MultiversX launches on-chain two-factor authentication standard
Blockchain protocol MultiversX has implemented a novel two-factor authentication mechanism to add additional security to its network. 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: “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 guar...