MultiversX has proposed a significant update to its blockchain platform with the upcoming Spica network upgrade, which is currently under governance vote.
Limitations of Passwords and Secret Phrases
Passwords and secret phrases have long been the standard for securing online accounts and wallets, but they come with challenges. Passwords, often reused and simple, can leave users vulnerable to breaches. Secret phrases, while more secure, can be difficult to remember and manage, leading to potential user errors.
Introduction of Passkeys
Passkeys are being considered as an alternative to traditional authentication methods. They create unique cryptographic key pairs, with the private key stored on the user’s device and the public key registered with the service. This method uses local authentication, such as biometric verification, to secure access without relying on passwords or secret phrases. The Spica upgrade aims to introduce passkeys at the protocol level, potentially simplifying wallet management and enhancing security for users on the MultiversX platform.
Implementation and Governance
If approved, the Spica upgrade would implement additional smart contracts to support the use of passkeys on the MultiversX network. These contracts would enable MultiversX addresses to link their private keys to a device’s unique key, facilitating secure on-device authentication. The governance vote will determine whether this and other proposed features, such as enhanced ESDT functionality and dynamic NFTs, will be integrated into the platform.
The Spica upgrade represents a significant step forward for MultiversX, offering more secure and convenient authentication methods for users. The outcome of the governance vote will be crucial in determining the platform’s future development.
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