MultiversX has introduced Guardians, an on-chain two-factor authentication (2FA) feature for wallet security.
With Guardians, users gain an added layer of security against common scams and thefts, MultiversX said, claiming that even in the event of compromised private keys, users can maintain control of their funds.
“The Guardians feature has been thoroughly battle-tested in a public $20,000 hacking competition, where hundreds of participants, including security experts, unsuccessfully tried to get the bounty from a guarded account despite knowing the 24 words secret phrase that has been leaked publicly,” it said.
“We still see too many users losing funds because they share their keys with strangers or on fake websites," MultiversX CEO Beniamin Mincu added. The cost of not taking action is easily in the billions of dollars and a significant obstacle adoption-wise. Guardians introduce an industry-first protection for users and make wallet accounts resilient against the most common scams and theft.”
The feature has already been integrated into multiple wallet solutions with a combined 1 million users, MultiversX claimed. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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