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Magic: why is your next passwords | project is introduced

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A solution is proposed to reduce password leakage

Rhythm Blockbeats used to be inIdentity Systems: Beyond Defi's Blockchain Web3 AgeAs stated in the article, Ethereum addresses have become increasingly important with the recent rise of contract exchange descendant airdrops. How many contracts are interacted with and how much Snapshot governance is participated in are important indicators of the "value" of an address. Users' on-chain wallets are becoming more and more valuable, and Ethereum addresses are already shifting from a social to a value to some extent.

In that article, Rulse introduced two Ethereum identity system programs, and this article will introduce Magic, a project based on the Decentralized Identity (DID) standard and using the public and private keys of the blockchain to achieve self-sovereign authentication.

There may be new solutions for data breaches

According to the agency, global spending on cybersecurity will reach $133.7 billion in 2022. The global average cost of a data breach is $3.92 million, according to the 2019 Data Breach Cost Survey, jointly released by IBM Security and the Ponemon Institute.

The high cost of dealing with data breaches is one of the byproducts of the rapid development of the Internet over the past few decades. But we are now on the verge of another paradigm shift.

The rise of encrypted networks marks the end of insular networks. Cryptographic networks, which reward and punish developers in the form of tokens, provide developers and businesses with a secure environment that has never existed before. As a result, it is possible to reduce the systemic risk of the closed platforms on which we previously relied.

This also includes data domains, such as on-chain authentication through a combination of centralized and decentralized systems.

Now, after completing on-chain authentication, you can go one step further and complete authentication and password-less login through MAGIC.

According to AngelList co-founder and Magic seed investor Naval Ravikant, Magic points the way to a decentralized user identity and authentication that will forge a world beyond the control of tech giants.

Your next password should not be a password

The announcement comes after Apple announced a new feature called "Sign In With Apple" at WWDC 2019. Craig Federighi, Apple's director of software engineering, says Sign in with Apple is a quick and easy way to log in. A simple API allows developers to add a Sign In With Apple button to their applications. Users can simply click on it to authenticate with FaceID on their device, and then Apple will help them randomly generate new accounts to log in without revealing any new personal information.

Magic is an SDK that implements a function similar to Sign in with Apple. When a user registers or logs in an application, he cannot set a password. Instead, he sends a Magic Link to the user's mailbox. After users click Magic Link, they can directly log in to their accounts, which can realize authentication and authorization without the user's password. Magic, of course, uses a range of blockchain technologies to deal with emails that get phished or leaked in transit.

Use Apple's copy to introduce Magic, "Your next password shouldn't be a password."

In traditional industries, SSH (Secure Shell&NBSP) is most commonly used. Security protocols are used to prevent information leakage in the process of remote management. Magic, on the other hand, generates key pairs based on Ethereum network blocks instead of SSH key pairs. The public key acts as the user's identifier and, using elliptic curve encryption, the private key will be used to apply and generate a verifiable proof of identity and authorization. The proof is then sent to the developer application server, where the data is validated to ensure the authenticity of the request.

For more details on how the technology works, readMagic Technical Documentation.

The SDK already supports client-side Web, React Native, iOS, Android, server-side NodeJS, Python, Ruby, PHP, Go, and the Web framework Laravel.

Blockchain changes the imagination of privacy and ownership

Magic proposes a solution to reduce password leaks, and maybe we can start thinking about blockchain changing privacy and ownership, too.

Robin Li, the founder of Baidu, has said that Chinese consumers are often willing to use their personal data in exchange for more convenient services under the premise of privacy protection. In one sense, Li has a point, but the trade-off of privacy for convenience isn't just happening in China.

Due to national conditions or habits and other reasons, privacy leakage frequently occurs on mobile phone accounts in China, while it frequently occurs on email accounts in foreign countries. Adam Back, the founder of Bitcoin, is well known. Its Hashcash was originally a technique for preventing spam.

Apple's "Sign in with Apple" service helps users filter out harassment from apps, but it's not a way to put power in the hands of users.

Under the shadow of the global technology giants, almost all small and medium-sized enterprises have access to the technology giant account system. Domestic users feel the most is that each new downloaded application in addition to the screen login interface "mobile number login" is "WeChat login", "Alipay login". Technology giants, however, did not protect each user's privacy, as described, Mikko founder wisdom fort technology giants cross-reference the enormous data obtained from penetrating different fields of users, combined with direct the flow of mobile terminal accurately targeted, to develop products by user path dependence of natural ecological form a complete closed loop, the beginning and the end of the tech giants can be done on the entire value chain, can't even a little residue left.

And once an account is blocked, almost all of the data associated with that account can't be retrieved.

The investor

Magic, originally known as Fortmatic and originally a wallet solution for Etherium-based Web3 applications, changed its name to a password-free login SDK.

On May 29, 2020, Magic announced a seed round of $4 million, led by Placeholder, Uncommon Ventures, Volt Capital, Heart Capital, Social Capital, Refactor Capital, Lightspeed Ventures, SV Angel, Web3, CoinFund, and Dapper Labs&NBSP; Founder Roham Gharegozlou, AngelList co-founder Naval Ravikant, Verrel founder Guillermo Rauch.

Magic founder Sean Li said that when pitching a company to investors, it's really important not to say one thing, but to know how to integrate. If I just said Web 3, then investors might think the market is small. If I just said Web 2, they would ask the competition. But if I combine the two, I get the best of both worlds.