MultiversX, a blockchain platform not based on the Ethereum Virtual Machine (EVM), has introduced a significant upgrade for MetaMask users with the launch of MultiversX Snap. This new feature integrates onchain two-factor authentication (2FA), bolstering security for users connecting to the MultiversX ecosystem.
Overview of MultiversX Snap
MultiversX Snap extends the functionality of the MetaMask wallet through third-party audited add-ons, known as MetaMask Snaps. These add-ons enhance the wallet’s capabilities beyond its standard features, facilitating a more secure and integrated user experience.
Enhancing Security with 2FA
The newly integrated 2FA feature is designed to enhance security significantly for MetaMask users by embedding the authentication process directly into MultiversX’s sharded protocol. This integration ensures compatibility across all applications and wallets within the MultiversX ecosystem, safeguarding against unauthorized access and potential security threats.
Beniamin Mincu, co-founder and CEO of MultiversX, emphasized the benefits of the integration, stating, “By removing barriers to multichain exploration, we highlight the performance, cost-efficiency, and scalability of MultiversX like never before.”
Technical Insights
Lucian Mincu, Chief Information Officer at MultiversX Labs, described the integration as a crucial development for next-generation layer 2 solutions. “It facilitates accessibility to the MultiversX ecosystem, its opportunities and innovations, providing MetaMask users with an integrated experience to most of our recent developments,” he explained.
Addressing Crypto Security Concerns
The initiative comes in response to the growing concerns over crypto security, highlighted by the alarming statistic that 324,000 users fell victim to crypto phishing scams in 2023, with losses exceeding $300 million in digital assets. To combat this, MultiversX developed the onchain 2FA solution known as the Guardians to prevent fund theft, even when a user’s secret phrase is compromised.
An example of this security feature’s effectiveness was demonstrated in a public test dubbed EGLDHeist, where despite a compromised wallet seed phrase being publicly shared, the funds remained secure due to the onchain 2FA feature.
Educational Initiatives
Alongside its technological innovations, MultiversX is also committed to education and development within the blockchain space. On June 12, the platform, in collaboration with Cornell University’s eCornell, launched a blockchain education program aimed at underserved college students. The program offers a two-month educational course designed to provide students with a supportive and personalized learning environment, culminating in a certification upon completion.
| Feature | Description | Impact |
|---|---|---|
| Onchain 2FA | Enhances security through two-factor authentication | Reduces risk of unauthorized access |
| MetaMask Snap Integration | Extends wallet functionality with add-ons | Improves user experience and security |
| Educational Programs | Offers blockchain courses for college students | Promotes knowledge and skill development |
The integration of MultiversX Snap with MetaMask represents a significant advancement in cryptocurrency wallet security, offering robust protection against increasingly sophisticated cyber threats. This development not only enhances user security but also aligns with broader efforts to foster a safer and more inclusive digital asset environment.
Featured image credit: PiggyBank Canada via Flickr
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