Key Points:
MultiversX introduces Guardians, an on-chain 2FA security standard for crypto protection.
Users can leverage popular 2FA methods and assign a guardian to their accounts for added security.
Guardians undergo thorough testing, ensuring strong protection against scams and theft of funds.
In a groundbreaking move, MultiversX, previously known as Elrond, has unveiled Guardians, a cutting-edge on-chain two-factor authentication (2FA) security standard designed to combat crypto scams and theft.
By utilizing well-known 2FA methods such as Microsoft Authenticator, Authy, or Google Authenticator, MultiversX empowers users to safeguard their accounts against unauthorized actions, according to a company statement.
Billions of USD stolen.Millions of users impacted.That's why we created Guardians â Onchain 2FA protection for all #MultiversX wallets.Activate it & safeguard your #EGLD & digital assets like never before.Available today, after epoch change, 16 UTChttps://t.co/X0CAyF0teg pic.twitter.com/MM8ymX8sXi
â Beniamin Mincu | MultiversX.com (@beniaminmincu) July 14, 2023
With the introduction of the guardian service, users are required to create a dedicated guardian address to enable 2FA-controlled signatures. During the registration process, the wallet prompts users to complete the setup by conducting a transaction on the MultiversX network, establishing the service-generated address as their accountâs guardian. Once an account is protected on-chain, transactions initiated by users necessitate both their own and the guardianâs signatures. Whenever a user with a guarded account sends a transaction from their wallet and provides a valid 2FA code, the guardian service will furnish a valid guardian signature for the user transaction.
The cryptocurrency landscape has long been plagued by scams and thefts, leading to significant financial losses for users. According to a report by the Federal Trade Commission, crypto phishing attacks alone result in annual losses exceeding $1 billion. MultiversX aims to address these vulnerabilities with the introduction of Guardians, offering users an additional layer of security against common scams and thefts. Even in the event of compromised private keys, users can retain control over their funds, ensuring greater peace of mind.
MultiversX emphasized that the primary objective of the Guardians feature is to protect users from potential attacks. Users have the ability to assign another entity as their Guardian, which entails the guardian also signing all transactions once activated. To ensure the effectiveness of the Guardians feature, MultiversX conducted extensive internal testing and even organized a public $20,000 hacking competition. Despite the participation of numerous security experts, none were able to claim the bounty from a guarded account, where the secret phrase consisting of 24 words had been publicly leaked.
MultiversXâs Guardians represent a groundbreaking advancement in the realm of cryptocurrency security, offering users enhanced protection and control over their digital assets. With its robust testing and commitment to user safety, the company has demonstrated its dedication to pioneering secure solutions in the crypto industry.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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