The seedless accounts and stablecoin gas payments made possible by Beam Wallet are made possible with the use of Web3Auth and account abstraction.
A new wallet on Optimism eliminates the need to remember seed words by letting you create an address using only your Twitter login details. The developer said on July 27 that the wallet, called “Beam,” works in a browser window and does not need any downloads. Optimism users may now send transactions without needing to own Ether.
Beam wallets are created by visiting the app’s website, where a QR code corresponding to the user’s Optimism address is generated. The recipient of the crypto may then just scan the user’s QR code to transmit the funds. They may also use their mouse to copy the address and paste it into an email or messaging app by clicking on the QR code. The online app works on both desktop computers and mobile phones.
Users who want to secure their electronic purses must first go to Twitter’s API login page and select the “save access” button. A fresh password prompt appears when they click “save access” for a second time. After entering the password, the account is backed up and ready to be restored in the event of a device failure using the user’s Twitter username and password.
Andy Bromberg, CEO of Eco and Beam, told Cointelegraph that the app relies on Web3Auth for account security. Web3Auth is a revolutionary wallet system that eliminates the need for seeds.
Since the password is only used as a backup shard for Web3Auth, Bromberg claims that neither Twitter nor Eco will be able to perform unauthorised transfers on the user’s behalf.
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