Aptos Introduces Passwordless Passkey Authentication for Transactions

Aptos Introduces Passwordless Passkey Authentication for Transactions

Aptos Introduces Passwordless Passkey Authentication for Transactions

Aptos Labs Introduces Passwordless Passkey Authentication for Transactions

Aptos Labs has unveiled a new method for users to authorize transactions on its Layer 1 blockchain network: passkeys, which eliminate the necessity of setting up passwords.

We have modified the blockchain and developed an innovative passkey authenticator on Aptos that will authenticate a transaction using the passkey signature and public key,” explained Avery Ching, co-founder and CTO of Aptos Labs, in an interview with The Block. “This allows users to authorize transactions with their passkey.”

Aptos Introduces Passwordless Passkey Authentication for Transactions

Presently, when users establish an account in a crypto wallet, they generate a lengthy code or private key, typically safeguarded with a password. Forgetting this password can result in losing access to the wallet unless the key is stored elsewhere. However, with a passkey, authentication becomes possible without passwords, often through Touch ID or Face ID.

Passkeys offer enhanced user convenience, resembling the streamlined experience found in services like Apple Pay or Google Pay, Ching noted.

Users can store the private key for a passkey account directly on their device and synchronize it with their backup provider (e.g., iCloud or Google Password Manager). When they wish to authorize a transaction, they can directly use the passkey for authentication, rather than sending the request to a service for signing,” he elaborated.

While other crypto projects, such as Dynamic Wallet and Turnkey, also offer passkey authentication, Aptos’ approach differs in that users store their private key on their device, as opposed to storing it on systems like Amazon Web Services Nitro Enclave, as with Dynamic Wallet and Turnkey, Ching explained.

Aptos developed its passkey authenticator in-house after conceptualizing it in early 2023. Although currently implemented exclusively for the Aptos ecosystem, the technology is open-source, allowing others to adopt it. Aptos has leveraged the WebAuthn standard and public-key cryptography for the authenticator.

Backed by prominent venture capital firms, Aptos Labs launched its blockchain in October 2022, securing $350 million in total funding from investors such as a16z, Tiger Global, Multicoin Capital, and Franklin Templeton.

As for the factors potentially impeding Aptos’ growth and the project’s current strategies to address them, Ching declined to comment.

Read, Iwaju Disney’s Initial Animation Partnership With an External Studio in a Century, Unveils First Trailer

Pooja Chauhan

Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: admin@bollywoodfever.co.in

Leave a Reply