A passkey refers to a password or private key used to access a cryptocurrency wallet, sign transactions, or interact with blockchain-based applications. Using cryptography, passkeys provide a safer alternative to traditional passwords by eliminating the need to memorise them, as well as adding phishing resistance to user accounts and reducing the risk of password theft.
Passkeys leverage cryptographic keys for authentication that only operate on the legitimate website or app where the passkey was created, offering a higher level of security. Furthermore, they streamline the login process by allowing users to log in without entering passwords or undergoing additional two-factor authentication (2FA) steps.
The security of these passkeys is paramount, as losing them or having them stolen can result in the permanent loss of access to one’s cryptocurrency or digital assets.
