The most commonly used authentication methods are ID and password. The authentication method using ID and password can respond to hacking threats to some extent if only the password is complex, but most people are vulnerable to hacking because they use repetitive and patterned passwords. To stay away from these hacking threats, MasterKey uses MFA which is a method used in an important authentication step.
Multi-factor authentication, also known as MFA, is passwordless authentication. An identity authentication system that consists of two or more categories of knowledge, possession, uniqueness, and location. And it is called 2FA~4FA depending on the authentication step. The MasterKey uses 3FA (three-factor authentication).
Knowledge, possession, uniqueness, and location can be defined as:
Know: It means 'what I know that can be stored as knowledge in the head. It can be understood as a commonly used ID/password login. In addition to this, it also includes
Have: This means 'what I have' that the user must possess in order to access something. This includes physical devices such as OTP cards, employee cards, SIM cards, etc., and soft devices such as digital OTPs and soft tokens (codes received by phone number or email). A passport is also included in the physical device.
Uniqueness It is defined as 'innate' and refers to biometric information that recognizes a user's characteristics, such as iris, fingerprint, face, and voice.
Location: This category, defined as 'where you are', corresponds to detecting and authenticating a user's location, such as an authentication message from Google when the user signs in from an entirely different location.
The MasterKey's 3FA; email, SMS, and Name/date of birthday belongs to two categories: 'know' and 'have'. In addition, it can be said that it is safe enough because it uses a 6-digit pin number or biometric authentication (fingerprint, facial recognition) when accessing the MasterKey app.
And if you can remember, you can substitute your name and birthday with other words. This can make seed phrase security stronger and more secure.
Try using the MasterKey with confidence!