MultiversX’s on-chain 2FA, “The Guardians,” adds a secure, user-friendly protection layer against crypto phishing scams.
With simple multi-signature features, MultiversX 2FA shields crypto wallets even when secret phrases are exposed.
Tested through community events, MultiversX’s 2FA solution ensures robust crypto security without complex user setups.
MultiversX addressed the security threats in the Web3 sector at a time when cryptocurrency
phishing attacks
cost users more than $300 million in 2023 alone. With “The Guardians,” their on-chain 2FA solution, secure cryptocurrency transactions are made possible.
This solution adds a second layer of protection, even when secret phrases are compromised. Additionally, it’s easy to use and doesn’t require complex user changes, marking a major shift in how on-chain security is handled.
A group of pioneers is about to send an encouraging message across crypto.
There’s a way to fully leverage the benefits of on-chain, with design choices based on needs and not outsourced limitations.
w/ Sovereign Chains. Weekly
#multiversxtech
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September 22, 2024
MultiversX’s on-chain 2FA solution operates through a multi-signature system. It requires a secondary confirmation for signing transactions. However, unlike most multi-sig systems, it keeps the process simple and user-friendly.
Instead of complex setups, users can leverage familiar tools like Google and Microsoft authenticators. Besides, there’s no need for additional seed backups or
migrating to new wallets
. This approach ensures seamless integration with existing crypto routines.
Additionally, the system has proven its reliability. A notable example is the EGLDHeist initiative, where the seed phrase of a wallet containing a 5-figure bounty was publicly shared. Despite the post reaching millions of views, the funds remain untouched, thanks to the 2FA solution. The security layer demonstrates its ability to prevent attackers from accessing assets, even under extreme circumstances.
Moreover, the Guardians provide several layers of protection. Even if users lose their authentication keys, the wallet remains safe. Consequently, this mitigates the risk of a single point of failure.
MultiversX is taking a step further by offering its innovative features through the
MetaMask Snap
, enabling fast and seamless access to its ecosystem. However, the on-chain 2FA solution is currently exclusive to the MultiversX ecosystem and not yet available on Ethereum or other EVM-based chains.
Significantly, the solution has been tested in both incentivized events and community initiatives. The security offered by this on-chain 2FA stands out in an era of
increasing crypto threats
. As Web3 continues to grow, solutions like MultiversX’s Guardians are crucial in ensuring the safety of users.
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