What are the differences between HOTP and TOTP in the context of cryptocurrency?

3 answers

• Nov 26, 2021 · 3 years ago
  HOTP and TOTP are both commonly used methods for two-factor authentication in the cryptocurrency industry. HOTP is based on HMAC (Hash-based Message Authentication Code) and generates a unique one-time password by combining a secret key and a counter value. TOTP, on the other hand, uses the current time as a parameter to generate the one-time password. The main difference between HOTP and TOTP lies in the way they generate the password. While HOTP generates a password that remains valid until it is used, TOTP generates a password that is only valid for a short period of time, typically 30 seconds. This makes TOTP more secure against replay attacks, as the password changes frequently. However, HOTP can be more convenient in certain situations where the time-based aspect of TOTP may cause issues, such as when the user's device clock is not synchronized correctly. Overall, both HOTP and TOTP provide an additional layer of security for cryptocurrency transactions, but the choice between them depends on the specific requirements and preferences of the user.
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• Nov 26, 2021 · 3 years ago
  HOTP and TOTP are two different methods of generating one-time passwords for two-factor authentication in the cryptocurrency industry. HOTP is based on HMAC and uses a counter value to generate the password, while TOTP uses the current time. The advantage of HOTP is that the password remains valid until it is used, which can be useful in situations where the user may not have immediate access to their device. However, this also means that the password can be used multiple times if intercepted. TOTP, on the other hand, generates a password that is only valid for a short period of time, typically 30 seconds. This makes it more secure against replay attacks, as the password changes frequently. However, it also means that the user needs to have their device with them and ensure that the device's clock is synchronized correctly. Both HOTP and TOTP are widely used in the cryptocurrency industry and provide an additional layer of security for transactions.
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• Nov 26, 2021 · 3 years ago
  HOTP and TOTP are two commonly used methods for two-factor authentication in the cryptocurrency industry. HOTP, as the name suggests, is based on HMAC and generates a one-time password by combining a secret key and a counter value. TOTP, on the other hand, generates a one-time password based on the current time. The main advantage of HOTP is that the password remains valid until it is used, which can be convenient in certain situations. However, this also means that the password can be used multiple times if intercepted. TOTP, on the other hand, generates a password that is only valid for a short period of time, typically 30 seconds. This makes it more secure against replay attacks, as the password changes frequently. Overall, both HOTP and TOTP provide an additional layer of security for cryptocurrency transactions, but the choice between them depends on the specific needs and preferences of the user.
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