1. BITBILIHome
  2. Article

OKX exchange unveils new feature for its Web3 wallets

• 26 views

TL;DR Breakdown

  • KX has launched a “Smart Account” feature in its wallet to simplify on-chain interactions.
  • This Smart Account combines smart contracts, externally owned accounts, and enables stablecoin payments, with added security like social recovery.
  • Supported by seven major chains, the innovation emphasizes accessibility and efficiency in cryptocurrency transactions.

Description

The Seychelles-based cryptocurrency exchange OKX is set to introduce a new feature, the “Smart Account,” to its decentralized wallet, the OKX Wallet. This strategic addition is expected to deliver a new shift in the user experience and transaction convenience.  The unveiling of the Smart Account is an attempt to address the long-standing challenge in the … Read more

The Seychelles-based cryptocurrency exchange OKX is set to introduce a new feature, the “Smart Account,” to its decentralized wallet, the OKX Wallet. This strategic addition is expected to deliver a new shift in the user experience and transaction convenience. 

The unveiling of the Smart Account is an attempt to address the long-standing challenge in the crypto landscape – bridging the gap between complexity and usability. This feature will use account abstraction technology to reduce the complexities of on-chain interactions and render them more user-friendly.

Account abstraction aims to conceal the more-technical details of on-chain interactions. In OKX Wallet’s context, it seeks to unify users’ smart contracts and externally owned accounts into a single Smart Account. Consequently, users can engage with multiple contracts within a single transaction, simplifying the overall transaction process.

“Account abstraction technology is a game-changer for the broader adoption of Web3 and enables new use cases and user experiences,” said Jason Lau, the Chief Innovation Officer at OKX. The new feature underscores the commitment of OKX to provide an accessible, secure, and powerful Web3 gateway, according to Lau.

One-click transactions and gasless payments

In another bid to boost user convenience, OKX is gearing up to supercharge transactions by reducing traditionally multi-step processes such as token swaps and staking activities into single-click actions. This will democratize access to crypto activities for enthusiasts at all levels.

Furthermore, the Smart Account feature enables users to pay for transactions on a range of blockchains using stablecoins, specifically USD Coin (USDC) or Tether (USDT). This innovative move is set to remove the hassle of dealing with native tokens and complex gas fees, making transactions smoother than ever before.

The cryptocurrency exchange is also planning to implement additional account abstraction features that enhance security. Notably, it will introduce a unique social recovery feature, which will allow users to appoint ‘guardians’ from their social circles to aid in the recovery of their Smart Account in case of lost keys.

Expanding global footprint

The Smart Account feature will be compatible with seven major chains, including Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKT Chain. This extensive chain support emphasizes OKX Wallet’s commitment to accessibility and inclusivity in the Web3 landscape.

OKX, currently ranked third for Bitcoin futures according to aggregated open interest, continues to carve out a reputation as a pioneer in the crypto exchange sector. With the roll-out of the Smart Account feature, the exchange is poised to set a new standard for crypto transactions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:OKX exchange unveils new feature for its Web3 wallets

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月3日 14:50
Next 2023年8月3日 16:32

Related articles

  • Top Metaverse investments plunge – What’s going on?

    TL;DR Breakdown Prices of metaverse lands have drastically fallen between 2022 and 2023, following a booming bull market in NFTs. As of May 24, 2023, metaverse land costs range from 0.37 to 1.09 ETH, with the most expensive being Otherdeeds by Yuga Labs and the cheapest in Voxels. In the peak of the NFT bull market, metaverse lands cost up to 7.50 ETH, with Otherdeeds being the most expensive, followed by Somnium, Decentraland, The Sandbox, and Voxels. The world of virtual real estate has been in a spin, with metaverse land prices plummeting in the past year. This comes in the wake of a roaring bull market in non-fungible tokens (NFTs) that saw prices of digital land parcels soar to unprecedented levels. Now, however, the once high-flying investments have hit a significant rough patch, with prices of metaverse land dropping drastically between 2022 and 2023. Sinking values in the Metaverse As of May 24, 2023, the cost of owning a plot in the metaverse ranges from 0.37 to 1.09 ETH, with prices differing among various virtual real estate projects. Interestingly,…

