Portkey Launched on aelf Mainnet, Aiming to Become the Web3 Wallet of Users' Choice

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Apr 26, 2023, 11:45 ET

SINGAPORE, April 26, 2023 /PRNewswire/ -- Portkey, the first smart contract wallet or CA wallet from aelf's system, recently launched on aelf Mainnet with proven stability and reliability after having been running on Testnet for more than half a year. This means Portkey is fully ready to welcome users and developers to use the wallet and enjoy its features.

With Web3 continuing to advance, crypto wallet is garnering more and more attention given its potential to become Web3's "super application" as the entry point to the unimaginable future. Among various crypto wallet players, Portkey has the potential to become the Web3 wallet that users would eventually choose given its all-around advantages: easy-to-use, capable of social recovery, fully decentralized and low-cost, and moreover, interoperable with multiple chains.

Portkey is easy and friendly. Native to the high-performance layer-1 blockchain aelf, Portkey is powered by aelf's cutting-edge technology: account abstraction. By decoupling users' accounts with private keys and programming users' accounts into smart contract, Portkey frees users from seed phrases like when using EOA crypto wallets. With Portkey, users do not need to resort to the complicated seed phrases, i.e. mnemonics, to log into their wallets. Instead, they can log into the wallets and access Web3 using their social accounts in the familiar Web2 way.

Portkey is also capable of social recovery. Another pain point that often bothers the traditional EOA wallet users is the fact that once they lose the private keys, they will lose the wallets and the assets for good. Portkey designed decentralized identity solution (DID) and social recovery mechanism to tackle this problem. Verifiers will first help verifying users' identities via external verification service, and provide verification results to guardians. Guardians will then provide approvals depending on the verification results. With enough guardian approvals, social recovery will be initiated to help users regain access to their accounts.

Unlike crypto exchange wallets which provide user friendliness but compromises decentralization, Portkey as a CA wallet, guarantees the wallet is absolutely decentralized. Users' Portkey accounts are safeguarded by guardians supported by decentralized verifiers. Hence, users are free of concern about their assets being rejected for withdrawal or being embezzled.

Portkey is the first CA wallet in aelf's system. Nonetheless, it is not the first CA wallet on the market. However, compared to other existing CA wallets which need to consume a considerable amount of fees to just create an account, Portkey adopts unique fee models to make it free for users to create, log in and out of their Portkey accounts, and so forth.

Last but not the least, enabled by aelf's interoperability, Portkey supports multiple chains. Via portkey, users can not only connect to various DApps from aelf system, but also connect to abundant DApps in other ecosystems. With Portkey, users can explore the entire world of Web3 from one place.

By solving the login trouble of crypto wallet, guaranteeing the decentralized nature of the wallet, lowering the usage cost and presenting a variety of DApp options from multiple chains, Portkey upgrades the wallet experience for Web3 users to a whole new level, and has the potential to become the ultimate Web3 wallet in the future.

About Portkey

Portkey is the first CA wallet from aelf's ecosystem, migrating Web2 users and developers into Web3 with DID solution.

Users can swiftly log into Portkey via their Web2 social info with no private keys or mnemonics required. Underpinned by the social recovery and decentralized verifier design, Portkey safeguards users' assets from centralized control and theft. Portkey also generates nearly zero fees for account creation and user usage with a unique delegation mechanism.

Portkey provides crypto on/off-ramp services, allowing users to exchange fiat with crypto freely. It supports the storage and management of various digital assets such as tokens, NFTs, etc. The compatibility with multi-chains and seamless connection to all kinds of DApps makes Portkey a great way to enter the world of Web3.

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SOURCE Portkey