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, stated Cointelegraph.
Sources revealed, “What the chain sees is a guarded account, if it has the feature activated, and for that account, it requires that any outgoing transaction carry two signatures, one from the account owner and the second one from the guardian, through a guarded transaction,” Beniamin Mincu, CEO, MultiversX, explained.
According to Cointelegraph, Mincu mentioned that the approach to 2FA protection embedded in the protocol is still in the process of being carried out by other protocols.
However, Mincu believes the fundamental principles behind the MultiversX guardian approach are possible on other blockchain protocols. Furthermore, “The concept of using a device-based authenticator to enable 2FA protection could certainly cause a paradigm shift within our industry,” Beniamin Mincu told Cointelegraph.
(With insights from Cointelegraph)
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