Obvious Launches Innovative Smart Contract Wallet Enabling Tokenized Gas Fee Payments August 9, 2023 August 9, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 9, 2023 by Kelly Cromley

Obvious Launches Innovative Smart Contract Wallet Enabling Tokenized Gas Fee Payments

Obvious, a pioneering player in the blockchain space, has introduced a groundbreaking Account Abstraction-based Smart Contract wallet on the Ethereum network. This innovative wallet offers users the capability to pay gas fees in a token of their choice, resolving a significant hurdle faced by blockchain enthusiasts. The launch marks a remarkable achievement for Obvious, which prides itself on being a mobile-first platform designed to deliver a seamless and user-friendly crypto experience.

Established in January 2023 by a team of distinguished executives with backgrounds at tech giants such as Yahoo, Flipkart, Ola, Swiggy, and Grab, Obvious has rapidly gained attention for its forward-thinking approach. The mobile-based, multichain smart contract wallet has successfully harnessed the power of Biconomy’s Account Abstraction Stack, solidifying its position as a trailblazer in the realm of blockchain wallets.

Obvious Introduces Account Abstraction-Based Smart Contract Wallet, Revolutionizing User Experience in Crypto Transactions

Smart contract wallets, a groundbreaking advancement in blockchain technology, offer a new dimension of functionality compared to traditional wallets or externally owned accounts (EOAs). While EOAs rely on private keys to manage funds, smart contract wallets integrate programmable logic, enabling automation of transactions, implementation of customized rules, and facilitation of intricate financial interactions.

Obvious has capitalized on the opportunities presented by Ethereum Improvement Proposal 4337 (EIP-4337) to bring its innovative smart contract wallet to life. This proposal, ratified by the Ethereum community, introduces Account Abstraction without altering the consensus layer. As a result, users can now create contract accounts known as smart contract wallets, enhancing security and flexibility by reducing the risks associated with private key exposure.

One of the standout features of Obvious’ smart contract wallet is the ‘Pay Any’ functionality, which allows users to settle blockchain transaction fees, commonly referred to as ‘gas fees,’ using tokens of their preference. This innovative feature addresses a longstanding challenge in the crypto space – the inconvenience caused by insufficient token balances leading to blocked transactions.

Pradeep BV, Chief Product Officer and Co-founder of Obvious, commented on the significance of smart contract wallets, stating, “Smart contract wallets bring us close to modern bank accounts, in fact, a step ahead. The ability to customize the wallet based on user needs is really exciting.” Notable enhancements on the horizon include features like setting spending limits, enabling two-factor authentication (2FA) for transactions, supporting batch transactions, and expanding support for additional chains within the Ethereum Virtual Machine (EVM) ecosystem.

Himanshu Retarekar, CEO and Co-founder of Obvious, echoed the commitment to user-centric innovation, remarking, “At Obvious we are committed to bringing the best user experience for everyone on the blockchain. Account Abstraction has the potential to massively simplify the user experience for people in crypto and blockchain and help onboard millions to the ecosystem.”

Obvious doesn’t stop at revolutionizing the crypto experience; it also functions as a mobile-based self-custody wallet, seamlessly bridging assets across both EVM and non-EVM chains. The platform offers secure, swift, and cost-effective routes for cross-chain transactions, enhancing its appeal to users seeking a comprehensive multi-chain experience.

In conclusion, Obvious’ launch of the Account Abstraction-based Smart Contract wallet represents a paradigm shift in the blockchain landscape. By enabling users to pay gas fees in their preferred tokens and introducing a range of user-centric features, Obvious is poised to redefine the way individuals interact with cryptocurrencies. As the platform continues to evolve and expand its offerings, it is evident that Obvious is at the forefront of driving innovation and accessibility in the dynamic world of blockchain technology.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.