MultiversX Implements Two-Factor Authentication as Transaction Signing Measure July 14, 2023 July 14, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 14, 2023 by Kelly Cromley

MultiversX Implements Two-Factor Authentication as Transaction Signing Measure

MultiversX, a blockchain protocol, has integrated two-factor authentication (2FA) as an additional security measure for transaction signing. Beniamin Mincu, CEO of MultiversX, explained that when the feature is activated, the blockchain perceives an account as guarded, requiring two signatures for outgoing transactions. One signature is from the account owner, and the second is from the guardian through a guarded transaction.

Mincu noted that while the implementation of 2FA protection within the protocol is still underway, other blockchain protocols are also exploring similar approaches. He believes that the core principles behind MultiversX’s guardian approach can be adopted by other protocols. Mincu further expressed his belief that the use of a device-based authenticator for enabling 2FA protection has the potential to revolutionize the industry.

The integration of two-factor authentication on MultiversX’s blockchain protocol marks a significant step in enhancing online security measures. The implementation of this technology not only strengthens the protection of user accounts but also ensures secure transaction processing. With the potential for widespread adoption, the industry may experience a paradigm shift in the way blockchain protocols approach security measures.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.