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News

UniPass, Keystone Merge To Democratize Expand Access To Web3 Products

May 20, 2023 - Around 3 mins mins to read

Key Points:

  • Account Labs was founded by UniPass, a smart contract wallet provider, and Keystone, a renowned hardware wallet developer.
  • Their collaboration is a deliberate choice that will allow them to harness their combined experience.
  • The goal is to democratize access to Web3 products.
UniPass, a non-custodial crypto smart contract wallet, stated in its press release that it would combine with cryptocurrency hardware wallet Keystone to become Account Labs.
UniPass, Keystone Merge To Democratize Expand Access To Web3 Products
UniPass, Keystone Merge To Democratize Expand Access To Web3 Products 2

Keystone founder Liu Lixin will be named CEO of Account Labs, while Unipass founder Zhi Xian will be named COO (COO). Account Labs will concentrate on creating and exploring account abstraction (AA) solutions in the future.

“We are on the cusp of a Web3 Account Abstraction revolution. Together, we’ll drive rapid transformation, making the transition from Web2 to Web3 effortless for users. Our goal is to ensure everyone can securely and smoothly manage a decentralized account. We welcome partners to join us in advancing the Web3 account domain,” said Xian.

Account Labs combines UniPass and Keystone’s vast expertise in cryptography research, software engineering, product design, and security protection. Their collaborative efforts will center on identifying synergies in the Account abstraction industry and fostering technical innovation.

The mission is to provide next-generation Web3 Account Abstraction solutions that make decentralized account ownership and administration a seamless experience for consumers, ultimately boosting blockchain technology adoption.

The original investors in Keystone and UniPass have also expressed significant support for this combination. Amber Group, Atom Capital, BAI Capital, BODL Ventures, DWEB3 Capital, Folius Ventures, Galxe, HashGlobal, HashKey Capital, Jerry Huang, Mable Jiang, Mask Network, MixMarvel DAO Ventures, NGC Ventures, Permanent Ventures, Qiming Ventures, SNZ Holding, Xinjun Liang, and Youbi Capital are among them.

According to Unipass, most current crypto wallets function as an ‘Externally-Owned Account’ (EOA), yet if a user loses a private key or seed phrase, permanent asset loss is unavoidable.

Account abstraction, on the other hand, may more effectively enlarge the programming space of Web3 accounts. It is the same as Ethereum if EOA is Bitcoin. As a result, account abstraction, which is novel to the blockchain industry, revolutionizes the way Web3 accounts interact. It’s a novel approach to attracting people.

Account abstraction, a concept initially proposed by Ethereum inventor Vitalik Buterin in 2015, solves the usability and security issues associated with decentralized accounts. With this acquisition, Account Labs will be the sole industry player working at the convergence of usability and security.

UniPass’ renowned technological techniques have received recognition and application across a wide range of applications, successfully facilitating access for Web3 users. They develop a full decentralized account ecosystem by using complex cryptographic technologies like zero-knowledge proofs and DKIM protocols.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Account Abstraction

Account Labs

Externally-Owned Account

Keystone

UniPass

Web3

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.