Safe and Web3Auth Collaborate To Simplify Web3 Onboarding

SafeAuth wallet solution leverages account abstraction and MPC to let users access crypto apps using Web2 logins.

By: Owen Fernau Loading...

Safe and Web3Auth Collaborate To Simplify Web3 Onboarding

Retaining custody of private keys, the strings of characters which control access to billions of dollars of crypto assets, may be too burdensome for the average consumer.

At least that’s what Safe, which specializes in custody solutions for digital assets, and Web3Auth, a project which builds tooling for crypto wallets, are betting on with a new offering.

The new product, SafeAuth, uses Web3Auth to allow users to create wallets using their existing social media login information. SafeAuth also uses Safe’s account abstraction technology and Multi-Party Computation (MPC) capabilities to secure what it’s calling ‘smart accounts.’

Account abstraction is a relatively new design paradigm which enables smart contracts to control crypto wallets rather than only private keys.

The upshot is that users who create a SafeAuth account will be able to access crypto applications without needing to secure a seed phrase.

This matters because the public-key cryptography system that underpins Bitcoin and other blockchain networks puts a huge amount of pressure on users not to lose their private keys, which are used to sign transactions. If misplaced, the assets in the wallet can never be recovered.

Yong Zhen Yu, the co-founder and CEO of Web3Auth, is excited about enabling users to access crypto applications easily without sacrificing security.

“The real game-changer is the interoperability SafeAuth brings, allowing existing and future dApps to interact more fluidly than ever before,” he said in a prepared statement.