The new standard aims to ensure interoperability between different Web 3.0 wallets

OKX exchange starts working on the ERC-7579 standard in partnership with Web 3.0 companies

20.02.2024 - 15:38

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2 min

What’s new? Crypto exchange OKX has announced a partnership with Web 3.0 companies Biconomy, ZeroDev, and Rhinestone to co-develop the ERC-7579 standard token. It defines technical standards to simplify and unify the management of “modular smart accounts.” The standard aims to make it easier for developers to customize and deploy an improved Web 3.0 experience for end users.

OKX press release

What else is known? Modular Smart Accounts are a component of account abstraction technology that enables smart contracts to perform module-like functions through plugins. This gives developers the ability to implement advanced features such as automated transactions, enhanced security protocols, and customizable permissions.

For example, smart accounts can be customized so that users can create wallets using an existing email address, eliminating the need to memorize seed phrases. However, managing such accounts can be complex and leads to compatibility issues and a lack of interoperability between different wallet providers.

This is where the ERC-7579 standard comes to the rescue. It was developed based on previous standards, such as ERC-6900, which are also aimed at developing an ecosystem of smart account and plugin developers. ERC-7579 is intended to standardize the main interfaces of modular smart accounts, to simplify their management without imposing too rigid requirements on developers.

ERC-7579 is designed to achieve two technical objectives:

  • Provide a minimal and standardized approach for handling modular smart accounts;
  • Increase the interoperability of modular smart accounts across different wallet service providers.

With ERC-7579, OKX, Biconomy, ZeroDev, and Rhinestone aim to increase interoperability between different smart accounts, minimize fragmentation, and promote a more integrated blockchain ecosystem. It also provides the opportunity to create a “Module Store” where any developer can create modules that will work with different smart accounts, opening up a world of possibilities in Web 3.0 wallets and related solutions.

In January, OKX Wallet added support for new Inscriptions types across a variety of networks, including SRC-20 (Stamps), ARC-20 (Atomicals), DRC-20 (Doginals), and Runes. With the early addition of bitcoin Inscriptions support, the OKX NFT marketplace overtook the leading marketplaces in trading volume in December.

In February, OKX announced the official launch of a crypto exchange, a P2P platform, and a non-custodial Web 3.0 wallet in Argentina.

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