Securing the Multiverse: MultiversX Introduces On-Chain Two-Factor Authentication Standard

MultiversX, a leading blockchain protocol, has unveiled a groundbreaking feature that incorporates two-factor authentication (2FA) as an additional layer of security for transaction signing. This innovative approach aims to bolster the protection of user accounts and transactions within the MultiversX ecosystem.

MultiversX CEO Beniamin Mincu shared insights into the newly introduced guardian service, which leverages popular authentication methods such as Google Authenticator, Authy, Duo, Microsoft Authenticator, or biometrics. With this service, transactions on the MultiversX blockchain require two signatures: one from the account owner and the other from the guardian, facilitated through a guarded transaction.

Mincu emphasized the unique nature of this approach, highlighting the utilization of guarded accounts and transactions as a secondary security mechanism. When a user activates the guardian service, their account is transformed into a guarded account, where outgoing transactions mandate the approval of both the account owner and the designated guardian.

To enable the guardian service, users must create a guardian address that will provide the 2FA-controlled signatures. During the registration process, the wallet prompts the user to complete the setup by initiating a transaction on the MultiversX network, linking the service-generated address as the guardian for their account.

Once an account is guarded on-chain, any transaction initiated by the user necessitates the presence of both the user’s and the guardian’s signatures. The guardian service generates a valid guardian signature when a user with a guarded account initiates a transaction and provides a valid 2FA code.

While the 2FA process itself does not occur on the blockchain, the execution of transactions requires authentication codes. Mincu noted that this unique approach to 2FA protection has yet to be implemented by other blockchain protocols.

Compared to existing solutions that enhance wallet account security, MultiversX’s guardians do not require the storage of additional private keys, eliminating the need for complex backup schemes and minimizing potential vulnerabilities, a significant advantage for users.

Although 2FA is already widely used in the cryptocurrency space, typically at the application level for login confirmations and transaction approvals, Mincu believes that the MultiversX guardian approach has the potential to revolutionize the industry. He emphasized the significance of device-based authenticators enabling 2FA protection and how they can reshape the security landscape.

Mincu further stressed the importance of balancing enhanced security with user experience, ensuring that the integration of additional security measures does not hinder the seamless execution of transactions.

With the rising need for robust security measures in the cryptocurrency industry, MultiversX’s introduction of on-chain 2FA standard sets a new precedent, building trust and reinforcing the protection of user accounts and transactions within the protocol.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you