Singapore, Singapore, August 2nd, 2023, Chainwire
Additional account abstraction capabilities, including a social recovery feature, will be rolled out at a later date
OKX, a prominent Web3 technology company, has recently introduced a new Smart Account feature powered by account abstraction on its OKX Wallet. This feature allows users to pay for transactions on multiple blockchains using either USDC or USDT. Additionally, OKX Wallet plans to launch more account-abstraction powered features soon, such as social recovery functionality. This feature will enable users to choose trusted "guardians" from their social network to assist them in recovering their Smart Account in the event that they lose their keys.
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OKX Wallet is one of the first wallets in Web3 with multi-chain account abstraction support. With Smart Account, users can now interact with multiple contracts in a single transaction. This enhances composability for advanced users and adds convenient features for beginners, creating a more user-friendly and intuitive wallet experience.
OKX Chief Innovation Officer Jason Lau said: "Our aim is to provide our users with the most accessible, secure, and powerful Web3 gateway. The Smart Account feature will play a significant role in achieving this goal. Account abstraction technology is a game-changer for the broader adoption of Web3 and enables new use cases and user experiences. We are excited to share more as we continue to build on top of this feature."
Account abstraction is a technique that simplifies cryptocurrency transactions by creating Web3 wallet accounts. These accounts hide the technical details of on-chain interactions behind a more user-friendly interface. By combining smart contracts and Externally Owned Accounts (EOAs) into a single "smart" account, users can enjoy a more unified Web3 experience.
The Smart Account, powered by account abstraction, simplifies some of the complexities of blockchain transactions. One of the biggest challenges that users face is navigating the complex transaction process and understanding technical terms such as 'gas fees' and 'Gwei.' The Smart Account addresses this challenge by reducing the number of steps required to complete a token swap or trade to just one click.
OKX Chief Marketing Officer Haider Rafique said: "We promised our customers and the larger DeFi community that we would prioritize security and interoperability as we build our Web3 wallet and apps. We support 60+ cross-chains, Multi-Party Computation (MPC), and now with Smart Account, we offer a stablecoin account that can interact with transactions on multiple blockchains without the need for a specific blockchain's native token, with a social recovery feature coming soon. This is a game-changer, and we believe it has the ability to make transactions between chains a lot more seamless."
Additional benefits of OKX Wallet's Smart Account feature include:
Gas fee-related
The option to pay for gas on any of the supported chains using stablecoins USDC and USDT.
Users can also conduct gasless transactions if third-party dApps choose to sponsor their on-chain interactions.
Elimination of the need for users to pay gas fees with each individual chain's native token.
Simplified token swaps and staking
Smart Account combines multiple stages of the swap and staking process into a single step. Users can exchange tokens and earn interest by staking crypto with just one click.
OKX Wallet currently supports account abstraction technology on seven blockchains: Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche and OKT Chain. It is also the first Web3 wallet to utilize multi-party computation (MPC) technology across 37 blockchains, eliminating the need for traditional written down keys and seed phrases by splitting a user's private key into three parts, greatly improving security and eliminating a single point of failure.
About OKX
A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:
OKX Wallet: The world's most powerful, secure and versatile crypto wallet which gives users access to over 50 blockchains while allowing them to take custody of their own funds. The wallet Includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, 'written down' seed phrases
DEX: A cross-chain decentralized exchange which aggregates nearly 200 other DEXs, with 200,000+ coins on more than 10 blockchains available.
NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
Web3 DeFi: A powerful DeFi platform that supports earning and staking on 80 protocols across 15 chains.
OKX partners with a number of the world's top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.
As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.
To learn more about OKX, download our app or visit: okx.com
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