MultiversX launches on-chain two-factor authentication standard

cointelegraph.com:

Two-factor authentication (2FA) is a tried and tested online security measure, and the technology is now being used as an additional transaction signing measure on MultiversX’s blockchain protocol.

MultiversX CEO Beniamin Mincu unpacked the protocol’s new guardian service in conversation with Cointelegraph. The feature makes use of Google Authenticator, Authy, Duo, Microsoft Authenticator or biometrics to provide a second signature for transactions before they are processed on-chain.

Mincu outlines the novelty of the approach, which allows users to make use of guarded transactions and accounts to act as a secondary security mechanism:

The guardian service requires users to create a guardian address to provide 2FA-controlled signatures. Part of the sign-up process sees the wallet prompt the user to finalize the registration by issuing a transaction to the MultiversX network, which will set the service-generated address as a guardian for their account.

After an account becomes guarded on-chain, transactions issued by the user require both the user’s and the guardian’s signatures. A valid guardian signature for the user transaction will be provided by the guardian service whenever a user that has a guarded account sends a transaction from their wallet and provides a valid 2FA code.

Related: The danger with Google’s new cloud backup for 2FA authenticator

While 2FA does not strictly take place on-chain, transactions require authentication codes to be executed. Mincu added that the approach to 2FA protection embedded in the protocol is yet to be carried out by other protocols.

Many cryptocurrency wallets and exchange services tap into 2FA as an added measure to confirm logins and user transactions at an application level.