BidiPass 2.0 Aims to Provide 2FA to Decentralized Communities
Rewarding Users and Raising Awareness on the Use of 2FA
We have kept our heads down for the last couple of months, working on BidiPass 2.0. We are revamping our technical paper with new developments. We have integrated Google’s Authenticator as well as BidiPass’s native authentication mechanism in one app. We are also updating our economic section in the white paper. There, we are elaborating on the tokenometric structure of the BDP digital asset with a focus on how it is earned and used.
These actions are part of our sprint to prepare for the Bidipass 2.0 launch. Our 2.0 app will allow you to use the BidiPass Authenticator with every app integrated with Google Authenticator as a security measure. In a recent survey, Duo Security discovered that less than 1 out of 3 of Americans do not use 2 Factor Authentication. Due to the 2020 global crisis, the need for products to expand the consciousness of security is on the rise.
What are the core differences between BidiPass Authenticator and Google Authenticator?
It’s simple- one pays you to use it. The other does not.
BidiPass will improve your security while maintaining an identical user experience (UX) as using Google 2FA. BidiPass 2.0 aims for a mid-September release when users will be able to earn tokens while verifying their accounts.
Any app developer who wants to increase security for their users will be able to use our SDK. BidiPass will become the #1 option for two-step decentralized verification. Whether blockchain-based or not, app developers can turn their users into crypto adopters at will. Moreover, our ethos aligns with the creation of an ecosystem for users with high security-awareness.
Isn’t it unbelievable that we mostly trust passwords in 2020?
For instance, every time we use a digital service sharing some personal data, we risk:
- Being sniffed
- Hacked
- Having the connection exploited
As we explained in this post, passwords are the main source of security issues online. By incentivizing greater security with a reward system, we can push the adoption. So that enhanced personal security measures become the cultural norm.
Incentivization Structure
Users of BidiPass Authenticator will earn BDP tokens whenever they log in. Using BidiPass’s one-time password (OTP) to verify their accounts in any application or website that is compatible will have a reward. To calculate the BDP rewards, we are putting together an algorithm that takes into account:
- The frequency of verifications,
- Our BDP token supply,
- The active user base, and other parameters.
Also, there will be a staking mechanism implemented for those who are interested in capturing their BDP. There will be a tiered system for stakeholders to increase their earnings in BDP for using BidiPass’s 2FA application.
Partnerships and Exchange Strategy
In the next months, we’ll see the BDP digital asset available for trading at more high profile exchanges. These platforms have strong communities of crypto traders. These are not obscure names; these exchanges are often ranked in the top 25 on CoinMarketCap. These listings have BidiPass Authenticator becoming the default exchanges’ authenticator over Google Authenticator.
Imagine earning tokens while verifying your exchange account every time before you trade.
This approach will quickly spread the adoption of the BDP token among the ideal target audience. BidiPass will be the go-to option for verifying accounts on centralized exchanges and dApps. Although the app is a no brainer for crypto users, the app will be available to any digital service.
The DeFi Arena
In building our infrastructure for the BidiPass project, we have gone through some advancements. There are great potential and application to the revamped Ethereum network. For example, there are operations done in DeFi that do not necessarily have to be executed entirely on Ethereum. The rest of the Ethereum ecosystem’s operations does not apply as much as they do in DeFi:
- Artificial staking
- Ordering books
- Liquidity pools
- Auctions
- Prediction markets
You can make them scale without necessarily waiting for ETH 2.0. There has been a lot of technological progressions that have led to scaling alternatives: sidechains, bulk transaction proofs, and rollups.
Further down the roadmap, BidiPass will be providing scalability solutions for DeFi protocols. Thus, enhancing the experience for all stakeholders. BidiPass is already applying a bridge that can transfer tokens from mainnet to sidechain.
Where We’re Heading
We want to simultaneously provide solutions and new technology for a variety of use cases. The problem with oracles is you do not necessarily need tokens to create a peer-to-peer network connected to real-world data. BidiPass aims to enter the oracle ring to tackle some of the imperfections we have with current crypto oracles.
Lastly, we are exploring what 2FA can bring as a security layer for Web 3 wallets. Having a smart contract wallet with the option of 2FA can strengthen the security and allow for seamless verification. To top it off, when you open your wallet, you would receive a fresh issuance of BDP to start your DeFi session.
The early BDP adopters today could be the stakeholders of tomorrow. This is why the incentive program of the BidiPass Authenticator begins now. As we grow our community, we are strengthening the future of the BidiPass network, as well as the DeFi ecosystem that is here to stay.
