You have an app with a private key.
The qr code contains data encrypted with the corresponding public key. Your app decrypts the data and transmits it to googles servers, proving you are in possession of the secret key.
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A guess/suggestion:
You have an app with a private key. The qr code contains data encrypted with the corresponding public key. Your app decrypts the data and transmits it to googles servers, proving you are in possession of the secret key.
oh so it would just be app-based MFA but without using TOTP. That makes sense