Tectum’s XFactor Authenticator is an excellent innovation refining security, especially in blockchain technology. This product is vital, especially at a time when malicious individuals are undermining blockchain security. While certain persons may argue otherwise, the stats tell the truth.
There have been several attacks in 2024, some of which have been successful. On the surface, these incidents undermine blockchain security. However, proper analysis shows that blockchain security involves more diverse factors than are acknowledged.
This article will examine the factors influencing decentralized data architecture protection. It will also show how Tectum’s XFactor Authenticator can improve blockchain security.
Security is one of the pillars of blockchain technology. In fact, Bitcoin’s founders were willing to risk scalability if it strengthened the system’s protection. For a better understanding, read about the blockchain trilemma. Decentralization has multiple benefits, like security and democratization.
From the safety aspect, think of decentralization as putting your eggs in multiple basket. However, the baskets are interconnected that it is impossible to take one egg from one basket without approval from other baskets. Therefore, anyone who wants to tamper with an egg in one basket must access the other baskets.
Meanwhile, not of the baskets offer easy access and anyone stealing from them will encounter significant resistance. These simple principles explain why the Bitcoin network remains secure till this day. However, more recent blockchain projects chose alternative mechanisms.
Bitcoin uses the proof of work consensus mechanism. Other blockchain projects have adopted proof of stake, delegated proof of stake, proof of importance, proof of elapsed time, proof of authority, proof of capacity, to name a few. While these alternative systems were “faster”, they came at the risk of security.
For example, the proof of stake mechanism assigns transactions to specific nodes to process. This is contrary to the proof of work consensus that allows miners to work for the right to process transactions. In addition, the network requires a particular amount of consensus to process transactions.
The requirement ranges from 51 % to 70% agreement from all nodes to add a new block to the chain. Therefore, a hacker wh0 takes control of the requisite number of nodes to reach that amount can process as many transactions as they want. A good example is the Ronin bridge exploit, where a hacker postured as a node validator and stole about $625 million worth of tokens.
The issue with blockchain security is not just about the infrastructure, as most people may think. The change was imminent, as Bitcoin network’s blueprint was not sustainable. There was no way the world would accept blockchain as the solution if the value proposition is the speed of 6 transactions per second.
Even standard transactions from SWIFT and other traditional system are faster than that. It is no surprise that solutions like Tectum SoftNote are springing up to make Bitcoin more scalable.
In addition, critics tend to ignore the human factor when discussing blockchain security. Individual users are a critical part of the decentralized by virtue of being stakeholders. The decentralization extends beyond the democratization of the system.
Unlike traditional systems, decentralized networks allow people to hold privy information, making them potential pathways into the ecosystem. As the saying goes, every mechanism is only as strong as its weakest point. With humans being a part of the data architecture, they significantly contribute to the level of protection.
This explains why social engineering attacks will never go out of trend. Phishing, scareware, and baiting remain significant threats to distributed ledger technology. In this regard, blockchain companies have to prioritize user education and other initiatives that will enlighten and empower people who use their products.
Furthermore, these organizations should create systems that cover up human deficiencies. Just like the Bitcoin network, blockchain technologies should ensure that human error does not jeopardize the system. However, his is easier said than done.
The major problem is that most blockchain networks do not account for user inefficiencies. They tend to assume that everyone who uses their services will be some expert who cannot make a mistake. This is surprising, considering that time has shown this to be untrue.
On our path, Tectum understand not everyone who uses our services are tech experts. In fact, pour products are designed for the average person who just wants financial freedom and inclusivity. This explains why we develop applications that are simple to use.
Tectum’s Xfactor Authenticator is designed to account for human flaws when ensuring blockchain security. Unlike regular authentication applications, the XFA utilizes multiple layer of security. Instead of using double identification measures like one-time-passwords, this application adds biometric scans for extra protection.
Individuals can connect it to centralized exchanges and their noncustodial wallets. Afterward, they can configure these platforms to demand passwords before processing every transaction. This way, people cannot just access your assets simply because they have your username and password.
For them to bypass security, the hacker must also access the second layer of security (OTP) and third layer (biometric authentication). These measures make it impossible for cybercriminals to exploit people and steal from them.
Unlike most blockchain solutions, Tectum’s XFactor Authenticator offers security beyond web3. This application, just like Google and Microsoft Authenticators, works with just about anything.
People can connect Tectum’s XFA to every platform and application that supports 2-factor authentication. Even better, the process is very simple and individuals can connect the XFactor Authenticator with a few simple steps.
The steps include the following:
Once you scan the QR code, Tectum’s XFA, the app will store the account and generate a unique code. The best part about this innovative solution is that people do not have to use their passwords.
