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Labs has introduced a new way for users to sign transactions on layer 1 blockchain networks: secret keys without the need to set a password.
“We changed the blockchain and created a new cryptographic key authenticator at Aptos that takes a transaction, cryptographic key signature, cryptographic key public key, and verifies the transaction with that information,” said Avery Ching, co-founder and CTO of Aptos. Labs told The Block. “This allows users to effectively sign transactions with their own cryptographic keys.”
Currently, when a user creates an account on a cryptocurrency wallet, a long code or private key is generated that must be kept secure. This key is typically encrypted with a password set by the user, Ching said. If you forget this password, you will lose access to your wallet unless your keys are stored elsewhere. However, a passkey allows you to log in without a password, usually via Touch ID or Face ID.
Aptos Passkey
Passkey is more user-friendly and mirrors the ease of use found in services like Apple Pay and Google Pay, Ching said.
“Users can save the private key of their Passkey account directly on their device and sync the private key with a backup provider (e.g. iCloud or Google Password Manager). Then, when they want to sign a transaction, they can use Signature. “Instead of sending a request to the service for , you can use the encryption key directly,” he added.
Other crypto projects such as Dynamic Wallet and Turnkey also offer passkey authentication. But unlike the Aptos system, where users store private keys on their devices, Dynamic Wallet and Turnkey store private keys in systems such as the Amazon Web Services Nitro Enclave, Ching said.
Aptos built its own passkey authenticator after coming up with the idea in early 2023, Ching said. The authenticator is currently only implemented in the Aptos ecosystem, but it is open source so others can use it, Ching added. Aptos leveraged the WebAuthn standard and public key cryptography for its authenticator.
Aptos TVL
Aptos Labs, backed by a prominent venture capital firm, launched its blockchain in October 2022. The company has raised a total of $350 million in funding from investors including a16z, Tiger Global, Multicoin Capital, and Franklin Templeton.
According to DeFiLlama data, the current total value of the Aptos blockchain is pegged at around $176 million, compared to its closest competitor Sui’s TVL of over $561 million.
Ching declined to comment on what could hinder Aptos’ growth and what steps the project is currently taking to address them.
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