TON has launched a new wallet, called W5 Smart Wallet, which allows transactions to be paid with the same digital asset involved in the transaction, ensuring an improved user experience in the Web3 space.
The new digital wallet, unveiled by the TON Foundation on July 25, addresses one of the key challenges of Web3 adoption – gas fees.
The TON Foundation revealed that by using its new wallet, users will be able to tell Goodbye to gas rates with the native token, which will improve their interaction in the crypto space. To exemplify the potential of its new wallet, the Foundation stressed that, to carry out an asset transaction, users do not need to own the network's native token, Toncoin, solving the problem of having to deposit native tokens from another wallet or exchange in order to process their transaction.
At the same time, by enabling gasless trading, W5 simplifies the process and streamlines asset transactions.
Revolutionizing transactions with the new W5 Smart Wallet
The TON Foundation has taken a significant step towards improving user experience in the blockchain ecosystem with the launch of the W5 Smart Wallet.
This new wallet, developed in conjunction with the Tonkeeper team and TON Core developers, introduces the concept of gasless transactions with the native token, to allow users to use USDT to pay commission fees when sending transactions with the stablecoin and NOT tokens to pay commission fees when sending Notcoin.
Oleg Andreev, CEO of Tonkeeper, explained that by eliminating the need to have TON’s native cryptocurrency, Toncoin, to carry out transactions, the new wallet allows to significantly reduce the barriers to entry for new users.
“Our collaboration with TON Core ensures that users experience unmatched security, efficiency, and ease of use. This simplicity is key to bringing blockchain technology to a mass audience and putting crypto in every pocket.”, Andreev said.
Tonkeeper CEO also emphasized that W5 is pushing the boundaries of what is possible in the TON ecosystem.
The advanced features of TON's W5
In addition to gas-free transactions with Toncoin, one of the main features that the W5 Smart Wallet integrates is parallel processing, a functionality that allows users to execute up to 255 simultaneous cryptoasset transactions.
As explained by the TON Foundation in a release New, this functionality is especially useful for managing decentralized subscriptions and implementing robust security measures such as two-factor authentication, wallet freezing, and key recovery, while ensuring users a smoother and more advanced experience.
On the other hand, the Foundation noted that the new wallet also integrates functionalities that allow users to enjoy an efficient Web2-like payment experience, but integrating all the benefits of security, privacy, censorship resistance and flexibility that Web3 offers.
«With the W5 Smart Wallet, we are not only inventing new ways to interact with the blockchain, but we are also solving problems that have plagued the community for as long as the blockchain has existed.», Andreev added. “This is another step in our journey towards mass adoption of Web3 by creating easy-to-use and affordable solutions.”
At the time of writing, the price of Toncoin has reacted bullishly, rising by almost 2% over the past 24 hours. The price of TON’s native cryptocurrency is $6,69, according to data from CoinMarketCap.
The TON Foundation development team commented that the new wallet is already available on Tonkeeper and will soon be available on TON Space and MyTonWallet. They further indicated that in the future other network-based digital wallets could be adopting W5’s innovation, to improve the user experience on Web3 and expand the availability of gas-free transactions on Toncoin to a wider user base worldwide.
