[PRE-ANN] 2FA - Securing everything | Bitcointalksearch.org

Introduction

Everyday we hear in the news that people are loosing their crypto currency, either through lost seeds generated on a wrong website or a trojanor is stealing the coins or sending them to a different address.
the current security implementations in the crypto currency environment are not sufficient:
You encrypt your wallet with a key and genereate a seed to backup your wallet. This means all your money are only secured from a key or seed, which is not a really secure mechanism. Everything is depending on a single key/seed.

The idea with 2FA is that you have a 2FA Token mechanism to secure every Crypto Currency action and authenticate every transaction.

As you know, it's possible that you loose your seed, or someone graps your key/seed. But imagine, you have 2FA active and it wouldn't be possible to perform any transactions / withdrawal without approving it via 2FA. You perform a transaction and it will only be performed if a 2FA token functionality is performed.

This kind of technology could be implemented like a multisignature wallet. If you perform a transaction the second signature would be automatically perfomed, when you approve the transaction via a 2FA Token mechanism. Or via a 2FA sidechain which is coppled to the mainchain, the transaction is only performed when a token entered on the sidechain which coppled to the mainchain. The 2FA chain can be used with all currencies which can provide the atomic swap functionality and therefore interact with other chains.

For the case you lost your 2FA it could be reassemblied via a automatic digital ID verification, but without keeping your personal information stored in the decentral network. All information would be hashed and stored in this way on 2FA network.

With Crypto Currency you are your own bank. 2FA would help the user to secure his coins at the same security level as standard banking.

This pre-announcement is merely just the beginning of a long path, the stepping 2FA for a great advance in an already amazing pre-existing technology.

Donators will be noted in a database & published, your assistance will not go unnoticed and will help to spread the idea to provide additional security to Crypto Currency.

Bitcoin: 1CL4C8ZvEe3wLwYcMdFUX5eEavECauks4X

Litecoin: LfqxQ2DcHNhLCwBFBij7RZL9URyYdEP4dy

Dash: Xii9BaY8tNJLmwvtZKucQhsAUqNUfdSnSK

Please note, this announcement thread is a pre-ann and is not complete. The Topic is self moderated to keep spamers out.

References:
zkSNARKs: https://blog.ethereum.org/2016/12/05/zksnarks-in-a-nutshell/
Bitcoin: https://bitcoin.org/bitcoin.pdf
DAG: https://en.wikipedia.org/wiki/Transitive_reduction
2FA: https://en.wikipedia.org/wiki/Wikipedia:Simple_2FA

Topic: [PRE-ANN] 2FA - Securing everything (Read 143 times)