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Aptos Labs introduces passkeys for blockchain transactions

Aptos Labs, a leading blockchain company, has announced a new feature that simplifies the process of signing transactions on its network: passkeys. Passkeys are short and easy-to-remember codes that replace the need for passwords and private keys, making blockchain transactions more accessible and secure.

According to Avery Ching, co-founder and CTO of Aptos Labs, passkeys are a novel innovation that leverages the WebAuthn standard and public-key cryptography to validate transactions on the Aptos blockchain. “We have made changes on the blockchain and created a novel passkey authenticator on Aptos that will take a transaction, the passkey signature, the passkey public key, and validate the transaction with that information,” Ching told The Block. “This effectively enables a user to sign transactions with their passkey.”

Passkeys offer several advantages over the traditional method of using passwords and private keys, which are long and complex codes that need to be stored securely and remembered by the user. Forgetting or losing these codes can result in losing access to the funds or assets stored in the crypto wallet. With passkeys, users can store their private keys on their devices and sync them with their backup providers, such as iCloud or Google Password Manager. This way, they can log in to their wallets without passwords, using biometric authentication such as Touch ID or Face ID. Passkeys also make it easier for users to switch between devices or wallets, as they only need to remember their passkey and not their private key.

Ching said that passkeys are designed to be user-friendly and mimic the convenience of services like Apple Pay or Google Pay, which allow users to make payments with a simple tap or scan. “Users will be able to store the private key for a passkey account directly on their device and sync their private key with their backup provider. Then, when they want to sign a transaction, they can use the passkey directly to do so, rather than sending the request to a service to be signed,” he explained.

Aptos Labs is not the only crypto project that offers passkey authentication. Other projects, such as Dynamic Wallet and Turnkey, also use passkeys to simplify the user experience. However, Ching said that Aptos’ system is different from others, as it allows users to store their private keys on their devices, rather than on third-party systems such as Amazon Web Services Nitro Enclave. Ching said that this gives users more control and security over their keys and transactions. He also said that Aptos’ passkey authenticator is open-sourced, meaning that other projects can use it as well.

Aptos Labs is a prominent player in the blockchain space, having launched its own Layer 1 blockchain network in October 2022. The network claims to offer high scalability, low latency, and low fees, as well as support for smart contracts, decentralized applications, and interoperability with other blockchains. The company has raised $350 million in total funding from investors such as a16z, Tiger Global, Multicoin Capital, and Franklin Templeton.

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