OKX, a Web3 technology company, announced that it has partnered with Web3 platforms Biconomy, ZeroDev and Rhinestone to co-publish the ERC-7579 standard, which outlines technical standards for simplifying and unifying the management of ‘Modular Smart Accounts.’
The standard aims to enable developers “to customize and deploy improved Web3 experiences more easily for end-users.”
Modular Smart Accounts are a component of account abstraction technology that “enable smart contract accounts to have plug-and-play module-like functionality through plugins, enabling developers to introduce enhanced functionalities such as automated transactions, improved security protocols and customizable permissions.”
For example, smart accounts can be customized “to enable users to set up wallets using an existing email address, eliminating the need to remember seed phrases.”
However, the management of these accounts can be complex, leading “to compatibility issues and a lack of interoperability across a variety of wallet service providers.”
This is where the ERC-7579 standard comes into play.
It was developed to “build on previous standards, such as ERC-6900, which similarly seeks to foster a growing ecosystem of both smart account and plugin developers. ERC-7579 aims to standardize essential interfaces for Modular Smart Accounts, simplifying its management without imposing extensive requirements for developers.”
To realize its goals, ERC-7579 is designed to achieve two technical objectives:
- To provide a minimal and standardized approach for handling Modular Smart Accounts
- To enhance the interoperability of modular smart accounts across different wallet service providers
By introducing the ERC-7579 standard, OKX, Biconomy, ZeroDev and Rhinestone aim to enhance interoperability “among various smart accounts, minimize fragmentation in the Smart Account community and foster a more integrated blockchain ecosystem.”
In addition, it paves the way for a ‘Module Store,’ where any developer can “create modules that work well with different smart accounts, opening up a world of possibilities in the realm of Web3 wallets and related solutions.”
OKX Chief Innovation Officer Jason Lau said:
“We’re incredibly proud to be part of this pioneering effort to introduce the ERC-7579 standard. ERC-7579 is a new standard focused on ensuring interoperability across different Web3 wallets, and will help lay the foundation for industry-wide innovation. We’re excited about the potential user benefits and look forward to implementing this across our products.”
OKX has been a significant innovator in “the account abstraction field, launching its AA-enabled ‘Smart Account’ feature on August 1, 2023.”
This allows OKX Wallet users to pay for transactions on multiple blockchains using USDC or USDT.
In the coming months, OKX Wallet plans to “introduce more capabilities to its Smart Account, such as social recovery functionality, enabling users to choose trusted “guardians” from their social network to assist in recovering their Smart Account if they misplace their keys.”