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Chainlink Powers New 2FA Oracle for Smart Contracts on DApps

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Wed, 11/04/2020 - 15:16
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Yuri Molchan
Chainlink now powers a new two-factor authentication oracle built by Digital Bridge for smart contracts for projects on the Matic Network and beyond
Chainlink Powers New 2FA Oracle for Smart Contracts on DApps
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Digital Bridge blockchain company has unvealed that it has leveraged the Chainlink oracle technology for building a new 2FA oracle for smart contracts – Digital Bridge Chainlink oracle.

The Digital Bridge Chainlink oracle-based 2FA will add smart contracts on dApps an extra layer of security.

The new oracle was initially created to be shown at the Unitize 2020 Hackathon, where the project became the winner of Chainlink’s Judges Pick Award.

However, after the event, the team improved the Chainlink-powered oracle and now they intend to roll it out to the market to be used by dApps, node operators, etc, for extra security.

Related
Chainlink to Introduce Its Oracles on Polkadot-Based Cross-Chain DEX

The new 2FA oracle is integrated via a Chainlink external adapter specially developed for this purpose. The oracle allows dapps to avoid attacks of the man-in-the-middle type.

The new two-factor authentication oracle can be used in the following cases – to confirm trades or transactions of high value; confirm changes made to contracts with sensitive settings; to delegate a bunch of tasks to a staffer, to reconfirm a security authorization within applications that use time-based lockouts, etc.

The oracle will first be used on dApps to be launched on Matic and later on will expand to other blockchains.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.