Seed Phrases No More, SafeAuth Brings Social Logins to Wallets
SafeAuth Introduces a Secure Alternative to Seed Phrases.
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A new service called SafeAuth aims to increase the accessibility and security of crypto wallets by enabling social login options instead of relying on hard-to-manage seed phrases.
SafeAuth is a collaboration between Web3Auth, a wallet-as-a-service provider, and Safe, an on-chain asset custody protocol. The goal is to simplify creating and accessing crypto wallets through integration with existing social media accounts.
Rather than needing to write down and securely store a unique seed phrase to recover wallet access if lost, SafeAuth uses account abstraction. This technology separates signing keys from accounts. This eliminates the need for users to manage private keys, which can be lost or stolen. Instead, intelligent contracts handle transaction approvals, which improves security and flexibility, and multi-party computation to tie wallets to social accounts from platforms like Google, Twitter, and Discord.
The service also introduces interoperability features that allow users to connect a single SafeAuth brilliant account across multiple decentralized apps and services. This aims to mirror the convenience of single sign-on options standard on traditional websites and online platforms.
Backers hope SafeAuth’s ease-of-use focus bolsters blockchain adoption among less technically savvy users. They also argue that eliminating seed phrases reduces potential avenues for hackers to steal funds. Critics counter that reliance on third-party authenticators creates new cyber risks.
SafeAuth is currently compatible with over 190 decentralized apps and services including the leading decentralized finance platform Aave. The open API also allows integration with additional blockchain platforms to increase reach and utility.
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