First Blockchain-Based 2FA Protocol, Shield Protocol, Partners With Reef Finance to Expand Services

Reef Finance partners with Shield Protocol, bolstering the value add provided by Reef Finance and establishing Shield Protocol as a leader in two-factor authentication.

By
John Tunney
on
June 23, 2021
Category:
Blockchain News

A Security Buff

Shield Protocol has announced that they have partnered with Reef Finance, bringing a powerful security integration to the Reef protocol. The agreement provides a huge benefit to the user base of Reef. Reef Finance is a blockchain with the goal of creating a scalable and affordable platform that makes DeFi more accessible to the masses. The new partnership, announced on June 21, looks to bring further use-case to the Reef platform.

Source

The Shield Protocol App is known as the first two-factor authentication (2FA) on the blockchain. 2FA, typically when using blockchain, is the two-step verification method that platforms integrate when logging in users. The purpose of 2FA is to protect the user by adding an extra security layer when an attempt to access the platform is made. Shield Protocol also looks like a digital blockchain “vault” that can store security passcodes, phrases, etc. The protocol hopes to replace more familiar—and centralized— online servers such as Google or Amazon.

What this means for Reef Chain

The new partnership means that Reef users and anyone with 2FA passwords or accounts can now backup their 2FA accounts on the Reef Chain. Shield Protocol claims that this is the first of its kind and that the new system will remove the need for centralized servers. Shield Protocol 2FA is compatible with many websites, including Binance, Twitter, Facebook, Gmail, and Amazon. The wide range of acceptance is key to scalability and adoption.

As hacking and scams run through the DeFi space without consequence, the Shield Protocol looks to establish a security-focused movement in the decentralized finance world. While interacting with Reef Finance, users can ensure that their codes are securely encrypted with a 4 tier layer thanks to Shield Protocol. The partnership looks poised to not only better protect DeFi users but also to fight back against the centralized behemoths that control the server space. 


What is Shield Protocol

Shield Protocol is a 2FA blockchain app that also provides 2FA backup. The ability to backup 2FA reduces the need to rely on massive centralized servers such as Microsoft or Google, as now these password backups can be safely stored in the blockchain. The protocol is run on the Binance Smart Chain and is considered a Second Layer Security Platform.  Just a few months old, Shield launched with an IDO through BakerySwap in February 2021.

Website | Twitter | Telegram | Medium


What is Reef Finance? 

Reef Finance is a DeFi protocol that looks to make DeFi accessible for the masses. They have developed a blockchain, Reef Chain, supporting Solidity and EVM to make transaction costs low while providing scalability. Reef Finance, which emerged in late 2020, intends to create a platform where DeFi is accessible to everyone and anyone while building a network that supports power and attractive dApps. 

Website | Twitter | Medium | Reddit  


Tags:
John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.