Passkey: A Step Forward in Crypto Security

1. What is Passkey?

Passkey is a new security technology that replaces traditional passwords, using biometric authentication or PIN codes for logging into online accounts and services. Developed by the FIDO Alliance, passkey offers a more secure method of authentication, which is especially important in the crypto market. Major companies such as Apple, Google, and Microsoft have integrated passkey into their services.

2. Why is Passkey a Major Step Forward in Security?

Passkey addresses the security vulnerabilities of traditional passwords, especially in the crypto industry, where hacking incidents have caused significant damage. Passkey reduces up to 80% of attack risks by replacing passwords with biometric authentication or PIN codes.

3. How Does Passkey Work?

Passkey uses a public-private key pair for user authentication. During login, the device uses the private key to sign the authentication challenge from the server. Users authenticate through biometric methods or a PIN. If the public and private keys match, the authentication process is complete.

4. Passkey and Blockchain: Technical Differences

When integrating passkey with blockchain, it's important to note the difference in elliptic curve usage. Passkey uses secp256r1, while crypto wallets use secp256k1. This creates challenges when integrating passkey with blockchain systems like Ethereum due to the incompatibility between these two curve types.

5. Applications of Passkey

Passkey is widely used in cryptocurrency exchanges, digital wallets, and major services like Google, Apple, and PayPal. These services allow users to secure their accounts without needing passwords, replacing them with biometric or PIN-based authentication.

6. Advantages of Passkey

Passkey provides numerous benefits, including high security, protection against phishing, and resistance to password guessing attacks. Users no longer need to remember complex passwords, and passkey is compatible with various platforms like iOS, Android, macOS, and Windows.

7. Limitations of Passkey

Some limitations of passkey include dependency on devices that support biometric or PIN-based authentication, the risk of losing access when a device containing the passkey is lost, and the fact that not all services support passkey, meaning users still need to rely on traditional passwords.