In a move that significantly increases user security, MultiversX has introduced a groundbreaking feature for MetaMask users through its new MultiversX Snap integration. This development integrates an on-chain two-factor authentication (2FA) directly into MetaMask, aiming to elevate protection standards within the blockchain environment.
Technical Enhancements and Features
MultiversX, known for its non-Ethereum Virtual Machine (EVM) framework, developed the MultiversX Snap to allow MetaMask users to securely connect with its ecosystem. By implementing 2FA, the integration increases security and maintains compatibility across various applications and wallets within the Multiverse landscape.
MetaMask Snaps are audited third-party extensions designed to extend the wallet’s core functionalities. This specific Snap, developed by MultiversX, which shows the platform’s commitment to providing secure, efficient, and scalable blockchain solutions.
Security Implications and Industry Impact
With over 324,000 users falling victim to crypto phishing scams in 2023, resulting in losses exceeding $300 million, the need for enhanced security measures is more pressing than ever. The MultiversX Snap addresses this urgent need by embedding a robust 2FA feature directly into the protocol itself, ensuring a fortified defense against unauthorized access.
Beniamin Mincu, Co-founder and CEO of MultiversX, remarked on the integration, stating,
This collaboration with MetaMask marks a significant advancement for the blockchain industry, facilitating safer and more accessible multichain exploration.
Guardians: Onchain 2FA Solution
To combat the increasing risk of fund theft, even in cases where a user’s secret phrase is compromised, MultiversX has innovated its onchain 2FA solution named “Guardians.” This feature was rigorously tested through community-driven initiatives like the EGLDHeist, where even a publicly shared wallet seed phrase couldn’t compromise the secured funds, demonstrating the efficacy of the Guardians system.
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Recently, solidifying its commitment to blockchain education, MultiversX, in collaboration with Cornell University’s eCornell, launched a blockchain education program aimed at underserved college students. This initiative offers 100 participants a comprehensive two-month course that in certification, reflecting MultiversX’s dedication to an educated and secure blockchain community.
