Aptos Labs Introduces Passkeys for Secure Transactions
Aptos Labs has developed a new method for users to sign transactions on its blockchain network, eliminating the need for passwords. The passkey authenticator on Aptos allows users to validate transactions using their passkey signature and public key. This eliminates the risk of forgetting passwords and losing access to wallets.
Advantages of Aptos Passkeys
Aptos passkeys offer a user-friendly experience similar to Apple Pay or Google Pay. Users can store their private key directly on their device and sync it with backup providers such as iCloud or Google Password Manager. This allows them to sign transactions directly with the passkey, without relying on external services.
Comparison to Other Projects
Other projects like Dynamic Wallet and Turnkey also provide passkey authentication, but they store the private key on external systems like Amazon Web Services Nitro Enclave. In contrast, Aptos keeps the private key on the user’s device for added security.
Aptos TVL and Funding
Aptos Labs launched its blockchain in October 2022 and has raised $350 million in funding from investors including a16z, Tiger Global, Multicoin Capital, and Franklin Templeton. The current total value locked (TVL) of Aptos stands at around $176 million, compared to its competitor Sui with a TVL of over $561 million.
Source: DeFiLlama data.
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