OKX’s first co-authorship of Ethereum Request for Comment (ERC) standard, in collaboration with Biconomy, ZeroDev and Rhinestone, seeks to enhance interoperability and improve Web3 wallets’ end-user experience
New ‘Module Store’ to foster greater integration and bridge the gap between different wallet service providers
SINGAPORE, Feb. 20, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, today announced that it has partnered with Web3 leaders Biconomy, ZeroDev and Rhinestone to co-publish the ERC-7579 standard, which outlines technical standards for simplifying and unifying the management of ‘Modular Smart Accounts.’ The standard aims to enable developers to customize and deploy improved Web3 experiences more easily for end-users.
Modular Smart Accounts are a component of account abstraction technology that enable smart contract accounts to have plug-and-play module-like functionality through plugins, enabling developers to introduce enhanced functionalities such as automated transactions, improved security protocols and customizable permissions.
For example, smart accounts can be customized to enable users to set up wallets using an existing email address, eliminating the need to remember seed phrases. However, the management of these accounts can be complex, leading to compatibility issues and a lack of interoperability across a variety of wallet service providers.
This is where the ERC-7579 standard comes into play. It was developed to build on previous standards, such as ERC-6900, which similarly seeks to foster a growing ecosystem of both smart account and plugin developers. ERC-7579 aims to standardize essential interfaces for Modular Smart Accounts, simplifying its management without imposing extensive requirements for developers.
To realize its goals, ERC-7579 is designed to achieve two technical objectives:
To provide a minimal and standardized approach for handling Modular Smart Accounts
To enhance the interoperability of modular smart accounts across different wallet service providers
By introducing the ERC-7579 standard, OKX, Biconomy, ZeroDev and Rhinestone aim to enhance interoperability among various smart accounts, minimize fragmentation in the Smart Account community and foster a more integrated blockchain ecosystem. In addition, it paves the way for a ‘Module Store,’ where any developer can create modules that work well with different smart accounts, opening up a world of possibilities in the realm of Web3 wallets and related solutions.
OKX Chief Innovation Officer Jason Lau said: “We’re incredibly proud to be part of this pioneering effort to introduce the ERC-7579 standard. ERC-7579 is a new standard focused on ensuring interoperability across different Web3 wallets, and will help lay the foundation for industry-wide innovation. We’re excited about the potential user benefits and look forward to implementing this across our products.”
OKX has been a significant innovator in the account abstraction field, launching its AA-enabled ‘Smart Account‘ feature on August 1, 2023. This allows OKX Wallet users to pay for transactions on multiple blockchains using USDC or USDT. In the coming months, OKX Wallet plans to introduce more capabilities to its Smart Account, such as social recovery functionality, enabling users to choose trusted “guardians” from their social network to assist in recovering their Smart Account if they misplace their keys.
To learn more about the ERC-7579 standard, click here.
For further information, please contact:
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About OKX
A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:
OKX Wallet: The world’s most powerful and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
DEX: A multi-chain, cross-chain decentralized exchange aggregator of 400+ other DEXs and approximately 20 bridges, with 200,000+ coins and more than 20 blockchains supported.
NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.
OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.
As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.
To learn more about OKX, download our app or visit: okx.com
SOURCE OKX
