Snaps

Chains

MultiversX

Cloud

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: <a href="https://cointelegraph.com/news/multivers-x-cornell-launch-sponsored-blockchain-education-program" rel="noopener noreferrer nofollow">MultiversX and Cornell launch sponsored blockchain education program</a>
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.”
<blockquote data-ct-non-breakable="true">
 “By removing barriers to multichain exploration, we highlight the performance, cost-efficiency, and scalability of MultiversX like never before."&nbsp;
</blockquote>
<h2 data-ct-non-breakable="true" id="2fa-security-implications">2FA security implications</h2>
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: <a href="https://cointelegraph.com/news/multiversx-boosts-l2-tps-sovereign-chains" rel="noopener noreferrer nofollow">MultiversX boosts layer-2 transaction speed with Sovereign Chains</a>
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.
<blockquote data-ct-non-breakable="true">
 “It facilitates accessibility to the MultiversX ecosystem, its opportunities and innovations, providing MetaMask users with an integrated experience to most of our recent developments.”
</blockquote>
<h2 data-ct-non-breakable="true" id="the-rationale-behind-the-new-integration">The rationale behind the new integration</h2>
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: <a href="https://cointelegraph.com/news/google-cloud-joins-multiversx-amid-metaverse-focus" rel="noopener noreferrer nofollow">Google Cloud teams up with MultiversX amid blockchain firm’s focus on metaverse</a>
Although the compromised seed phrase was accessible to the public, the funds remained secure due to the onchain 2FA feature.
<h2 data-ct-non-breakable="true" id="multiversx-and-cornell-blockchain-education-program">MultiversX and Cornell blockchain education program</h2>
On June 12, MultiversX <a href="https://cointelegraph.com/news/multivers-x-cornell-launch-sponsored-blockchain-education-program" rel="noopener noreferrer nofollow">launched a sponsored blockchain education program</a> 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.”
Magazine: <a href="https://cointelegraph.com/magazine/china-crypto-ban-investors/" rel="noopener noreferrer nofollow">How Chinese traders and miners get around China’s crypto ban</a>

MetaMask users gain 2FA security via MultiversX Snap integration

Table of Contents

Cointelegraph

Other articles published on Aug 8, 2024

Are Solana (SOL) and Cardano (ADA) On Track to Upstage Bitcoin?

AI hits ‘trough of disillusionment’ but AI bubble not over yet despite correction: AI Eye

XRP Wins Big Against SEC: Court Confirms It's Not a Security

Assessing XRP’s +10% rally – Ripple’s DIFC news to the rescue?

Was Bitcoin’s Meltdown an Overreaction? Analyst Explains Why the Price Could Target $95K

Wells Fargo to Launch Bitcoin ETFs as Crypto Focus Increases

Join our free newsletter for daily crypto updates!