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The MultiversX Snap for MetaMask introduces a new level of security, embedding two-factor authentication directly into the blockchain protocol for enhanced protection.
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MultiversX, a non-Ethereum Virtual Machine (EVM) blockchain, has introduced MultiversX Snap for MetaMask, featuring an onchain two-factor authentication (2FA) protective feature.
According to a press release shared with Cointelegraph, MultiversX Snap allows MetaMask users to connect to the MultiversX ecosystem while enhancing security measures via 2FA.
MetaMask Snaps are third-party audited add-ons that provide users with extended functionality beyond the normal features of the MetaMask wallet.
Related: MultiversX and Cornell launch sponsored blockchain education program
Speaking with Cointelegraph, Beniamin Mincu, co-founder and CEO of MultiversX, explained that the firm views “efforts like MetaMask Snap as a big win for the industry.”
“By removing barriers to multichain exploration, we highlight the performance, cost-efficiency, and scalability of MultiversX like never before.”
2FA security implications
Integrating MultiversX’s 2FA feature into MetaMask aims to offer a substantial security feature improvement to MetaMask users.
According to the press release, the 2FA feature is “embedded into the sharded protocol itself,” ensuring compatibility across applications and wallets within the ecosystem.
Related: MultiversX boosts layer-2 transaction speed with Sovereign Chains
Lucian Mincu, chief information officer at MultiversX Labs, explained that the new integration “offers an important preview” for what “Sovereign Chains SDK for next-gen” layer 2s can provide Web3.
“It facilitates accessibility to the MultiversX ecosystem, its opportunities and innovations, providing MetaMask users with an integrated experience to most of our recent developments.”
The rationale behind the new integration
According to the press release, “324,000 users fell victim to crypto phishing scams” in 2023, accounting for over $300 million in digital assets losses.
In light of this, MultiversX developed its onchain 2FA solution — the Guardians — to prevent fund theft, even when a user’s secret phrase has been compromised.
The press release states that the Guardians were “publicly tested” via community initiatives. One example, dubbed EGLDHeist, is cited, where a wallet seed phrase was publicly shared.
Related: Google Cloud teams up with MultiversX amid blockchain firm’s focus on metaverse
Although the compromised seed phrase was accessible to the public, the funds remained secure due to the onchain 2FA feature.
MultiversX and Cornell blockchain education program
On June 12, MultiversX launched a sponsored blockchain education program for underserved college students in collaboration with Cornell University’s eCornell.
The program aimed to offer 100 students the opportunity to participate in a two-month educational experience that would award a certificate upon completion.
The online program was offered via private cohorts involving small, instructor-led groups to ensure students were provided with “personalized attention and a supportive environment.”
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This article first appeared at Cointelegraph.com News
