Aptos Labs has introduced a new way for users to sign transactions on its Layer 1 blockchain network: passkeys that eliminate the need for setting up passwords.

"We have made changes on the blockchain and created a novel passkey authenticator on Aptos that will take a transaction, the passkey signature, the passkey public key, and validate the transaction with that information," Avery Ching, co-founder and CTO of Aptos Labs, told The Block. "This effectively enables a user to sign transactions with their passkey."

Currently, when users create an account in a crypto wallet, they generate a long code or private key, which needs to be kept safe. This key is usually encrypted with a password set by the user, Ching said. Forgetting this password means losing access to the wallet unless the …