A new wallet that has launched on Optimism (OP) allows users to generate an address without storing seed words, and the account can be saved using an ordinary Twitter login. Called “Beam wallet” the application runs in a browser window and requires no downloads, according to a July 27 announcement from its developer. It also allows users to send transactions on Optimism without owning Ether (ETH).
INTRODUCING BEAM
The first self-custody payments wallet built for the mainstream — no download or signup required.
Beam is the easiest way on the planet to send anyone money.
Try it out with a single click
— Andy Bromberg (@andy_bromberg) July 27, 2023
Beam was developed by Eco, a payments company backed by Web3 venture capital firms Andreessen Horowitz, Coinbase Ventures, Founders Fund, Lightspeed Venture Partners, and Pantera Capital.
To create a Beam wallet, the user navigates to the application’s website, which generates a unique QR code representing an Optimism address. After this, the user can display their QR code to someone who wants to send them crypto. They can also click the QR code to copy the address so that it can be sent through email or instant messaging applications. The web app can be accessed from a desktop or mobile device.
To back up their wallet, users must click “save access” and log into Twitter through its application programming interface (API). They then click “save access” a second time to be prompted for a new password. After submitting the password, the account backup is complete, and the user can then recover their account with their Twitter login and password if their device ever crashes.
In a conversation with Cointelegraph, Eco App and Beam CEO Andy Bromberg explained that the application uses Web3Auth to backup accounts. Web3Auth is a type of new wallet technology that allows for seedless wallets to be created.
Bromberg said the password serves as a backup shard for Web3Auth, which means…
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