Algorand Debuts LiquidAuth to Secure Crypto Communications – Crypto News – Crypto News
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Algorand Debuts LiquidAuth to Secure Crypto Communications Algorand Debuts LiquidAuth to Secure Crypto Communications

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Algorand Debuts LiquidAuth to Secure Crypto Communications – Crypto News

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Blockchain builder Algorand has debuted a tool for decentralized authentication and communication called LiquidAuth. 

As the company said in a news release Wednesday (June 26), LiquidAuth is an open-source solution for “authenticated peer-to-peer communication between wallets and apps/dApps,” designed to end the “overreliance” on centralized wallet communication provider WalletConnect.

“While it emerged in response to the centralization vulnerability of WalletConnect, LiquidAuth can be deployed in any other traditional web applications (including identity and authentication) for more secure and private authentication,” the company said.

PYMNTS has contacted WalletConnect for comment but has not yet gotten a reply.

“Digital assets (including personal data) make online accounts and wallets a frequent target of attacks. Ways to mitigate this risk include using a password manager, adopting two-factor authentication, adding physical security keys, and using passwordless logins.”

But in Web3 and Web2, the company added, the process in which this information is communicated isn’t always private or secure, and communication that isn’t secure can be exploited, leading to stolen data and information.

According to the release, LiquidAuth is “context and chain-agnostic,” able to be used in any Web3 or Web2 application (for example, logging in with a wallet rather than an email or social media account).

“Its decentralized, secure design reduces the attack surface,” the release added. “LiquidAuth does not require a central server to relay messages between wallets and apps. It uses open standards such as FIDO2 / Passkeys for authentication and does not store any user data.”

Elsewhere in the crypto space, PYMNTS wrote last week about the possibility of the digital currency’s use in the eCommerce space.

“For consumers, the process of setting up wallets, securing private keys and understanding blockchain technology can be daunting,” that report said. “For merchants, integrating cryptocurrency payment systems requires technical knowledge and resources, which can be a barrier to adoption.”

But with the recent news that Helio updated its Solana Pay plug-in for Shopify to widen the scope of accepted cryptocurrencies and introduce new merchant-centric features, the benefits and opportunities presented by crypto in the eCommerce sector are waiting to be harnessed. 

That’s because Shopify isn’t the only company supporting crypto payments. Other companies and platforms that accept cryptocurrencies also include Newegg.com, PacSun, JomaShop, Microsoft and Dish TV.

“Still, crypto payments in eCommerce are a trickle — not yet a flood,” PYMNTS wrote. “And a number of challenges must still be addressed for widespread adoption.”

See More In: Algorand, Algorand Foundation, Blockchain, crypto, cryptocurrencies, cryptocurrency, Digital Wallet, LiquidAuth, News, PYMNTS News, WalletConnect, Web3, What’s Hot

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