Did Chainlink Just End SIM Swaps for Good?

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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 just a little intense. (On model for him although.)

However, it’s possible you’ll be considering, what on the planet 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 information (e.g. climate forecasts) and put it on the blockchain, and Chainlink occurs to be the main venture within the house.

So what are SIM Swaps?

Hackers will contact a cell supplier → fake to be somebody they’re not (however present sufficient information to pretend it) → get a brand new SIM despatched out to them.

As soon as they’ve your cell quantity, they will begin reseting passwords and accessing accounts left, proper, and heart.

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 basically create the Web3 equal of 2FA.

When asking for cell verification earlier than processing a transaction, Chainlink will have the ability to verify 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 largest deterrents to Web3 adoption.