AUSTIN, Texas, April 26, 2023 - Portkey, the first CA (contract account) wallet with DID (decentralized identity) solution in aelf's ecosystem attended Consensus 2023 held by Coindesk in Austin, Texas. Being the largest and longest running conference of blockchain, crypto and now Web3 industry, Consensus has been known to capture important topics and gather key points for the industry. On a platform as such, Portkey used the opportunity to present the audience what it deems as the key to migrating from Web2 to Web3 and how it has mastered it.
The CTO of Portkey, Steven, first acknowledged that the migration from Web2 to Web3 is indeed happening in front of people's eyes as more users demand distributed ownership of the internet and decentralized finance, and so forth. However, the users of Web3 are only a small fraction of Web2 users, which leads to the problem: what's stopping users from flocking into Web3?
Steven attributes the above to one crucial component of Web3 infrastructure: Web3 wallet, the entry point to Web3. Traditional wallets have hindered large scale of Web2 users from entering Web3. Many are stopped at the first step: logging in. While Web2 applications usually allow users to create an account with e-mail, phone or other social information effortlessly, the so far most-used non-custodial EOA wallets need users to have seed phrases which are hard to remember and easy to lose. Some rookie users choose exchange wallets to access Web3, but it has centralized risks.
"The primary mission of Portkey is to let users log into their Web3 wallets just as easily as how they log into Web2 applications, and at the same time, to guarantee that it is absolutely decentralized," said Steven who then went on to present Portkey's solutioin to eliminate the obstacles for migration from web2 to Web3.
From 2019 to 2022, developers in the open-sourced aelf network, which is the layer 1 network Portkey built upon, have successfully realized one technical breakthrough: account abstraction, a trendy technology in major blockchain ecosystems like Ethereum dubbed as ERC4337. With this technology, it becomes possible for a smart contract (CA) wallet to be built on the network.
Given how CA wallet decouples user accounts and private keys, Portkey allows users to finally log into their accounts in the Web2 way, exempting them from the burden of providing seed phrases and so forth to lower the threshold for users to come into Web3 substantially. However, some may associate easy login and user friendliness with the compromise of decentralization which is the case of many crypto exchange wallets. Portkey also addressed this problem with its DID solution to enable to make sure the wallet is fully decentralized. Meanwhile, Portkey also frees users from concerns of their wallets being lost. Being a CA wallet enables Portkey to carry out social recovery. When a user loses his or her account, there are guardians who can help users restore their accounts.
With the above features, Portkey makes it much easier for Web2 users to access Web3 without being worried about centralized risk or permanent account losses, which is essentially the key to the highly anticipated massive migration from Web2 to Web3. Via Portkey, users' Web3 demands in regard to identities, digital assets, DApp explorations, and cross-chain operations can all be met.
Portkey currently supports on/off-ramp function for users to buy or sell crypto with fiat. Also, Portkey users can make P2P transfers of their digital assets, including tokens, NFTs and there will be an in-app marketplace as the digital assets increase. Beyond, Portkey users can seamlessly access abundant DApps in just one place and explore projects ranging from GameFi, DeFi, SocialFi to Metaverse, etc. Interoperability with multiple chains also connects Portkey users to projects from other networks and ecosystems. As a matter of fact, Portkey's native chain aelf already allows the payment of gas fees in other non-native tokens.
After demonstrating Portkey's solution, product and utilities, Steven stressed "The opportunity to migrate to Web3 has come and Portkey feels obliged to take the lead and bring its progress faster. With our easy-to-use and low-cost CA wallet, I couldn't see why Web3 can't onboard billions of users."
About Portkey
Portkey is the first CA wallet from aelf's ecosystem, migrating Web2 users and developers into Web3 with DID solution.
Users can swiftly log into Portkey via their Web2 social info with no private keys or mnemonics required. Underpinned by the social recovery and decentralized verifier design, Portkey safeguards users' assets from centralized control and theft. Portkey also generates nearly zero fees for account creation and user usage with a unique delegation mechanism.
Portkey provides crypto on/off-ramp services, allowing users to exchange fiat with crypto freely. It supports the storage and management of various digital assets such as tokens, NFTs, etc. The compatibility with multi-chains and seamless connection to all kinds of DApps makes Portkey a great way to enter the world of Web3.
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For further information, please contact:
Arwen Yan
arwen@portkey.finance
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