New Optimism wallet lets users receive crypto via Twitter login

9 months ago 64

A caller wallet that has launched connected Optimism (OP) allows users to make an code without storing effect words, and the relationship tin beryllium saved utilizing an mean Twitter login. Called “Beam wallet” the exertion runs successful a browser model and requires nary downloads, according to a July 27 announcement from its developer. It besides allows users to nonstop transactions connected Optimism without owning Ether (ETH).

INTRODUCING BEAM

The archetypal self-custody payments wallet built for the mainstream — nary download oregon signup required.

Beam is the easiest mode connected the satellite to nonstop anyone money.

Try it retired with a azygous click

— Andy Bromberg (@andy_bromberg) July 27, 2023

Beam was developed by Eco, a payments institution backed by Web3 task superior firms Andreessen Horowitz, Coinbase Ventures, Founders Fund, Lightspeed Venture Partners, and Pantera Capital.

To make a Beam wallet, the idiosyncratic navigates to the application’s website, which generates a unsocial QR codification representing an Optimism address. After this, the idiosyncratic tin show their QR codification to idiosyncratic who wants to nonstop them crypto. They tin besides click the QR codification to transcript the code truthful that it tin beryllium sent done email oregon instant messaging applications. The web app tin beryllium accessed from a desktop oregon mobile device.

Beam wallet interface. Source: Eco

To backmost up their wallet, users indispensable click “save access” and log into Twitter done its exertion programming interface (API). They past click “save access” a 2nd clip to beryllium prompted for a caller password. After submitting the password, the relationship backup is complete, and the idiosyncratic tin past retrieve their relationship with their Twitter login and password if their instrumentality ever crashes.

In a speech with Cointelegraph, Eco App and Beam CEO Andy Bromberg explained that the exertion uses Web3Auth to backup accounts. Web3Auth is a benignant of caller wallet technology that allows for seedless wallets to beryllium created.

Bromberg said the password serves arsenic a backup shard for Web3Auth, which means nary hash of it is ever stored connected a centralized server, implying that neither Twitter nor Eco tin marque unauthorized transfers connected the users’ behalf.

Even though Optimism’s autochthonal coin is Ether (ETH), Beam does not necessitate users to ain ETH to wage state fees. Instead, state fees tin beryllium paid with the coin utilized successful the transfer. For example, a idiosyncratic tin nonstop $100 successful US Dollar Coin (USDC) for $0.50 successful USDC.

Related: Optimism transaction volumes surpass Abitrum’s for the archetypal clip successful six months

To marque this possible, the wallet broadcasts 2 abstracted transactions. The archetypal transaction is the 1 the idiosyncratic requested, whereas the 2nd transaction is simply a pledge to wage a third-party “paymaster” relationship if the paymaster agrees to wage state connected the user’s behalf. In the supra illustration utilizing USDC, the paymaster volition wage $0.50 oregon little worthy of ETH connected behalf of the idiosyncratic and the idiosyncratic volition simultaneously wage $0.50 of USDC to the paymaster. Bromberg told Cointelegraph that paymasters cannot instrumentality much fees than the idiosyncratic authorized since the interest magnitude is embedded successful the signature utilized to authorize the transaction.

According to Bromberg, utilizing paymasters has lone go imaginable since relationship abstraction was implemented successful March, which allowed user-controlled wallet accounts to incorporate executable code for the archetypal time.

Beam volition besides merchandise for Coinbase’s Base web erstwhile it officially launches successful August. Once Base has officially launched, idiosyncratic balances connected Base and Optimism volition beryllium added unneurotic and shown arsenic 1 full wrong the Beam app, Bromberg stated. When a lawsuit initiates a transaction, the Base and Optimism parts of the transaction volition beryllium broadcast simultaneously connected each network, making it look to the idiosyncratic arsenic if they are interacting connected a azygous network.

Because of this feature, Bromberg referred to Beam arsenic a “Superchain” wallet, implying that it volition interact seamlessly crossed the OP Stack ecosystem.

Bromberg believes Beam would trim lousy idiosyncratic experiences with crypto wallets and let mean radical to follow the technology:

“We’ve abstracted distant chains, addresses, fees, each of it, to marque it truthful that mean radical tin usage it. I’ve been successful crypto for 10 years now, and this is the archetypal non-custodial merchandise that my parents person ever been capable to use, and I person tried galore times before, and this did it. So we’re excited astir it.”

Beam isn’t the lone wallet app that aims to simplify crypto onboarding. Kresus wallet, launched connected May 11, allows users to sign up with conscionable an email address. On May 8, Worldcoin launched a wallet that allows gas-free transactions for immoderate users that beryllium their humanness done its protocol.

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