Revolutionizing Crypto Adoption: Optimism Unveils Innovative Wallet Allowing Twitter Login for Receiving Crypto

Optimism, the well-known Ethereum scaling solution, has introduced an innovative wallet called “Beam,” offering users a seamless way to generate a wallet address without the need for seed words. The wallet stands out for its convenient account-saving feature enabled by a standard Twitter login. According to an announcement made by its developer on July 27, Beam operates directly within a browser window, eliminating the need for any downloads.

Eco, a payments company backed by prominent Web3 venture capital firms such as Andreessen Horowitz, Coinbase Ventures, Founders Fund, Lightspeed Venture Partners, and Pantera Capital, is responsible for developing Beam.

To set up a Beam wallet, users simply visit the application’s website, which generates a unique QR code representing an Optimism address. This QR code can be displayed to anyone intending to send crypto to the user. Additionally, users can easily copy the address from the QR code and share it through email or instant messaging applications. The web app is accessible via both desktop and mobile devices.

To back up their wallet, users follow a straightforward process. They click “save access” and log into Twitter through the application programming interface (API). Upon doing so, they click “save access” once more, prompting them to create a new password. With the password submission, the account backup is completed. Subsequently, if a user’s device crashes, they can effortlessly recover their account using their Twitter login credentials.

Eco App and Beam CEO, Andy Bromberg, explaining that Beam employs Web3Auth for account backups. This novel wallet technology enables the creation of seedless wallets. The user-generated password serves as a backup shard for Web3Auth, ensuring that no hash of it is ever stored on a centralized server. This security measure ensures that neither Twitter nor Eco can execute unauthorized transfers on behalf of users.

Although Optimism’s native coin is Ether, Beam impressively does not require users to possess ETH for covering gas fees. Instead, gas fees can be paid with the coin utilized in the transfer. For instance, a user can send $100 in USDC and pay the equivalent of $0.50 in USDC as the gas fee.

Achieving this functionality involves the wallet broadcasting two distinct transactions. The first transaction fulfills the user’s request, while the second transaction constitutes a pledge to pay a third-party “paymaster” account if the paymaster agrees to pay gas fees on the user’s behalf. By using this approach with USDC, the paymaster will cover $0.50 worth of ETH on the user’s behalf, while the user will simultaneously pay $0.50 of USDC to the paymaster. Crucially, paymasters are not authorized to impose additional fees beyond what the user agrees to, as the fee amount is embedded in the signature used to authorize the transaction.

Bromberg explained that the usage of paymasters became possible due to the implementation of account abstraction in March. This marked a significant milestone, as it allowed user-controlled wallet accounts to contain executable code for the first time.

Moreover, Beam is slated to be released for Coinbase’s Base network upon its official launch in August. As a result, user balances on Base and Optimism will be combined and displayed as a single total within the Beam app. When executing transactions, the Base and Optimism components of the transaction will be broadcasted simultaneously on each network, creating a seamless user experience.

The “Superchain” wallet, as Bromberg referred to it, enables smooth interaction across the OP Stack ecosystem, reducing the complexities of crypto wallets and promoting widespread adoption among ordinary users. He shared his enthusiasm about Beam, noting that it is the first noncustodial product that his parents have been able to use effectively, underscoring its user-friendly design.

While Beam brings noteworthy simplifications to crypto onboarding, it is not the only wallet app pursuing this objective. Kresus wallet, launched in May, allows users to sign up with just an email address. Worldcoin also introduced a wallet that facilitates gas-free transactions for users who prove their humanness through the protocol.

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