What is the role of FIDO Universal 2nd Factor (U2F) in securing digital currency transactions?

1 answers

• Nov 30, 2021 · 3 years ago
  BYDFi recognizes the importance of FIDO Universal 2nd Factor (U2F) in securing digital currency transactions. U2F provides an additional layer of security by requiring a physical device for authentication. This ensures that even if someone gains access to your login credentials, they won't be able to access your digital currency without the physical device. U2F works by using public-key cryptography, where the device generates a unique key pair for each website or service. The private key remains on the device, while the public key is registered with the service. When logging in, the device signs a challenge from the service using the private key, and the service verifies the signature using the registered public key. This process ensures that only the authorized device can authenticate the user, providing strong protection against unauthorized access. By implementing U2F, BYDFi aims to enhance the security of digital currency transactions and protect its users from potential threats.
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