Aptos Labs is changing the game for its blockchain network users by introducing a new feature: passkeys. This move aims to cut out the hassle of remembering passwords for transaction approvals, offering a more streamlined process.
Avery Ching, the co-founder and CTO of Aptos Labs, shared insights with The Block on how this system works. Essentially, it allows users to approve transactions using a passkey, which involves a signature and a public key specific to the user’s account.
Traditionally, accessing a crypto wallet requires a private key—a lengthy and complex code that users must keep secure. This key is often protected by a user-created password, and forgetting this password can mean losing access to the wallet unless the key is stored elsewhere. The introduction of passkeys by Aptos aims to eliminate the need for these passwords, potentially making logins as straightforward as using Touch ID or Face ID.
According to Ching, the appeal of passkeys lies in their user-friendly design, reminiscent of the convenience offered by services like Apple Pay or Google Pay. Users can keep their passkey’s private key on their device and link it with their backup provider, such as iCloud or Google Password Manager. This setup allows for direct transaction signing with the passkey, bypassing the need for intermediary signing services.
Aptos isn’t the only player in the crypto space exploring passkey authentication. Projects like Dynamic Wallet and Turnkey also offer similar features, but they typically store the private key on external systems, such as Amazon Web Services Nitro Enclave. In contrast, Aptos’ approach keeps the private key on the user’s device, offering a different take on security and convenience.
The passkey authenticator, developed in-house by Aptos after brainstorming sessions in early 2023, is tailored for the Aptos ecosystem but is available as an open-source tool, potentially broadening its applicability. The system is based on the WebAuthn standard and employs public-key cryptography.
Aptos Labs, which has garnered support from major venture capital firms, debuted its blockchain in October 2022 and has since secured $350 million in funding from notable investors, including a16z and Tiger Global. Despite these achievements, the Aptos blockchain’s total value locked (TVL) stands at around $176 million, trailing behind its competitor, Sui, which boasts a TVL of over $561 million, according to DeFiLlama data.
Ching remained tight-lipped about the challenges Aptos faces in expanding its user base and network growth, as well as the specific strategies the project is deploying to navigate these hurdles.
