MultiversX to Debut 2FA Standard: Details

Although 2FA is unlikely to take place entirely on-chain, trades on MultiversX must require the execution of authentication codes. 

Two-factor authentication (2FA), a tested privacy protection mechanism, has recently been implemented as an extra precaution on the MultiversX blockchain protocol.

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MultiversX Unveils New Security Measure

As per a report, the CEO of MultiversX, a secure and decentralized blockchain network, Beniamin Mincu has revealed the protocol’s new security measure.

To offer a second verification for transactions prior to when they undergo processing on-chain, the option uses Google Authenticator, Authy, Duo, Microsoft Authenticator, or biometrics.

An Additional Protection Layer for Users

Mincu refers to the technique’s originality, since it enables customers to employ protected transactions and accounts as an additional secure layer. 

Trade Settlements to Require 2FA

Mincu states: “What the chain sees is a guarded account, if it has the feature activated, and for that account, it requires that any outgoing transaction carry two signatures, one from the account owner and the second one from the guardian, through a guarded transaction.”

Although 2FA is unlikely to take place entirely on-chain, trades must require the execution of authentication codes. 

According to Mincu, other protocols have yet to implement the method of 2FA protection inherent in the protocol on MultiversX.

MultiversX Believes 2FA Implementation Might Cause a Paradigm Shift

He noted, “as opposed to existing solutions that provide extra protection for wallet accounts, Guardians don’t require storing more private keys and don’t add additional fragility to the backup scheme, which are important tradeoffs and barriers for users,” while further adding, “the concept of using a device-based authenticator to enable 2FA protection could certainly cause a paradigm shift within our industry.”

Amongst implementing several storage options like regularly backing up your wallet and updating wallet software, two factor authentication is one of the most advantageous practices to adhere to for safely storing your Bitcoin.

Jimmy Su, Binance’s Chief Security Officer, recently revealed the manner in which fraudsters and hackers have now focused their attacks on crypto users, particularly those with poor “security hygiene.” As per the CSO, these hackers have created a well developed ecosystem in the dark web that now collaborates to target and defraud naive yet vulnerable users.

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