Sunday, May 21, 2023

Account Labs Emerges from UniPass and Keystone Merger, Forging Ahead in Web3 Account Abstraction

SINGAPORE, May 22, 2023 – (SEAPRWire) – In a landmark move, smart contract wallet provider UniPass and esteemed hardware wallet developer Keystone have joined forces to create Account Labs. This union is a strategic decision to leverage their combined expertise and focus on pioneering a world-class Web3 Account Abstraction solution. The vision is to democratize access to Web3 products, welcoming hundreds of millions of users to the Web3 space.

Account Labs Emerges from UniPass and Keystone Merger, Forging Ahead in Web3 Account Abstraction

Account Labs represents a unique fusion of UniPass’s and Keystone’s extensive experience in cryptography research, software engineering, product design, and security protection. Their joint efforts will revolve around exploring synergies in the Account Abstraction field and driving technological innovation. Their goal is to develop next-gen Web3 Account Abstraction solutions, making decentralized account ownership and management a seamless experience for users, thereby accelerating widespread adoption of blockchain technology.

Account Abstraction, a concept first introduced by Ethereum founder Vitalik Buterin in 2015, addresses usability and security challenges of decentralized accounts. With this merger, Account Labs is poised to be the only industry player operating at the intersection of usability and security:

  • UniPass’s years of work in decentralized account management at the cryptographic level have yielded a robust technical solution.
  • Keystone’s hardware wallet service will provide crucial security assurance in certain Account Abstraction contexts. Further, account abstraction will generate new avenues for hardware wallet development.

Account Labs reassures that post-merger, both Keystone and UniPass brands, along with their respective user bases, will be preserved. Current users of Keystone and UniPass will not be impacted by this change.

Liu Lixin, founder of Keystone and now the CEO of Account Labs, will spearhead external operations including business development, growth strategy, and financing. Zhi Xian, founder of UniPass and the current COO of Account Labs, will oversee internal operations, including product research and development, team building, and operations management.

Lixin shares his excitement about establishing Account Labs with Zhi Xian, looking forward to a swift expansion towards Account Abstraction. “We are on the cusp of a Web3 Account Abstraction revolution. Together, we’ll drive rapid transformation, making the transition from Web2 to Web3 effortless for users. Our goal is to ensure everyone can securely and smoothly manage a decentralized account. We welcome partners to join us in advancing the Web3 account domain.”

Zhi Xian, in sync with Lixin’s sentiment, feels thrilled about working with Lixin and Keystone to stay ahead of tech trends and support Web3 Account Abstraction with cutting-edge solutions. “This collaborative venture is a giant leap for us and the entire industry. Our team will harness the strengths of blockchain hardware wallets and smart contract wallets to deliver top-tier Web3 account security solutions to users.”

UniPass and Keystone bring a rich legacy of expertise in account abstraction and security, respectively, carrying with them extensive experience and technical acumen.

UniPass’s esteemed technical strategies have garnered recognition and implementation across numerous projects, effectively streamlining access for Web3 users. They utilize sophisticated cryptographic technologies, such as zero-knowledge proofs and DKIM protocols, to create a comprehensive decentralized account ecosystem.

On the other hand, Keystone’s contributions in formulating the BIP-129 multi-signature security standards for Bitcoin and pioneering large screens with QR code technology have significantly bolstered user interaction and security. Their established collaborations with renowned brands like MetaMask, Keplr, Core etc. facilitate seamless synchronization of hardware wallets with software wallets, thereby enhancing account security standards significantly.

“As the crypto industry grapples with frequent digital asset losses, the Web3 world is in dire need of comprehensive technical solutions to restore market confidence. Account Labs is poised to take on this challenge, promising to safeguard Web3 account security and promote widespread application of account abstraction, opening doors to the Web3 world for many more people.” said Liu Lixin, co-founder and CEO of Account Labs.

Account Labs envisions this merger will spur innovative explorations in Account Abstraction implementation. They anticipate delegating higher signature permissions to hardware wallets in the near future, ensuring ease-of-use without compromising security. The company plans to release the third-generation Keystone hardware wallet at the beginning of next year while also upgrading the UniPass product architecture within the next three months to accelerate Account Abstraction capabilities. This collaboration will ensure users benefit from the convenience and synergy of Account Labs’ software and hardware solutions, achieving true low-risk and low-cost control of encrypted assets.

This merger has also received strong support from the original investors of Keystone and UniPass. They are Amber Group, Antalpha Ventures, Atom Capital, BAI Capital, BODL Ventures, DWEB3 Capital, Folius Ventures, Galxe, HashGlobal, HashKey Capital, Jerry Huang, Mable Jiang, Mask Network, MixMarvel DAO Ventures, NGC Ventures, Permanent Ventures, Qiming Ventures, SNZ Holding, Xinjun Liang and Youbi Capital (in alphabetical order).

About Keystone

Keystone is a hardware wallet that utilizes QR codes for data transmission, ensuring the security of mnemonic phrases and private keys by keeping them off the internet. In April 2022, it became the pioneer hardware wallet to be compatible with MetaMask Mobile. It has also established integration with other software wallets across all platforms, including MetaMask, Rabby Wallet, Keplr Wallet, Core, BitKeep, and supports over 1000 digital currencies such as Bitcoin, Ethereum (along with other EVM chain-based digital assets), Tron, Polkadot, Cosmos, Near, Aptos, and more.

The Keystone hardware wallet boasts an integrated security chip, offering a portable and open-source solution for the offline storage of private keys. To alleviate user concerns regarding blind signing, the wallet features a built-in 4-inch display. Keystone has managed to strike a balance between security and convenience in protecting digital assets through its integration with various software wallets.

About UniPass

UniPass is a non-custodial smart contract wallet that provides a seedless and gasless user experience.

UniPass allows you to have a crypto wallet without the need to remember recovery phrases. Our email-based social recovery solution will make it simple for you to regain access in the event that you ever lose it or are even compromised.

We are creating wallet SDKs for all platforms and all kinds of use cases, helping them onboard the next 100 millions of mass users onto Web3.

For the official announcement of the merger, please visit their official Twitter accounts: @UniPassID@KeystoneWallet

SOURCE Account Labs

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