Portkey, the first smart contract or contract account (CA) wallet born from aelf’s system, has successfully deployed its Portkey.Contracts.CA contract on the Mainnet of its native chain — aelf.
By providing users with Web2 login experience without seed phrases, guaranteed security enabled by social recovery, full decentralization with decentralized guardians, Portkey’s main goal is to make it easy for users to enter Web3. However, underlying the easy mission is an important breakthrough in the not-so-easy technology: account abstraction.
The successful deployment of the Portkey.Contracts.CA contract is an implementation of the account abstraction on top of aelf. Account abstraction is the technology that frees users from using private keys to access their EOA crypto wallets. While EOA wallets require users to remember and safely store complex private keys and seed phrases, CA wallets like Portkey are much more friendly. No private keys or seed phrases are needed anymore. Users can log into their CA wallet accounts as easily as logging into a Web2 application because their accounts are coded into smart contracts.
The Portkey.Contracts.CA contract deployed this time on aelf’s Mainnet has programmed user account creation and management, adding guardians and guardian types, social recovery, delegation mechanism for fee payment and so forth into the contract. Once the Portkey product connects to Portkey’s CA contract and launches on aelf’s Mainnet, users can start creating and using their CA wallet accounts according to the contract codes and users’ customized information.
With Portkey’s CA contract up and running on aelf Mainnet, it is safe to say Portkey has begun the journey of leading the migration from Web2 to Web3 with its CA wallet product.
About Portkey
Portkey is the first CA wallet from aelf’s ecosystem, migrating Web2 users and developers into Web3 with DID solution.
Users can swiftly log into Portkey via their Web2 social info with no private keys or mnemonics required. Underpinned by the social recovery and decentralized verifier design, Portkey safeguards users’ assets from centralized control and theft. Portkey also generates nearly zero fees for account creation and user usage with its superior delegation mechanism.
Portkey provides crypto on/off-ramp services, allowing users to exchange fiat with crypto freely. It supports the storage and management of various digital assets such as tokens, NFTs, etc. The compatibility with multi-chains and seamless connection to all kinds of DApps makes Portkey a great way to enter the world of Web3.
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