The future landscape of transactional security is set to change with the launch of on-chain two-factor authentication (2FA) by MultiversX. This revolutionary feature could potentially redefine blockchain protocols across the globe.
2FA has been a long-standing security measure for online transactions, and MultiversX is integrating it to lend an additional layer of safety to its blockchain network. The new guardian service uses Google Authenticator, Authy, Duo, Microsoft Authenticator, or biometrics to provide a second signature for transactions before they’re processed on-chain.
Unlike existing measures that protect wallet accounts, the guardian feature doesn’t necessitate the storage of more private keys, nor does it accentuate the backup scheme’s frailty. While these factors allude towards an edge by minimizing user trade-offs and hurdles, it’s noteworthy that other protocols have not yet adopted this approach. This could simply be due to the novelty of the initiative, and a lack of understanding and trust in the effectiveness.
Another mild worry that surfaces is the fact that while the 2FA does not strictly operate on-chain, transactions require 2FA codes to be executed, presenting a thin line of reliance on a third-party system for the transactional integrity of a blockchain network.
At the end of the day, as blockchain technology becomes more widespread, there is a necessity for layers of security that do not compromise on user experience. This harmonious balance is crucial, and MultiversX’s guardian service could just be the innovation steering the industry in a new direction. But the question remains: Can it successfully bypass the hurdles of skepticism and unfamiliarity, and find a place in the larger world of blockchain networks?
Transcending to the spectrum of cryptocurrency, Celsius Network has drawn attention, but for rather unpleasant reasons. The crypto lender, which was recently slapped with a massive $4.7 billion fine by the FTC, seems to be garnering a mixed response from the crypto community. Despite Celsius grappling with bankruptcy proceedings, the firm assured that its resolutions will not affect its Chapter 11 plan or its responsibility towards its customer’s interests.
Unsurprisingly, this announcement was met with stark criticism. Twitter users found it inappropriate, demanding an apology, rather than a display of contentment amidst legal proceedings on such a massive scale. This incident serves as a stark reminder of the need for trust and transparency in the ever-evolving crypto world.
Source: Cointelegraph
