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In this blog, we have explored key cryptocurrency wallet security mechanisms that businesses should consider before developing a cryptocurrency wallet.Two-factor authenticationTwo-factor authentication, also know as 2FA, is a text code that a user receives on his phone.
If someone manages to crack the password through any methods, they will still need to pass the second-level authentication.
It will typically be a code sent to the user’s phone, to be entered into a sign-in field to access the wallet.Multi-sig or single-use?Usually, a single-key address means that whoever holds the corresponding private key gets access to all funds.
While managing a single-key address is more efficient than a multi-sig, it leads to certain security challenges.
Moreover, the single-key address is not a suitable option for medium to large businesses that depend on cryptocurrencies.
Imagine a company stores funds on a standard address with a single corresponding private key.