Keystone, UniPass integration into Form Account Labs to simplify Web3 accounts
- Keystone and UniPass are integrated to create the Account Factor.
- The focus is on developing Account Abstraction (AA) for simplified Web3 adoption.
- AA will allow users to seamlessly collaborate with Web3 services.
In a groundbreaking move, Keystone and UniPass have announced their merger, giving birth to a new entity called Account Labs. This merger brings together the expertise of the two 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 enhance decentralized account management in the Web3 era.
Liu Lixin, founder of Keystone, has been appointed CEO of Account Labs, responsible for external affairs and overall business development. On the other hand, Zhi Xian, founder of UniPass, takes on the role of COO, overseeing internal affairs, product research and development, team building, and operations management.
While adopting Web3 accounts has presented significant challenges for newcomers, with complex processes, unfamiliar concepts and security concerns acting as barriers to entry, Account Labs seeks to address these issues by leveraging the combined strengths of both teams. Areas will include cryptography research, software engineering, product design, and security measures.
Parallel to the evolution of cars, the Account Labs team is comparing External Owned Accounts (EOAs) to cars with manual transmissions. At the same time, abstraction of account (AA) marks the transition to automated vehicles. AA converts EOAs into functionally superior accounts, allowing users to work seamlessly within the Web3 ecosystem.
According to the official statement, AA offers programmability and a broader range of smart functionality, unlike traditional wallets that rely on EOAs and require users to manipulate private keys or seed phrases.
Users can interact with many Web3 services and products through a decentralized, self-sovereign account, and take advantage of bulk transactions, flexible payment methods, and various signature permissions.
A Keystone publication, UniPass Merge to Form Account Labs to Simplify Web3 Accounts appeared first in Coin Edition.