VeChain announced the launch of its smart wallets powered by smart contracts using Account Abstraction (ERC-4337), which will allow users and businesses to interact with the VeChain network safely and efficiently.
One of the most innovative blockchain platforms in the crypto ecosystem, VeChain, is ready to launch smart wallets, an innovation that will allow the interaction of billions of users and companies with the blockchain globally.
This initiative not only demonstrates VeChain’s commitment to technological progress but also reinforces its leadership position in the blockchain space.
Account Abstraction (ERC-4337) comes to VeChain
VeChain community member, Eisenreich, shared on X that VeChain is preparing a major upgrade that will enable the use of smart wallets on its network. He also highlighted the implications of Account Abstraction, a feature that will facilitate the development and interaction of these wallets.
Eisenreich was excited about VeChain’s prospects and suggested that this innovation could drive further adoption.
Recall that Account Abstraction is an Ethereum improvement proposal that is specified in the ERC-4337This proposal allows smart contracts to act as wallets, which improves the security and flexibility of transactions. This way, users will be able to program their own rules for sending and receiving funds, as well as access advanced services such as payment per signature or gas sponsorship.
VeChain developers have decided to adapt this standard and integrate it into their network, which will allow them to bring this experience to their users and make VeChain more attractive for developers and businesses.
Smart Wallets for Mass Adoption
These smart wallets will facilitate mass adoption of blockchain technology and VeChain's leadership in the sector. This is because smart wallets will be able to offer users account recovery and interaction options that are not currently possible.
For example, you will be able to recover a self-custody wallet, without having to have the wallet on hand. seed phrase To do this, the wallet will be able to verify your identity by other means that will allow you to make a successful recovery. This will make it easier for many people to use wallets and their most complex part: their secure management.
Advantages within everyone's reach
Likewise, VeChain, in partnership with Electi Consulting, is conducting a comprehensive review of smart contracts related to Account Abstraction (AA), in which it also participates Chop, a renowned cybersecurity company. This rigorous process ensures that the Core Account Abstraction contracts conform to the highest standards, before being made available on both Testnet and Mainnet.
VeChain’s strategic vision is to connect billions of people and businesses, reflecting its goal of making blockchain technology accessible globally. The user-friendly interface of smart wallets seeks to bridge the gap between traditional users and the complexity of blockchain, encouraging widespread adoption.
VeChain is a blockchain platform that focuses on improving supply chain efficiency and security by offering businesses the ability to create smart contract wallets. These wallets allow supply chain actors to interact, verify, and execute agreements automatically and transparently using smart contracts.
On the other hand, VeChain has also demonstrated its ability to collaborate with large companies such as Google, which has integrated its Blockchain Node Engine to Google Cloud, a solution that facilitates access, transactions, creation and deployment of blockchain-based applications and demonstrates the potential of smart contracts to drive innovation and digital transformation in various sectors.
Without writing code
Technological innovations are not the only thing that stands out about VeChain, but also its new tool, VORJ, gives it many points in its favor. This tool facilitates the development of blockchain-based solutions.
With VORJ, users can create and deploy DApps, tokens, NFTs, and DAOs, without having to write code (no-code).
The price of VET, VeChain’s native cryptocurrency, has dropped by 3,06% in the past few hours and is now trading at $0,02949. However, VET trading volume on Friday was up 2,9% compared to the volume seen the previous day, reaching $36,2 million at press time.
Continue reading: VeChain and EasyA host hackathon to accelerate blockchain and Web3 adoption