    Article 2023年5月30日

  • Debt rankings show U.S. and Singapore on top

    TL;DR Breakdown Singapore and the U.S. lead the world in sovereign debt per capita, according to U.N. data. Every American bears a governmental debt burden that is ten times higher than that of a Chinese citizen. Other nations with high sovereign debt per capita include Japan, Canada, Belgium, and several European countries. Description Headlines in the world of finance and economics have been dominated by the latest data on sovereign debt per capita across the globe. Notably, the United States and Singapore have taken the helm in a race no country aspires to lead. This startling revelation comes following a comprehensive examination of United Nations’ data, which underscored … Read more Headlines in the world of finance and economics have been dominated by the latest data on sovereign debt per capita across the globe. Notably, the United States and Singapore have taken the helm in a race no country aspires to lead. This startling revelation comes following a comprehensive examination of United Nations’ data, which underscored that the governmental debt burden borne by every American is staggeringly tenfold compared to…

    Article 2023年7月24日

  • Ripple Chief Legal Officer opposes SEC’s interlocutory appeal move

    TL;DR Breakdown Ripple Labs opposes SEC’s appeal for interlocutory review in the ongoing case. Chief Legal Officer highlights the court’s stance on resolving issues before appeal. SEC determined to pursue the interlocutory appeal to address partial setback. Description Ripple Labs has taken a firm stance against the Securities and Exchange Commission’s (SEC) recent move, aiming to secure an interlocutory appeal following a summary judgment order in an ongoing case that has sent ripples through the cryptocurrency industry. The company’s Chief Legal Officer, Stuart Alderoty, expressed the company’s opposition to the social media platform … Read more Ripple Labs has taken a firm stance against the Securities and Exchange Commission’s (SEC) recent move, aiming to secure an interlocutory appeal following a summary judgment order in an ongoing case that has sent ripples through the cryptocurrency industry. The company’s Chief Legal Officer, Stuart Alderoty, expressed the company’s opposition to the social media platform formerly known as Twitter. Alderoty highlighted the court’s assertion that no extraordinary circumstances justified departing from the rule that mandates the resolution of all issues pertaining to all parties…

    Article 2023年8月17日

  • Fed orders teen hacker to return $5.2M in BTC stolen in 2016

    TL;DR Breakdown The FED has ordered a crypto hacker, Ahmad Wagaafe Hared, to return $5.2 million in stolen Bitcoin and a BMW i8 purchased with the stolen BTC. The crypto hacker used SIM swapping, where Hared’s alleged team transferred the designated phone number to their own devices. The case is tied to that of  Anthony Francis Faulk, who defrauded 11 victims of more than $3.4 million. Description In a case that exemplifies the murky intersection between cutting-edge technology and traditional criminal justice, federal authorities are pursuing a teenage hacker accused of stealing millions of dollars in Bitcoin. The officials are not only seeking the return of $5.2 million in stolen crypto but have also set their sights on a high-end sports car, … Read more In a case that exemplifies the murky intersection between cutting-edge technology and traditional criminal justice, federal authorities are pursuing a teenage hacker accused of stealing millions of dollars in Bitcoin. The officials are not only seeking the return of $5.2 million in stolen crypto but have also set their sights on a high-end sports car,…

    Article 2023年9月12日

  • Bitrue CSO unveils the real reasons traditional finance is diving into digital assets

    TL;DR Breakdown Bitrue’s Chief Strategy Officer, Robert Quartly-Janeiro, states that growing client demand and the view of cryptocurrencies as a new asset class are driving traditional finance institutions toward crypto. The collapse of FTX and Terra Luna in 2022, along with the subsequent bear market, have lowered entry barriers, making it easier for these traditional institutions to enter the crypto market. Quartly-Janeiro suggests that the entry of traditional finance into crypto could lead to both increased trade volume and the establishment of industry standards, but also poses potential risks to existing crypto entities. Description Traditional finance institutions, commonly called “tradfi,” are increasingly seeking exposure to cryptocurrencies. According to Robert Quartly-Janeiro, the Chief Strategy Officer at crypto exchange Bitrue, growing client demand and the perception of cryptocurrencies as a new asset class are driving this change. Moreover, the collapse of FTX and Terra Luna in 2022, along with the ensuing … Read more Traditional finance institutions, commonly called “tradfi,” are increasingly seeking exposure to cryptocurrencies. According to Robert Quartly-Janeiro, the Chief Strategy Officer at crypto exchange Bitrue, growing client demand and…

    Article 2023年9月25日
TOP