MultiversX, a blockchain protocol, has introduced a new custody service that utilizes two-factor authentication (2FA) as an additional transaction signing measure. The CEO of MultiversX, Beniamin Mincu, explained in an interview that this feature requires a second signature be fore transactions are processed on the blockchain. Users can leverage protected transactions and accounts as a secondary security mechanism by utilizing popular authentication apps like Google Authenticator, Authy, Duo, Microsoft Authenticator, or biometrics.
Mincu highlighted the uniqueness of this approach, where protected accounts require two signatures for outgoing transactions: one from the account owner and another from the guardian. To activate the guardian service, users must create guardian addresses that provide 2FA-controlled signatures. during the registration process, the wallet will guide users to complete registration by issuing a transaction to the MultiversX network, designating the generated address as the guardian of their account.
Once an account is secured on-chain, transactions initiated by the user need both the user's and guardian's signatures. When a user with a protected account sends a transaction and provides a valid 2FA code service, the guardian will supply a valid guardian signature for the transaction. Although the 2FA is not stored on the blockchain itself, authentication codes are required to execute transactions. Mincu emphasized that this 2FA protection method, embedded in the protocol, sets it apart from other protocols.
Unlike existing solutions that may require storing additional private keys or introducing vulnerabilities in backup schemes, MultiversX's guardian approach does not have these limitations. Many cryptocurrency wallets and exchange services already utilize 2FA for added security during logins and user transactions. However, Mincu believes that the The concept of using device-based authenticators for 2FA protection has the potential to revolutionize the industry.
Mincu further noted that while ensuring extra security, it is crucial not to compromise user experience. The aim should be to reduce the friction involved in signing transactions. Two-factor authentication has been a significant component in the cryptocurrency space for years, with platforms like Kraken implementing additional security measures in 2019 to safeguard user login attempts.
With the introduction of the MultiversX custody service, the protocol aims to enhance security measures by leveraging 2FA and guardianship for transaction signing, providing users with an added layer of protection without compromising convenience.
