A decentralized 2FA would make sense, don't you think?

[Z390]

As per the experience about 2FA that I've learnt on here I came to understand that 2FA is centralized and not good for the crypto wallet but what if a 2FA decentralized version comes out, will it all makes sense then? Why haven't we seen one already?.

[1715605642]

1715605642

[hosseinimr93]

Do you mean having a 2FA wallet without relying on a third party?
If so, that's impossible.

In every bitcoin transaction, you need the private key for making the transaction (multiple private keys and public keys, if you have a multi-signature address).
The purpose of a 2FA wallet is that the private keys are not stored in your wallet. So, there is no way other than giving the private key to a third party, getting a 2FA code instead of that and asking them to make a transaction.

The only solution is to have a multi-signature wallet in which you have access to minimum number of required private keys. Like electrum 2FA wallet in which a third party is still involved and that was discussed in your other topic.

[Doan9269]

As per the experience about 2FA that I've learnt on here I came to understand that 2FA is centralized and not good for the crypto wallet but what if a 2FA decentralized version comes out, will it all makes sense then? Why haven't we seen one already?.

I think its not a good idea using 2FA on decentralized wallet because the whole system is secured already, having your own keys and access to your coins all by yourself except you compromised it, so bringing in another 2FA is as if you're inviting a centralized entity or placing the wallet security on vulnerability, meaning the 2FA is permitted to override the security protocols in place that secures your wallet and whereas if the 2FA is tampered with then one may loss access to his coins, it is not advisable except of centralized exchanges wallets