Hey! I'm going to copy & paste a similar question that our CEO answered:
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Q: why use blockchain key pairs under the hood? what’s the actual use case for that?
A:
CEO of Magic here!
Instead of usernames and passwords, Magic uses blockchain-based public and private keys to authenticate users under the hood. A decentralized identifier is signed by the private key to generate a valid authentication token that can be used to verify user identity.
Traditionally, usernames are publicly recognizable identifiers that help pinpoint a user, whereas passwords are secrets that were created by the user and are supposed to be something only they know.
You can think of public and private keys as materially improved versions of usernames and passwords. The public key is the identifier and the private key is the secret. Instead of being created by users and prone to human error (e.g. weak/reused passwords), the key pair is generated via elliptic curve cryptography that has proven itself as the algorithm used to secure immense value sitting on mainstream blockchains like Bitcoin and Ethereum.
Using blockchain key pairs for authentication gives Magic native compatibility with blockchain, supporting over a dozen of blockchains. This enables blockchain developers to use Magic SDK to provide user-friendly onboarding experiences to mainstream users and tap into the potential of the rapidly expanding blockchain industry that is growing 56.1% year over year and projected to reach $69.04 billion by 2027.
The key pairs are also privacy-preserving (no personally identifiable information) and exportable. This allows user identity to be portable and owned by users themselves (self-sovereignty). The world is already moving towards this direction with novel solutions from companies like Workday and Microsoft.
As a first step, we are committed to enabling a passwordless future, by providing developers with the easiest way to integrate passwordless login methods into their apps, but having blockchain key-pairs actually connects us to other future-proof infrastructure such IPFS for decentralized user identity data storage, which will pave the way towards worldwide adoption of decentralized identity.
I love reframing negative results into constructive criticism. But is it ever helpful to accept the negative as it is? I feel like us humans have a difficult time dealing with anything negative. Including other people's anger, honest opinions, etc.
The best part about C0d3 is the community of supportive ppl you’ll meet. When faced with what might feel like a dead end, you’ll never feel like it’s time to give up because there’s always going to be either Song or someone else there to help guide you through it.
C0d3 was way more helpful for me in learning programming than a college room filled with hundreds of students, and only one professor and a limited # of TAs to help.
Thanks to Song & C0d3, I’ve developed the strong foundation of engineering I needed to land multiple Developer Advocate roles.
