed phrase仍將有其價值和角色。其簡單性和普遍兼容性，保證了它會繼續成為自我保管的基石，即使有更多先進選擇出現。可惜，助記詞在用戶體驗和容錯性方面的局限，意味著它日後或會逐漸成為小眾方案，而非大多數人的預設選項。

Multisig wallets have found their niche in organizational and institutional contexts where the coordination overhead is justified by the security benefits and governance capabilities they provide. The proven track record of multisig technology in securing large-scale cryptocurrency assets demonstrates its value for specific use cases, even as its limitations prevent it from becoming a universal solution.

Multisig錢包在機構和組織背景下找到定位，可以用協調成本換取額外的安全和治理價值。在保障大額加密資產方面的可靠歷史紀錄，印證了它對某些應用場景的重要性，雖然其限制令其難以成為完全通用的方案。

The rapid development and adoption of MPC wallet technology suggests that it may represent the future of mainstream cryptocurrency self-custody. By providing institutional-grade security with consumer-friendly usability, MPC systems could enable the widespread adoption of self-custody principles without requiring users to become cryptographic experts. However, the success of this approach depends on the development of sustainable business models, robust technical standards, and long-term trust relationships between users and service providers.

MPC錢包技術的快速發展和普及，顯示它或會成為未來主流加密貨幣自我保管的形態。MPC結合了機構級安全和用家友善的操作，讓普羅大眾亦可享受自我保管的優勢，無需成為密碼學專家。但成功實踐此路線，仍要建立可持續的業務模式、堅實的技術標準，以及用戶與服務商間長遠的信任合作關係。

In conclusion, 2025 marks a significant shift towards MPC wallets, which offer enhanced security and user experience. Whether for individuals or institutions, MPC wallets provide a smart, adaptive gateway to self-sovereign finance, making crypto management safer and simpler. This technological shift could be the key that unlocks mainstream cryptocurrency adoption by eliminating the security and usability barriers that have limited adoption to date.

總結而言，2025年標誌著業界顯著轉向MPC錢包，因其在保安和用戶體驗上都更勝一籌。無論個人或機構層面，MPC錢包均可成為智能、靈活的自我主權金融入口，令加密資產管理更安全更便捷。這種技術變革，或正是破解主流加密貨幣採納障礙的關鍵。

The convergence of wallet technologies with other emerging innovations such as account abstraction, decentralized identity, and cross-chain interoperability suggests that the future of cryptocurrency self-custody will be characterized by hybrid systems that combine elements from multiple approaches. Rather than competing technologies, we may see seed phrases, multisig, and MPC systems evolving into complementary components of more comprehensive security frameworks.

錢包技術與其他新晉創新（如賬戶抽象、去中心化身份及跨鏈互操作性）的融合，意味著未來加密資產的自我保管，會呈現多技術混合體系，集多種技術於一身。各種方案（如助記詞、multisig及MPC）可能不會是互相競爭，而是作為完整保安架構的互補組件。

The implications of this technological evolution extend beyond individual user security to fundamental questions about the future of money and financial sovereignty. As wallet technologies become more sophisticated and user-friendly, they enable new forms of financial organization and governance that were previously impossible. The ability to implement programmable compliance, automated governance, and sophisticated risk management through wallet technology could transform not just how individuals manage their money, but how organizations, communities, and even governments organize their financial systems.

這場技術進化的意義，不僅止於個人保安，還觸及未來貨幣及金融主權的根本議題。隨著錢包技術愈趨成熟和易用，將產生前所未有的金融組織和治理模式。能夠透過錢包技術實現可編程合規、自動化治理和精細化風險管理，不單會改變個人理財方式，更可能影響組織、社群，以至政府的金融運作模式。

However, this technological progress also introduces new risks and challenges that must be carefully managed. The complexity of advanced wallet systems can create new forms of vendor dependence and systemic risk that could undermine the decentralization principles that make cryptocurrency valuable. The need to balance innovation with philosophical consistency will be an ongoing challenge for the cryptocurrency community.

但技術進步同時帶來全新風險和挑戰需慎重處理。先進錢包系統本身的複雜性，或會引致新的供應商依賴及系統性風險，動搖加密貨幣賴以為本的去中心化原則。如何在創新與理念堅持之間平衡，將會是加密社群持續需要面對的難題。

The path forward requires continued investment in user education, technical standards development, and

——（未完，需要用戶補充完整內容以繼續翻譯）regulatory clarity to ensure that advanced wallet technologies can realize their potential while maintaining the principles of financial sovereignty and decentralization that define cryptocurrency's value proposition. The choices made by wallet developers, users, and regulators over the next few years will likely determine whether cryptocurrency achieves its promise of democratizing financial access or remains a niche technology for specialists.

最終，任何錢包技術的成功與否，不僅要看其技術層面的能力，更要看它是否能夠賦權予個人和機構，讓他們在日益複雜的數碼經濟中，安全有效地掌控自己的財務生活。那些能夠同時實現這一基本目標，並適應用戶需求和科技能力不斷變化的錢包技術，將會更廣泛地塑造加密貨幣及數碼金融的未來。

As we stand at this technological crossroads, the decisions made by individual users, organizations, and service providers will collectively determine which path the cryptocurrency ecosystem follows. 現時擁有令自主管理資產既安全又容易的技術，挑戰在於如何以實踐加密貨幣創始原則同時，亦滿足全球金融系統實際需要嘅方式將呢啲技術落實。金錢未來發展，很大程度上就取決於能否取得正確既平衡。