Enhanced Cryptocurrency Security by Time-based Token Multi-factor Authentication Algorithm

Abstract

A noble multi-factor authentication (MFA) algorithm is developed for the security enhancement of the crypto currency (CR). The main goal of MFA is to set up extra layer of safeguard while seeking access to a targets such as physical location, computing device, network or database. MFA security scheme requires more than one method for the validation from commutative family of credentials to verify the user for a transaction. MFA can reduce the risk of using single level password authentication by introducing additional factors of authentication. MFA can prevent hackers from gaining access to a particular account even if the password is compromised. The superfluous layer of security introduced by MFA offers additional security to a user. MFA is implemented by using time-based onetime password (TOTP) technique. For logging to any entity with MFA enabled, the user first needs username and password, as a second factor, the user then needs the MFA token to virtually generate a TOTP. It is found that MFA can provide a better means of secured transaction of CR.