New Optimism Wallet Allows Users to Receive Crypto through Twitter Login

Optimism has launched a new wallet that lets users generate an address without storing seeds words, and the account can be saved using an ordinary Twitter login. The move comes as Optimism tries to provide a better user experience and handle more users while staying on top of the latest blockchain innovation.

In July, the developer announced that the Beam wallet runs in a browser window and does not require downloads. Users can send transactions on the platform without owning Ethereum (ETH). The developer highlighted that Beam Wallet uses Web3Auth, account abstraction, stable gas payments, and other user experience features.

What is Optimism in Blockchain?

Optimism is a layer-two scaling solution for Ether that uses rollups to increase transactions and reduce congestion, making transactions faster and cheaper in the Ethereum network. Lately, Ethereum gas fees increased significantly, and Optimism doesn’t want its users to break the bank to use their products. Optimism is embedded in wallets and checkouts so that users can waive Ethereum fees while still enjoying faster transactions. Optimism is built on Ethereum’s rock-solid infrastructure with increased security for better user experience and staying ahead of the curve.

Overview of Beam wallet

According to reports, Beam was developed by a payments company Eco backed by Web3 venture capital firms Coinbase Ventures, Founders Fund, Andreessen Horowitz, Pantera Capital and Lightspeed Venture Partners. Beam wallet is created when the user navigates to the application’s website, where a unique QR code representing an Optimism address is generated. Once the user has finished generating the QR code, they can display their code to someone who wants to send them crypto.

The user can click on the QR code to copy the address to transmit it through instant messaging applications or email. The web app can be accessed from a mobile device or desktop. To back up their Beam wallet, users must click on save access and log in to Twitter via its application programming interface. Click on the save access for the second time, and they will be prompted for a new password. Once the user submits the password, the account backup is complete; if their device ever crashes, the user can recover their account with their Twitter login and password.

During an interview with experts from Crypto Minded Eco App and Beam CEO Andy Bromberg, they emphasised that the application uses Web3Auth to back up accounts and to allow for seedless wallets to be created by this new type of wallet technology. According to the CEO, the password serves as a backup shard for Web3Auth, which means no hash of it is ever stored on a centralised server, and neither can Twitter or Eco make unauthorised transfers on behalf of the user. Although Optimism’s native coin is Ether, Beam wallet does not require users to own ETH to pay for gas.

Moreover, gas fees can be paid with the coin used in the transfer. To make this possible, two separate transactions were broadcasted by the wallet. The first transaction is the one the user requested, wherein the second transaction is a pledge to pay a third-party paymaster account if the paymaster agrees to pay gas on behalf of the user. Bromberg also highlighted that paymasters can only make fees as the user authorises since the fee amount is embedded in the signature used to approve the transaction. Paymasters have only become possible since account abstraction was implemented in March 2023.For the first time, user-controlled wallet accounts contained executable code.

Once Beam officially launches in August 2023, it will be released for Coinbase’s Base network. According to Bromberg, once Base has launched formally, user balances on Optimism and Base will be added together and shown as one total within the Beam app. When a user initiates a transaction, the Optimism and Base parts of the transaction will be broadcast simultaneously on each network, making it seem to the customer as if they are interacting on a single network.

Because of this feature, Bromberg referred to Beam as a super chain wallet, implying that it will interact seamlessly across the OP Stack ecosystem. Beam intends to reduce lousy user experiences with crypto wallets and allow ordinary people to adopt the technology. Bromberg noted:

“We’ve abstracted away chains, addresses, fees – all of it – to make it so that normal people can use it. I’ve been in crypto for 10 years now, and this is the first noncustodial product that my parents have ever been able to use, and I have tried many times before, and this did it. So we’re excited about it.”

Beam Wallet is not the only app that aims to simplify crypto onboarding. Some wallets allow users to sign up with just an email address and enable gas-free transactions for users who can prove that they are humans and not robots. Beam wallet launched on Optimism allows users to receive crypto through Twitter login.