Blockchain protocol MultiversX has introduced a novel two-factor authentication (2FA) mechanism to bolster the security of its network. MultiversX CEO Beniamin Mincu explained the protocol’s new guardian service, which utilizes popular authentication methods such as Google Authenticator, Authy, Duo, Microsoft Authenticator, or biometrics to provide an additional layer of transaction signing on the blockchain.
The guardian service requires users to create a guardian address, enabling 2FA-controlled signatures. Once the registration process is complete, the service-generated address becomes the guardian for the user’s account. Guarded accounts on MultiversX’s blockchain mandate that outgoing transactions carry two signatures: one from the account owner and the second from the guardian through a guarded transaction.
While the actual 2FA process does not occur on-chain, transactions necessitate the input of authentication codes for execution. This innovative approach to 2FA protection distinguishes MultiversX from other protocols, as it doesn’t require storing additional private keys or introduce fragility to the backup scheme, addressing important concerns for users.
Although many cryptocurrency wallets and exchange services already employ 2FA at the application level to confirm logins and transactions, MultiversX believes its Guardian approach can serve as a model for other blockchain protocols. By utilizing device-based authenticators to enable 2FA protection, this concept has the potential to reshape the industry’s approach to security.
MultiversX recognizes the importance of maintaining a seamless user experience while enhancing security measures. They aim to minimize friction in transaction signing without compromising on the robustness of security.
In the broader context of the cryptocurrency space, 2FA has been widely adopted by exchanges and wallets to fortify login attempts. MultiversX’s implementation of on-chain 2FA further reinforces the importance of security in the blockchain ecosystem.
By providing an additional layer of authentication for transactions, MultiversX is setting new standards for blockchain security. Their innovative approach to 2FA has the potential to inspire other protocols to adopt similar measures, ensuring enhanced protection for users’ accounts and assets.