Keystone and UniPass Merge to Form Account Labs to Simplify Web3 Accounts
- Keystone and UniPass merge to create Account Labs.
- The focus is on developing Account Abstraction (AA) for easier Web3 adoption.
- AA will allow users to seamlessly engage with Web3 services.
In a groundbreaking move, Keystone and UniPass announced their merger, creating a new entity called Account Labs. This merger brings together the expertise of both teams to focus on the development of Account Abstraction (AA).
This development was captured in an official UniPass blog post earlier today, noting that the technology aims to simplify and improve the management of decentralized accounts in the Web3 era.
Liu Lixin, the founder of Keystone, has been named CEO of Account Labs, responsible for external affairs and global business development. On the other hand, Zhi Xian, the founder of UniPass, assumes the role of COO, overseeing internal affairs, product research and development, team building, and operations management.
While the adoption of Web3 accounts has presented significant challenges for newcomers, with complex processes, unfamiliar concepts, and security issues acting as barriers to entry, Account Labs seeks to address these issues by leveraging combined forces of both teams. Areas will include cryptographic research, software engineering, product design and security measures.
Drawing a parallel with the evolution of automobiles, the Account Labs team compares External Owner Accounts (EOAs) to cars with manual transmissions. At the same time, Account Abstraction (AA) represents the transition to automatic vehicles. AA transforms EOAs into functionally superior accounts, allowing users to operate seamlessly within the Web3 ecosystem.
According to the official statement, AA offers programmability and a wider range of smart features, unlike traditional wallets that rely on EOAs and require users to manage private keys or seed phrases.
Users can engage with various Web3 services and products through self-contained decentralized accounts, benefiting from batch transactions, flexible payment methods, and various signing permissions.
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