On-Chain Two-Factor Authentication Standard Launched By MultiversX

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MultiversX

Those who are well versed in blockchain security systems would know that two-factor authentication is a tried and tested online measure- with the technology currently being used as a measure of the transaction on the blockchain protocol of MultiversX. The CEO of the company, Beniamin Mincu, recently unpacked the new guardian service of the protocol in a conversation with Cointelegraph.

The feature makes heavy use of Authy, Google Authenticator, Microsoft Authenticator, Duo, or any other biometrics in order to bring about a second signature for transactions- before they end up being processed on-chain. Mincu has also outlined the novelty of this particular approach- which would allow the users to make use of the guarded transactions- which would then be a secondary security mechanism. 

MultiversX Has Launched A New Additional Security Measure

MultiversX’s guardian service also requires the users to bring about a guardian address in order to provide 2FA- controlled signatures. A major part of the sign-up process would entail the wallet prompting the user to finalize the registration by issuing a transaction to the entire network- which would then set the service-generated address as a guardian of their own account.

After the account ends up being guarded on-chain, the transactions which are issued by the user require both the guardian’s and the user’s signatures. For those wondering, a valid guardian signature for the user transaction would be provided by the guardian service- whenever a user sends a transaction from their own wallet, after providing a 2FA code that was valid. 

MultiversX’s CEO added that the additional security will not come at a cost to user experience- and should further be aimed at creating minimal friction when it comes to the signing of transactions.