OKX Wallet has officially introduced a “Smart Account” option on it’s wallet. According to the recently released press statement, customers can send payments using USDT or USDC across several blockchain platforms with the help of it’s new account abstraction technology.
OKX, in it’s statement, added that it is preparing to roll out additional account-abstraction-induced services with social recovery capabilities. While speaking on the benefits of the new technology, the statement said that it would aid in more trustworthy transactions.
It makes a provision for users to choose their most preferred “custodians” to help them retrieve their Smart Account in the event that they misplace their keys. The OKX Wallet, according to information obtained, is the first Web3 wallet to provide a multiple-chain account abstraction helper.
Owners can engage with several contracts through the Smart Account in one transaction.. This method, they say, adds easy-to-use features for beginners, as well as composability for those advanced users. Also, according to the statement, it creates a more appealing and spontaneous wallet experience.
In the press release posted on Todayq News, OKX described account abstraction as a streamlined cryptocurrency transaction mechanism that permits the construction of a Web3 wallet account and can hide more technical aspects of their internal operations, such as on-chain interactions.. This, the statement says, encourages a more user-focused and accessible interface.
Explaining further, the statement stated that as a way of achieving a perfect user-focused and accessible interface, developers at OKX had combined Externally Owned Accounts (EOAs) and smart contracts to form a whole “smart” account that provides a more contained Web3 experience. Users’ smart contracts and Externally Owned Accounts (EOAs) are integrated into a single “smart” account to create a more seamless Web3 experience.
OKX Say New Technology Solves Most Problems Encounter During User Engagement
Also, in the press statement, the company explained that the account abstraction-induced Smart Accounts ease most of the obstacles experienced in blockchain transactions. They pointed out that the ability to understand the technical terms and navigate the many transaction stages makes up some of the priorities the company is set to solve.
According to the press statement, some of the technical terms include “Gwei” and “gas fees.” The Smart Account is designed to address this issue by giving users the ability to complete trades or token swaps with a single click. Additionally, the account abstraction technology on seven blockchains is supported by the OKX Wallet.
These blockchain platforms include BNB Chain, Arbitrum, Ethereum, Polygon, Optimism, Avalanche, and OKT Chain. Also, according to the information contained in the press statement, the OKX Wallet is the first Web3 wallet to use a program called the Multi-Party Computation (MPC) feature in all 37 blockchains.
Therefore, splitting the user’s private keys into three separate portions is necessary to eliminate the requirement for a conversational technique that necessitates manually noting security keys and seed phrases. The statement also explained that the Multi-Party Computation (MPC) would go a long way to improve the wallet’s security and eliminate the single point of failure, usually experienced during transactions.
Also, while speaking on the workings and features of the Wallet, Jason Lau, OKX’s Chief Innovation Officer, told journalists that the company aims to provide its users with the most accessible, powerful, and safe Web3 gateway. He assured users that the newly introduced Smart Account features are expected to revolutionize the web3 industry and facilitate a new user experience for all and sundry.
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