The creators of the esteemed Ethereum-based NFT collection known as CyberKongz have recently unveiled an upgraded iteration of the popular ERC-721 nonfungible token standard, known as ERC-721x. This enhanced token standard aims to enhance security measures for NFT owners. It enables users to participate in non-custodial staking and designate a “Guardian” entity that provides an additional layer of protection through two-factor authentication (2FA) for transactions.
In a recent statement, CyberKongz revealed details about their latest addition, stating, “The Guardian Contract allows you to enjoy the convenience of a hot wallet while adding the security of a cold/hardware/multi-sig wallet on top.”
According to CyberKongz, the Guardian Contract feature goes beyond safeguarding against scams that specifically exploit token approvals or seed phrases. It also provides an additional layer of security for assets stored on a hardware wallet. The significance of implementing these robust security measures is emphasized by the prevalence of various hacks witnessed in recent years.
CyberKongz’s lead Solidity Developer, OwlofMoistness, introduced the ERC721x standard in 2022, incorporating pioneering “locking” and “guarding” functionalities.
The ‘locking’ component of the ERC721x standard incorporates a lock registry system that seamlessly integrates with the standard ERC721. By requiring minimal gas, this feature enables whitelisted addresses to securely immobilize assets. This empowers assets to engage in parallel staking across multiple systems without compromising ownership.
Similar to the ‘locking’ mechanism, the ‘guarding’ feature functions in a comparable manner. Instead of relying on the original wallet to secure the NFT, a designated ‘Guardian’ wallet assumes the authority. The Guardian wallet subsequently locks the assets within the initial wallet, introducing an extra level of security. However, any transfer requires the approval of the Guardian wallet, effectively implementing on-chain two-factor authentication (2FA).