Aptos Introduces Passwordless Passkey Authentication

Aptos Introduces Passwordless Passkey Authentication. Image: Aptos

Addressing the vulnerabilities associated with password usage, Aptos Labs has introduced the ability to sign transactions using passkeys on its layer-1 network.

Typically, when setting up a new wallet account, users must remember or securely store their complex private keys encrypted by a self-set password. Losing this password can lead to permanent loss of access to the wallet unless the previously stored private key is recovered. However, with transaction authentication via passkey (Touch ID or Face ID), this issue has been mitigated.

Simply put, a passkey is a safer login and authentication solution that eliminates the need for traditional passwords. With this technology, users only need to unlock their device using a PIN or biometric technology (facial recognition or fingerprint). Passkeys are not only user-friendly but also widely used in services like Apple Pay and Google Pay.

Moreover, Aptos users can store their private keys locally on their devices and synchronize them with backup service providers such as iCloud or Google's password manager. Subsequently, when they wish to sign a transaction, users can directly use their passkey.

Currently, other entities like Dynamic Wallet and Turnkey also support passkey, but they require users to store private keys on systems like Amazon Web Services Nitro Enclave.

Aptos Labs conceived the idea of passkey authentication in early 2023, shortly after the mainnet launch. As of now, Aptos has successfully raised $350 million from reputable organizations such as a16z, Tiger Global, Multicoin Capital, and Franklin Templeton.

According to DeFiLlama data, Aptos currently has a Total Value Locked (TVL) of $227 million, while its closest competitor, Sui, has achieved over $699 million.

Fluctuations in Aptos TVL from November 2023 to present. Source: DeFiLlama