Two-step verification (2FA) serves as a well-established and proven online security measure, and it is now being utilized as an extra means of validating transactions on MultiversX’s blockchain protocol. In a discussion with Cointelegraph, Beniamin Mincu, the CEO of MultiversX, shed light on the protocol’s innovative guardian service. This feature leverages Google Authenticator, Authy, Duo, Microsoft Authenticator, or biometrics to provide a secondary signature for transactions prior to their processing on the blockchain. Mincu highlights the novelty of this approach. Enabling users to employ guarded transactions and accounts as an additional layer of security. He explains:
“When activated, the blockchain perceives the account as guarded, and any outgoing transaction from that account necessitates two signatures. One from the account owner and the other from the guardian, through a protected transaction.”
To utilize the guardian service, users are require to create a guardian address for 2FA-controlled signatures. During the registration process, the wallet prompts users to complete their registration by initiating a transaction to the MultiversX network. Which designates the service-generated address as the guardian for their account. Once an account is guard on the blockchain. Transactions initiated by the user demand both the user’s and the guardian’s signatures.
The guardian service provides a valid guardian signature for user transactions whenever a user with a guarded account sends a transaction from their wallet and provides a valid 2FA code. While 2FA does not strictly occur on the blockchain itself, transactions necessitate authentication codes for execution. Mincu emphasizes that the approach to 2FA protection integrated into the protocol has yet to implemented by other protocols.
“Unlike existing solutions that offer additional protection for wallet accounts. Guardians do not require storing more private keys and do not introduce additional vulnerability to the backup system. These are important considerations and obstacles for users.”
Numerous cryptocurrency wallets and exchange services utilize 2FA as an extra security measure to verify logins and user transactions at the application level. However, Mincu believes that the fundamental principles underlying MultiversX’s guardian approach can applied to other blockchain protocols as well:
“The notion of employing a device-based authenticator to enable 2FA protection has the potential to bring about a significant paradigm shift within our industry.”
Furthermore, Mincu asserts that additional security measures should not come at the expense of user experience and should aim to minimize any disruptions during transaction signing.
MultiversX Two-step verification has long been an integral part of the cryptocurrency space. With exchanges like Kraken making it mandatory for users since 2019 to secure their login attempts.