Did Chainlink Just End SIM Swaps for Good? | Web3 Daily

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The quantity of pleasure our workplace has over this Chainlink SIM swap information is a bit embarrassing. 

Kevin, our intern, even introduced in confetti which appeared a little bit intense. (On model for him although.)

However, chances are you’ll be pondering, what on the earth are we speaking about? 

Chainlink is that data-oracle firm we love to jot down about (like we did right here).

‘Oracles’ take actual world knowledge (e.g. climate forecasts) and put it on the blockchain, and Chainlink occurs to be the main challenge within the house.

So what are SIM Swaps?

Hackers will contact a cellular supplier → faux to be somebody they’re not (however present sufficient data to faux it) → get a brand new SIM despatched out to them.

As soon as they’ve your cellular quantity, they’ll begin reseting passwords and accessing accounts left, proper, and middle.

Even folks like ETH Daddy (i.e. Vitalik Buterin) have fallen sufferer to SIM swaps!

Okay, so the place does Chainlink are available?

A Spanish phone firm, Telefónica, is partnering with Chainlink to primarily create the Web3 equal of 2FA.

When asking for cellular verification earlier than processing a transaction, Chainlink will be capable of test with Telefónica and ensure the SIM card/quantity hasn’t had any impromptu modifications made to it just lately.

Which is one thing to get enthusiastic about!

As a result of the specter of getting hacked is without doubt one of the greatest deterrents to Web3 adoption.