One startup says it is offering two-factor authentication on blockchain for the first time.
Shield Protocol takes on Authy and Google Authenticator – providing security while avoiding data collection and centralized storage. A simple user interface also means that it is a tool that is accessible to everyday users.
The project is based on Binance Smart Chain and is currently being integrated with Polygon. It also offers a dedicated wallet that can be used to securely store multiple cryptocurrency assets.
Across the crypto community (and in the fiat world), security experts have emphasized the importance of two-factor authentication for the security of accounts. This technology adds an extra layer of protection by effectively adding another lock before funds can be accessed. For example, entering a password on an exchange website can prompt the user to enter an automatically generated six-digit code using a special authentication app.
These apps are generally considered to be a more secure alternative to two-factor authentication via SMS, not least because cell phone numbers can be forged and users are given a false sense of security.
A crucial factor that determines the success of two-factor authentication is whether it is easy to use or not. A complicated user interface that is cumbersome to use can put users off, which means they are putting themselves at risk.
When comparing its offering to well-known competitors, Shield Protocol says it offers a backup feature in case users lose their phone or delete the app. The two-factor authentication backup is integrated in Binance Smart Chain and not on centralized servers. All they have to do is enter their connected wallet’s private key for everything to be fully restored.
The project also says that the fact that it is based on blockchain helps reduce the risk of a data breach, where personal data collected by companies is used to reach victims.
And even though it’s based on the blockchain, Shield Protocol says it’s compatible with some of the world’s most popular online platforms. These include crypto exchanges like Binance and Coinbase, social networks like Facebook and Twitter, and e-commerce platforms like Amazon.
The project told Cointelegraph, “We are targeting more than four billion users who have online accounts – be it a social network, a trading account or a bank account. Everyone needs 2FA, and every website that offers 2FA can be connected using the Shield protocol. “
More information from the Shield Protocol here
Shield Protocol says it offers strong four-level encryption – and adds that its fully functional apps for iOS and Android have been downloaded more than 30,000 times, attracting over 12,000 monthly active users in the process.
Numerous new features are planned for the next 12 months, including staking, an NFT platform and bridges to other blockchains.
Eliminating creeping centralization of security measures is a top priority of Shield Protocol, especially after a spate of high-profile hacks and leaks. Password disclosure can be especially dangerous for those who use passwords across multiple accounts.
Shield’s approach to two-factor authentication is said to lack a single point of failure, as data records are distributed over a decentralized network.
A number of products will be unveiled later this year that will transform Shield into a fully functional ecosystem. Desktop apps will be featured for Windows, Mac OS, and Linux, with an aggressive social marketing campaign to get the word out. New security tools are also being added to the app, and executives are planning to partner with key industry players.
Rahul Sharma, CEO of Shield Protocol, is doing her PhD in Artificial Intelligence. He is a cybersecurity professional with over 10 years experience and this product is part of his research.
Learn more about the Shield Protocol
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