blockchainreporter.net
In a groundbreaking development for TON Blockchain, TON Core team, in collaboration with Tonkeeper, has announced the launch of the W5 smart wallet standard. This significant upgrade to the existing TON wallet smart contract introduces gasless transactions, providing a major boost to the usability and accessibility of TON ecosystem.
The W5 smart wallet, originally developed by Tonkeeper team, has been approved as a standard by TON Core team. This new wallet standard supports all the basic functionalities of existing wallets, such as storing and transferring assets on TON.
However, the key innovation of W5 is the ability to facilitate gasless transactions using USDt and Notcoin (NOT) without requiring Toncoin (TON) on the balance. This feature is already live on Tonkeeper for select assets and is set to roll out on TON Space and MyTonWallet soon.
Lowering Barriers for Users
The introduction of gasless transactions significantly lowers the entry barriers for users, as they are no longer required to hold Toncoin to make payments. This ease of use is expected to drive widespread adoption, especially among Telegram’s massive user base of over 950 million.
With 5.8 million monthly active on-chain wallets already in use, the W5 smart wallet standard is poised to enhance the user experience across TON’s expanding Web3 ecosystem. Beyond gasless transactions, the W5 smart wallet also boasts advanced parallel processing capabilities, allowing users to execute up to 255 transactions simultaneously.
This functionality opens up numerous possibilities, such as transferring multiple NFTs to different collectors at once, managing decentralized subscriptions, and implementing robust security features like two-factor authorization, wallet freezing, and key recovery.
Oleg Andreev, CEO of Tonkeeper, highlighted the transformative potential of the W5 smart wallet, stating, “The W5 Smart Wallet has pushed the boundaries of what’s possible on TON blockchain. Our collaboration with TON Core ensures that users experience unparalleled security, efficiency, and ease of use. This simplicity holds the key to bringing blockchain technology to a mainstream audience and putting crypto in every pocket.”
Anatoliy Makosov, Technical Lead at TON Core, added, “The new Smart Wallet — W5 is all about making TON transactions even more social and helping to bring about mass adoption. The Smart Wallet will bring 2-factor authorization, password recovery, and gasless fees, paid in USDt, making getting started on TON easy for anyone.”
Expanding Wallet Solutions
The Open Network (TON) aims to put crypto in every pocket by building a robust Web3 ecosystem within Telegram Messenger. TON’s vision is to empower 500 million users to own their digital identity, data, and assets by 2028.
Tonkeeper, a product of Ton Apps Group, is the leading non-custodial wallet for TON Blockchain, known for innovations like Tonkeeper Battery and TON Connect. It also boasts the largest developer platform on TON, TON API, which is used by over 80% of projects in the ecosystem.
TON Space, integrated within Telegram, provides users with a self-custodial wallet that ensures secure storage, management, and trading of cryptocurrencies directly within the app. TON Space supports NFT collectibles, cryptocurrency swapping, and staking, simplifying the onboarding process and enhancing user experience by integrating blockchain functionality into a familiar environment.
MyTonWallet, another key player in TON ecosystem, offers a secure and feature-rich self-custodial wallet. It supports multi-accounts, staking, tokens, NFTs, and various other standards, along with additional features like interactive price charts, an address book, and integration with third-party services such as CoinMarketCap, tonscan.org, and Getgems.
The launch of the W5 smart wallet standard marks a significant milestone for TON Blockchain, paving the way for a more accessible, efficient, and user-friendly Web3 experience. With gasless transactions and advanced processing capabilities, TON is well on its way to achieving its vision of widespread crypto adoption and empowering millions of users worldwide.