1. BITBILIHome
  2. Article

OKX exchange unveils new feature for its Web3 wallets

• 189 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

  • Crypto exchanges face SEC lawsuits over securities law violations

    TL;DR Breakdown Since the break of Covid-19, the United States SEC under Gary Gensler has made it a mission to crack decentralized finance. So far, the regulator has gone after major crypto entities with operational jurisdictions such as Kraken, Coinbase, and Binance.US. What guidelines has the US regulator given to crypto entities to register securities? The US Securities and Exchange Commission (SEC) has filed lawsuits against major crypto exchanges Coinbase and Binance, alleging that they have used deceptive business practices and broken securities laws. The US authorities are intensifying their efforts to regulate the crypto sector, which will have an impact on key actors and raise concerns about investor protection and regulatory oversight. Contents hide 1 SEC’s regulatory crackdown on the crypto industry 2 What constitutes a security in the US? 3 Why is crypto asset deemed secure? 4 Why is Binance facing charges? SEC’s regulatory crackdown on the crypto industry The United States economic regulatory arm filed a lawsuit against Coinbase on June 6 in federal court in Manhattan. The regulatory entity alleged that the crypto exchange in the…

    Article 2023年6月13日

  • Genesis strikes back, accuses DCG of massive debt dodge

    TL;DR Breakdown Genesis Global Capital has initiated legal proceedings against Digital Currency Group (DCG), alleging that DCG has failed to repay several loans amounting to hundreds of millions of dollars. DCG has responded to these allegations by stating that they are working to document a forbearance agreement reached in principle between DCG, the UCC (Unsecured Creditors Committee), and Genesis. Description Genesis Global Capital has initiated legal proceedings against Digital Currency Group (DCG), alleging that DCG has failed to repay several loans amounting to hundreds of millions of dollars, all of which were due in May. According to Genesis’s legal representatives, the genesis of this financial dispute dates back to 2019 when both Genesis and DCG … Read more Genesis Global Capital has initiated legal proceedings against Digital Currency Group (DCG), alleging that DCG has failed to repay several loans amounting to hundreds of millions of dollars, all of which were due in May. According to Genesis’s legal representatives, the genesis of this financial dispute dates back to 2019 when both Genesis and DCG entered into a “master loan agreement.” This…

    Article 2023年9月7日

  • Hinman emails unveiled in Ripple case reveal internal deliberations on Ether’s regulatory status: Details

    TL;DR Breakdown Recently released Hinman emails reveal internal discussions on the regulatory status of Ethereum (ETH) and the clarity of William Hinman’s 2018 speech. Ripple CEO Brad Garlinghouse criticizes the SEC’s conduct and lack of regulatory clarity, calling it “politically motivated overreach.” The impact of the emails on the Ripple-SEC lawsuit is still unclear, but the XRP price has already experienced a notable increase. In a recent development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), previously undisclosed emails have been released, shedding light on internal deliberations within the SEC regarding the regulatory status of Ethereum (ETH). The emails, published by Ripple, are tied to the 2018 speech by former SEC Director of Corporation Finance, William Hinman, who stated that Ether did not appear to be a security. However, these emails have sparked discussions about the clarity of the speech and its implications for the regulatory treatment of digital assets. The released emails show SEC officials engaged in conversations about the language used in Hinman’s speech, with some expressing the need for clearer…

    Article 2023年6月16日

  • SEC acknowledges BlackRock and Fidelity Bitcoin ETF applications 

    TL;DR Breakdown The SEC has acknowledged the applications for Spot Bitcoin ETFs from prominent firms such as BlackRock and Fidelity, marking an important step in the regulatory process. This acknowledgment does not guarantee approval but signifies progress and puts the clock in motion for the SEC to make a decision on these ETFs. Hopes for approval rise as market participants anticipate the SEC’s response, with preventative measures against market manipulation and increased mainstream acceptance of cryptocurrencies potentially influencing the regulator’s decision. Description The US Securities and Exchange Commission (SEC) has acknowledged the Spot Bitcoin ETF applications submitted by asset management giants BlackRock and Fidelity, along with several other firms, according to a report by Bloomberg reporter James Seyffart.  While this acknowledgment does not indicate impending approval or rejection, it marks a significant milestone in the application process, … Read more The US Securities and Exchange Commission (SEC) has acknowledged the Spot Bitcoin ETF applications submitted by asset management giants BlackRock and Fidelity, along with several other firms, according to a report by Bloomberg reporter James Seyffart.  UPDATE: There they are…

    Article 2023年7月15日

  • Meta to launch AI model set to challenge OpenAI’s dominance

    TL;DR Breakdown Meta has already introduced its language model called LLaMa earlier this year, but the upcoming commercial version is expected to be more widely accessible. The Company’s high-level strategy, as revealed by a source familiar with the matter, is to challenge the dominance of OpenAI in the AI landscape. Author Sarah Silverman, along with two other authors, has filed a lawsuit against the Company, alleging copyright infringement in the training of its AI systems. Description According to a report by the Financial Times, Meta, formerly known as Facebook, is planning to launch a commercial version of its artificial intelligence (AI) model. The aim of this release is to expand the usage of Meta’s AI technology and allow companies to customize it to their specific needs. The company has already introduced … Read more According to a report by the Financial Times, Meta, formerly known as Facebook, is planning to launch a commercial version of its artificial intelligence (AI) model. The aim of this release is to expand the usage of Meta’s AI technology and allow companies to customize it…

    Article 2023年7月13日
TOP