The ICON public blockchain network has announced a strategic partnership with Magic SDK, which is a popular Ethereum based password-less authentication & private key management service. Collaborating with the world’s largest blockchain network that boasts of comprising reputable institutions within its periphery will surely add new dimensions to Magic SDK. The integration aims at providing better onboarding experiences to the dapp users.
The main objective of the integration is to accelerate the mass adoption of dApps in core sectors like DeFi, gaming, NFTs, security tokens, etc. It targets the broader audience who are not so familiar with the concepts of cryptocurrencies or blockchain. Passwordless authentication enables the developers to have complete control over their user onboarding without having to rely on any mandatory wallet UI, thereby increasing the conversion rates from 10% to over 80%.
Passwordless authentication helps both the developers and the users. When information is stored in a user’s account, his payment gateways and other relevant information are exposed and vulnerable to data breaches. When a data breach happens, no amount of password protection can protect the users’ data. Therefore, here a 2FA works as a rescue. Passwordless authentication helps in faster login, less maintenance of passwords, and reduces chances of phishing attacks.
With this integration, new ICON developers can now integrate Magic SDK into their applications through the ICON extension. Every new Magic-user will be assigned a new ICON key pair enabled by the “Agnostic Delegated Key Management System’’ powered by Magic SDK. The developers will be able to reap benefits of full UX control, increased user conversion, security compliances, expanded user funnel, etc.
ICON has collaborated with various blockchain networks to support decentralized applications providing them Passwordless authentication services and enabling the dApp users to have a much easier onboarding experience.
Before this, Magic SDK launched a passwordless authentication on the Tezos blockchain network, which was the company’s first non-Ethereum based Virtual machine Integration. It has also been integrating with big platforms like Foundation, Cent, and Fairmint to help developers build a direct relationship with their end-users and exploring the various existing complexities from the end-users themselves. Therefore, this integration of Magic SDK with an Ethereum based platform is looked upon with high expectations by the users.