The Algorand platform is an open blockchain ecosystem that is designed for the general public. Its creators are hoping to make the blockchain more accessible, and to make it easier for people to take advantage of the transaction guarantees that are possible with the technology.
With that in mind, Algorand is backing LoginID in an effort to provide users with a simpler, one-touch authentication process. The solution would allow people to verify their identities with the biometric sensors available on their smartphone, thereby providing all parties with greater assurances about those involved with a transaction. The technology could be used to confirm a transaction, and to generate secure digital signatures that are linked to a biometric.
Once LoginID’s research is completed, developers would be able to integrate the finished APIs and SDKs into their own customer-facing apps. End users, meanwhile, would not need to install any plugins to enjoy a passwordless (and FIDO-certified) authentication process.
Algorand CEO Sean Lee noted that there are more than 4 billion devices in circulation that support the FIDO protocol, creating a potentially massive user base for the LoginID solution. The Algorand blockchain currently has 13 million accounts and processes upwards of 1 million transactions on a daily basis.
“LoginID will help lower friction, and make blockchain technology easier to interact when developers integrate our solution,” said LoginID Co-Founder and CRO Jim Brown. “We have recently seen attacks on standard forms of authentication such as SMS. Our solution will give Algorand developers the tools to create frictionless, secure interactions for their customers.”
Algorand and LoginID did not disclose the size of the final grant. The money will supplement the $6 million that LoginID raised in seed funding, and the Visa investment that was intended to support the development of an authentication solution for the payments industry.