MultiversX Introduces Guardians: On-Chain 2FA Security Standard
MultiversX, formerly known as Elrond, has launched Guardians, an on-chain two-factor authentication (2FA) security standard. This new feature aims to protect cryptocurrency users from scams and thefts by leveraging popular 2FA methods like Microsoft Authenticator, Authy, or Google Authenticator. With Guardians, users can ensure that only authorized actions are performed on their accounts, even in the event of compromised private keys.
Key Points:
1. Guardians offers an added layer of security against common scams and thefts in the crypto space.
2. The feature has been thoroughly tested in a $20,000 hacking competition, where participants failed to access a guarded account despite knowing the leaked secret phrase.
3. Sharing keys with strangers or on fake websites is a common cause of fund loss, according to MultiversX CEO Beniamin Mincu.
4. Guardians has already been integrated into multiple wallet solutions, serving a combined user base of 1 million.
MultiversX’s Guardians introduces an industry-first protection for users, making wallet accounts resilient against the most common scams and thefts. By implementing this on-chain 2FA security standard, the company aims to mitigate the risk of crypto scams and thefts, which have resulted in billions of dollars in losses annually. With Guardians, users can have peace of mind knowing that their funds are secure, even if their private keys are compromised.
By
By
By
By
By
By