2FA; an added Security Layer for wallets and storages.

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Hi friends! how are you doing? Welcome to my blog, it's super good to have you back here. I trust you got value from my last post. I bring to you another interesting content, one that I believe you would find interesting as usual. In my previous post, we explored the concept "VapourWare in Crypto", you can check out my blog to read through if you haven't.

Today, we would be looking at Two-Factor Authentication, what it is and what it stands for... it's actually another topic of interest I felt like sharing with y'all. I hope you guys learn one or two things from this write-up.

Introduction

The need for security in this space as regards our activity cannot be overemphasized. A lot of folks are out there looking out for ways to break into your space and do you unimaginable harm. A a crypto investors, there is a need for your to be very careful, extra careful at that with your investment.

Many of us use cold storage, while some others feel comfortable using hot/custodial kind of storage for our assets. Am not actually here to debate which is good or not, my emphasis is on the security level of your storage/wallets. Access to these wallet or storage is the goal of any intruder and that's why I brought today's lesson.

What is 2FA in crypto

I will love to start by saying 2FA simply means Two-Factor Authentication. This is an added feature designed by systems to heighten the security level or layer of users wallet or storage so that unwarranted access will not be gained into it.

This is done by selecting some preferred method of authentication such as direct sms, authentication app, e-mail, biometric, or face detection etc. The truth is that having passwords alone as login details is never enough especially if you have something tangible and substantial in your wallet.

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It could just be highjack by an intruder and this is where 2FA comes in...that even after someone gets your login details, he would still have to face another hurdle or security check which would finally deny the the intruder access into your wallet.

This is the phase where many of these intruder give up because they do not have what the system request of them.only the real owner can bypass this security stage. In a nutshell we can call 2FA as a secondary security layer.

How 2FA Works

Firstly a login is initiated by a user into a platform or say his wallets or storage. On initiating this, a login detail or password is requested from the user which he submits. This is the first stage of authentication.

This password or login details will then be validated if found to be correct and accurate. The system interpret it to mean the owner is trying to gain access.However this user will not be granted a complete access yet.

He moves to the second stage of authentication where he really proves he is the one trying to gain access into the system and this time he would have to prove by submitting something unique, usually a code called OTP which would be directly sent to him via something he personally owns i.e email, mobile authentication app etc.

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Once he gets this code which is channeled through something he personally he owns, he then inputs it. The code is usually a one-time code that grants him access into the system for that moment. And this has equally proven that the real owner is the one trying to gain access and not some imposter.

If the OTP imputed is found accurate, access would be given to the user who then goes on to carry out his transaction. He might want to initiate a buy or sell trade or even transfer his asset from one wallet or exchange to another. He can do whatever at this point since he has proven his identity.

Common 2FA methods

• SMS Codes: Under this method, a one time code is sent to the user trying to log into the wallet or intiating a transaction. This code is what validate the access or authorize the transaction.

• Mobile Authentication App: I personally use this a lot, all you need do is just to log into the app to pick the one time code. The app at this point must have been synchronized with your wallet or exchange or whatever storage or system you're dealing with.

• E-mail: Here is another common authentication method. Emails is personal to us because we get direct messages for us through it. This one time code can also be sent directly into it. All you need do it to pick it and use it to authorize your login or transaction.

• Biometric verification: Here you need to authorize or verify your identity via fingerprint or facial scan. Once it matches with the information the system have recorded in it already, access would be granted.

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• Push Notifications: This help signal you about the initiation of a login or transaction by given you a pop up notification via your mobile device. As this point you can give a go ahead if you're the initiator and if no, you decline and take prerequisite action.

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Bottom Line

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I believe by now you understand what the Tow factor Authentication is and it positive impact in the crypto space because all we end up having are conceptual Blockchain solution that never materializes.

As my usual custom is, I would always encourage that you DYOR to be sure of every financial step you would want to take as I won't be liable for any form of loss encountered by you.

Feel free to share with me your thoughts in the comment section. Thanks for your time once again. Gracias!

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^{Disclaimer: This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your own research and consult a financial advisor.}

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Regards
@lhorgic♥️

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