MultiversX Proposes Significant Blockchain Update with Spica Network Upgrade
MultiversX has put forward a substantial update to its blockchain platform through the upcoming Spica network upgrade, which is currently under governance voting.
Addressing Password and Secret Phrase Limitations
Password and secret phrase authentication has long been the standard for securing online accounts and wallets; however, these methods come with challenges. Passwords, often reused and simplistic, can leave users exposed to breaches. While secret phrases are generally more secure, they can be difficult to remember and manage, leading to user errors.
Introduction of Passkeys
Passkeys are viewed as an alternative to traditional authentication methods. They generate unique pairs of cryptographic keys, with the private key stored on the user’s device and the public key registered with the service. This method employs local authentication, such as biometric verification, to secure access without relying on passwords or secret phrases.
Enhancing Wallet Management and Security
The Spica upgrade aims to introduce passkeys at the protocol level, simplifying wallet management and enhancing security for users of the MultiversX platform.
Implementation and Governance
If approved, the Spica upgrade will implement additional smart contracts to support the use of passkeys within the MultiversX network. These contracts would enable MultiversX addresses to link their private keys to the unique device key, facilitating secure authentication on the device.
The governance vote will determine whether this proposed feature, along with others such as enhanced ESDT functionality and dynamic NFTs, will be integrated into the platform.
