- 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.
User-Friendly Multi-Signature Protection
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.
Real-World Testing Proves Reliability
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.
Expanding the Ecosystem with MetaMask Snap Integration
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.
The post Guarding Your Crypto: How MultiversX’s 2FA is Changing the Game Against Phishing appeared first on Crypto News Land.
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