Passwords Will Be Obsolete in the Not-So-Distant Future: How New Technologies Will Replace Passwords
In 2019, a group of young internet entrepreneurs banded together with the goal of putting an end to passwords for good. They teamed together and used their combined entrepreneurship skills (from the Y-Combinator program) to build Cotter, a cutting-edge passwordless authentication software. Kevin Chandra, Michelle Marcelline, Anthony Christian, Putri Karunia, and Albert Purnama are the faces of Cotter’s success – tech aficionados with a strong academic background in engineering, computer science, and financial mathematics earned from top California colleges.
“ We were looking for a password-free, low-cost authentication solution. Because there was no solution that met our demands at the time, Albert Purnama, Cotter’s software developer, opted to create his own passwordless authentication [system].
Cotter: the reason for the switch
The Cotter team, hailing from Indonesia, was well aware that authentication in developing countries differs dramatically from that in rich countries. People are significantly more likely to use their phones to access the internet than they are to use desktops. As a result, because South Asians are mobile-first, they choose to use their phone numbers as their primary identify rather than their email addresses. Not surprisingly, the so-called “one-time password” (OTP) supplied by SMS for logging into a particular account has become popular in this region. The main disadvantages of this strategy are its low level of security and the significant costs associated with verification for businesses. The corporation must pay a cost of around $0.1 every time users wish to connect into their bank account, pull up their home insurance, or access their medical details via SMS. Although the single number may not appear to be concerning, when multiplied by hundreds of thousands of users, it skyrockets and becomes prohibitively expensive for regular authentication. Cotter was born out of a goal to provide authentication that is more safe, better, and supported by less expensive infrastructure.
What is the mechanism behind it?
When a user registers for Cotter’s passwordless authentication, a public and private key pair is generated. The public key, which is maintained on Cotter’s server, acts as a username for the user, while the private key, which is stored on the user’s device, secures the biometric data and completes the verification process. The best part is that everything happens behind the scenes, so as long as the user’s device is connected, they don’t have to worry about anything. Brief News from Washington Newsday.