OKX, a leading Web3 technology company, has launched the innovative ‘Smart Account’ feature on its OKX Wallet, allowing users to make transactions on multiple blockchains using USDC or USDT.
This account abstraction-powered Smart Account is a pioneering step, offering users the ability to interact with multiple contracts in a single transaction. The feature enhances composability for advanced users and introduces convenience for beginners, providing a user-friendly and intuitive wallet experience.
OKX Wallet will further introduce account-abstraction powered features, including a social recovery functionality. Users will be able to select trusted “guardians” from their social network to help them recover their Smart Account in case of lost keys.
Jason Lau, the Chief Innovation Officer at OKX, emphasized the goal of providing the most accessible, secure, and powerful Web3 gateway. The Smart Account feature, built on account abstraction technology, is considered a game-changer for Web3 adoption, enabling new use cases and user experiences.
The Smart Account simplifies blockchain transactions, addressing complexities such as gas fees and technical terms like ‘Gwei.’ With just one click, users can complete token swaps and trades, streamlining the process and enhancing user convenience.
Haider Rafique, the Chief Marketing Officer, highlighted the commitment to security and interoperability in building the Web3 wallet and apps. OKX Wallet supports 60+ cross-chains, Multi-Party Computation (MPC), and Smart Account, which can interact with transactions on multiple blockchains without requiring a specific blockchain’s native token. The upcoming social recovery feature adds even more value to the offering.
The Smart Account feature also brings additional benefits, including the option to pay for gas on any supported chain using stablecoins USDC and USDT. It eliminates the need to pay gas fees with each chain’s native token, simplifies token swaps and staking, combining multiple stages into a single step for users’ convenience.
OKX Wallet currently supports account abstraction technology on seven blockchains and is the first Web3 wallet to use multi-party computation (MPC) technology across 37 blockchains, significantly improving security. This technology ensures that users’ private keys are split into three parts, eliminating single points of failure and enhancing overall wallet security.
