- The focus is developing Account Abstraction (AA) for a simplified Web3 adoption.
- AA will allow users to engage seamlessly with Web3 services.
In a groundbreaking move, Keystone and UniPass have announced their merger, giving birth to a new entity called Account Labs. This fusion brings together the expertise of both teams to focus on the development of Account Abstraction (AA).
This development was captured in an official blog post of UniPass early today, noting that the technology aims to simplify and enhance the management of decentralized accounts in the Web3 era.
Liu Lixin, the founder of Keystone, has been appointed as the CEO of Account Labs, responsible for external affairs and overall 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 operation 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. The areas will include cryptographic research, software engineering, product design, and security measures.
Drawing a parallel to automobiles’ evolution, the Account Labs team compares External Owned Accounts (EOAs) to manual transmission cars. At the same time, Account Abstraction (AA) represents the transition to automatic vehicles. AA transforms EOAs into functionally superior accounts, enabling users to operate seamlessly within the Web3 ecosystem.
According to the official statement, AA offers programmability and a broader range of smart functionalities, unlike traditional wallets that rely on EOAs and require users to handle private keys or seed phrases.
Users can engage with various Web3 services and products through self-sovereign decentralized accounts, benefiting from batch transactions, flexible payment methods, and varying signature permissions.