Optimism wallet enables crypto receipt through Twitter login.

Optimism wallet enables crypto receipt through Twitter login.

Simplifying Crypto Onboarding with Beam Wallet: The Future of Mainstream Adoption

The blockchain industry continues to evolve at a rapid pace, with new innovations and technologies constantly being introduced. One recent development is the launch of Beam, a self-custody payments wallet built for mainstream adoption. Unlike traditional crypto wallets that require users to store seed words, Beam allows users to generate an address without the need for seed words. In addition, the wallet can be easily accessed using a Twitter login, making it incredibly user-friendly.

The Birth of Beam Wallet

Beam was developed by Eco, a payments company that is backed by prominent Web3 venture capital firms including Andreessen Horowitz, Coinbase Ventures, Founders Fund, Lightspeed Venture Partners, and Pantera Capital. This collective support highlights the potential significance of Beam in the blockchain industry.

To create a Beam wallet, users simply visit the application’s website, which generates a unique QR code representing an Optimism address. This QR code can be shared with anyone who wishes to send crypto to the user. Additionally, users can copy the address from the QR code and send it via email or instant messaging applications. The versatility of Beam ensures seamless access from desktop computers and mobile devices.

Simplified Backing up of Wallets

To ensure the security of their wallet, users are required to save their access by logging into Twitter through the application programming interface. By clicking “save access” and then setting a new password, users complete the backup process. In the event of a device crash, users can easily recover their account using their Twitter login and password. This process is made possible through the use of Web3Auth, a revolutionary new wallet technology that eliminates the need for seed words.

It’s important to note that the password serves as a backup shard for Web3Auth, with no hash of it ever being stored on a centralized server. This ensures that neither Twitter nor Eco can make unauthorized transfers on behalf of the user, providing an added layer of security.

Gas Fee Payment Flexibility

While Optimism’s native coin is Ether (ETH), Beam offers a unique advantage by not requiring users to own ETH to pay gas fees. Instead, users can pay gas fees using the coin they are transferring. For instance, users can send $100 in USD Coin (USDC) by paying just $0.50 in USDC. This flexibility enhances accessibility for a wider range of users, eliminating the barrier of needing to own ETH specifically.

To achieve this, the Beam wallet broadcasts two separate transactions. The first transaction is the user’s requested transfer, while the second transaction is a pledge to pay a third-party “paymaster” account for gas fees. In the example of using USDC, the paymaster will pay $0.50 or less worth of ETH on behalf of the user, while the user simultaneously pays $0.50 of USDC to the paymaster. The fee amount is embedded in the transaction’s signature, ensuring paymasters cannot charge more fees than authorized.

This functionality became possible with the implementation of account abstraction in March, allowing user-controlled wallet accounts to contain executable code for the first time. It’s a testament to the ongoing technological advancements within the blockchain industry.

Expansion Plans and the Vision of Beam

Beam’s developers have ambitious plans for its future. The wallet is set to be released for Coinbase’s Base network once it officially launches in August. This integration will allow user balances on Base and Optimism to be consolidated within the Beam app, creating a seamless user experience across networks.

The founder and CEO of Eco App and Beam, Andy Bromberg, refers to Beam as a “Superchain” wallet. This term emphasizes the wallet’s ability to interact seamlessly across the OP Stack ecosystem, further enhancing its utility and convenience. Bromberg believes that Beam will play a crucial role in simplifying crypto wallets for ordinary people, ultimately driving mainstream adoption.

In a quote from Bromberg, he states, “We’ve abstracted away chains, addresses, fees — all of it — to make it so that normal people can use it. I’ve been in crypto for 10 years now, and this is the first noncustodial product that my parents have ever been able to use, and I have tried many times before, and this did it. So we’re excited about it.”

Beam is not alone in its mission to simplify crypto onboarding. Other wallet apps, such as Kresus wallet and Worldcoin’s protocol, have also taken steps to streamline the user experience. These efforts collectively contribute to the growing accessibility and adoption of blockchain technology.

Overall, the launch of Beam wallet marks a significant milestone in the blockchain industry. With its user-friendly interface, simplified backup process, flexible gas fee payment options, and plans for network integrations, Beam has the potential to revolutionize how mainstream users interact with blockchain technology. As the industry continues to mature, wallet innovations like Beam will certainly play a pivotal role in driving widespread adoption.