August 2, 2023 – Singapore, Singapore
Additional account abstraction capabilities, including a social recovery feature, will be rolled out at a later date.
OKX, a leading Web 3.0 technology company, today announced the launch of a new account abstraction-powered Smart Account feature on its OKX Wallet, enabling users to pay for transactions on multiple blockchains using USDC or USDT.
OKX Wallet will soon launch additional account-abstraction powered features, including social recovery functionality.
This will enable users to select trusted ‘guardians’ from their social network to help them recover their Smart Account if they lose their keys.
OKX Wallet is one of the first wallets in Web 3.0 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.
Jason Lau, chief innovation officer at OKX, said,
“Our aim is to provide our users with the most accessible, secure and powerful Web 3.0 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 Web 3.0 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 simplifies crypto transactions by enabling the creation of Web 3.0 wallet accounts that conceal the more technical details of their on-chain interactions behind a more accessible and user-centric interface.
This is achieved by combining users’ smart contracts and EOAs (externally owned accounts) into a single ‘smart’ account, providing a more unified Web 3.0 experience.
The account abstraction-powered Smart Account simplifies some of the complexities of blockchain transactions.
For example, one of the biggest painpoints that users face is the need to navigate the complex transaction process and decipher technical terms such as ‘gas fees’ and ‘Gwei.’
Smart Account addresses this painpoint by reducing the number of steps required to complete a token swap or trade to just one click.
Haider Rafique, chief marketing officer at OKX, said,
“We promised our customers and the larger DeFi community that we would prioritize security and interoperability as we build our Web 3.0 wallet and apps.
“We…
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