Brand New Ethereum Feature Might Be Disruptive for Crypto Industry: Here’s How

AnalysisBrand New Ethereum Feature Might Be Disruptive for Crypto...



Arman Shirinyan

The new Ethereum feature allows decentralized and secure authentification in analogy with email log-in

Contents

Independent Ethereum developers recently presented a new use case for the Ethereum network and addresses that might become an alternative for the traditional log-in process. Soon enough, users might be able to establish sessions with an Ethereum account instead of a password.

Why it’s important for the industry

Cryptocurrencies and blockchain were initially created on the security and decentralization premise. In the Web3 concept, users are the only owners of the provided data, and the existence of a centralized way of authentification is impossible. This is why decentralized solutions like Ethereum will be used as the main authentification tool.

With the appearance of decentralized authentification, the usage of decentralized services will become more user-friendly, attract more retail traders and investors and incentivize the further development of the industry.

The technical side of the process

According to the article, the best way to realize the Ethereum log-in process is browser extensions, including MetaMask. Since these are the most widely used and easy-to-install applications among cryptocurrency users, the whole authentification process was built around them.

The main benefit that this technology brings is the different ways of accessing blockchain states and the ability for users to manage their Ethereum accounts on various platforms. By connecting the Ruby-on-Rails web application with security authentication methods with Ethereum, users will be provided with a secure, trustless and efficient way of accessing web services.

The mass adoption of the solution is still far from reality, but the existence of the technical possibility of decentralized authentification still makes Ethereum more valuable in terms of privacy and security.



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