A bull run is the perfect time to discover great projects that have been under the radar during the bear market. We’ve been covering a lot of awesome projects lately with huge potential. Our latest discovery, xRaise, is solving one of the biggest problems in Web3.
In simple terms, xRaise is a smart contract wallet designed for web3 gaming. There’s been massive progress in Web3 over the years. But managing your digital assets remains a tough job. XRaise simply seeks to improve crypto payment processes for gamers and businesses alike. This would help them raise funds securely. And improve their experience.
XRaise isn’t only for crypto-savvy users. The wallet’s design accommodates all user levels. How does it work? xRaise is built on zkSync account abstraction (AA). It uses AA features like
- Transaction Batching,
- Session keys,
- Paymasters,
- Social Recovery,
- Subscriptions to improve user experience
Gamers, for example, would find this wallet pretty helpful and smooth. They can create wallets and sign in directly from a game website in less than ten seconds.
-> Seamless onboarding with Native account abstraction
Making @zksync the hub for the next billion users and gamers — via good UX, powered by native AA. xRaise is making on-chain actions as easy as interacting with a web2 account
🧵(2/5)
— xRaise – Smart Wallet (@xraise_fi) March 5, 2024
There’s a huge problem with current wallet management
To better appreciate what xRaise offers, let’s evaluate how we currently manage our wallets. Once you create a wallet on Ethereum, the next step is to figure out where to store your private keys or seed phrases, right? Losing your private keys means waving goodbye to the assets in your wallet.
If a bad guy were to steal your private keys, that’s also a bad situation. Managing your private keys is arguably one of the toughest jobs in crypto. Both seasoned and new users struggle with this experience. So, this means there’s a huge need for better wallet management.
With the support for passkeys, social recovery, subscriptions, paymasters, and plug-in SDKs supporting browsers engines – our AA + plug-n-play gaming SDK stack makes xRaise is the no-brainer choice for all web3 games.
Request access: https://t.co/IZkyAXqEMQ
🧵(5/5)
— xRaise – Smart Wallet (@xraise_fi) March 5, 2024
Poor UX is another huge challenge. Most platforms require users to sign each activity. Gamers, for example, would struggle with the frequent sign-ins required. This would no doubt interrupt their gaming experience.
Here’s another problem. EOA (Externally Owned Account) wallets do not support recurring subscriptions. This means users would have to approve each transaction in their wallets. These problems deter most projects from integrating Web3 into applications such as games. The frequent interruptions cripple their experience. These are some challenges that xRaise seeks to address. Let’s look at how it solves this using account abstraction.
What is account abstraction?
Account abstraction improves the user wallet experience. It allows multiple cryptographic keys to represent a single account. The core idea is for smart contracts to exclusively hold assets rather than be controlled by externally owned accounts.
This means you do not have to store your balances directly at an address with a private key. Instead, you can leverage AA to store your balances in a virtual account. This virtual account is a smart contract. How does this work?
A smart contract will be activated to serve as your account when you create a wallet. The smart contract supports flexibility. This means you can program it to request verification before approving transactions. The whole idea is for you to have more control over your funds. And to connect multiple devices to your account.
Do I still need private keys or seed phrases?
There are different authentication features you can use to validate transactions. You can use a signature algorithm such as webauthn for a start. These systems seek to verify the user’s identity. Webauthn, for example, does not require passwords. It is also compatible with modern browsers, such as Chrome.
A website can use webauthn to ask the browser to generate a credential and use it to sign data. The browser would request the user’s fingerprint or system PIN for verification. This signature can be verified on the blockchain. This way, users can create a wallet without installing any software. The process is pretty straightforward. And it does not require users to write down their seed phrases.
What do I gain from using the xRaise wallet?
There are several benefits to using the xRaise wallet:
- There’s no need for seed phrases.
- You can approve and manage your subscriptions in cryptocurrencies.
- You control access to your account.
- It does not require ETH to pay commissions.
- Supports cheap and fast transactions
- You can set inheritances. This means passing down your wallet to a loved one should it be inactive for a while.
- Supports social recovery
What’s social recovery all about?
Social recovery is a smart way to retrieve access to your account. While creating your wallet, you have to provide your social accounts. This includes your email. The idea is to restore your access to your wallet if you lose it.
However, you must place your account in recovery mode to activate this feature. Also, you will not have access to your account for two days. This is a security measure. Afterward, you’d have to prove ownership of your social account by entering a code in your email.
What else should I know about this wallet?
xRaise does not independently manage or oversee any blockchain network. The wallet is simply an open-source software and self-custodial wallet. Users retain full control of their assets. xRaise will never assume control of these assets or your account.
The time has come! 🥳
We're excited to open registration for the xRaise wallet beta mainnet launch on the @zkSync Era mainnet.
Request access here: https://t.co/QTToy6HUYw
Keep a watch on your inbox, we'll be sending the access links out soon from [email protected] pic.twitter.com/P3vc4wcj6w
— xRaise – Smart Wallet (@xraise_fi) February 27, 2024
xRaise focuses on decentralization and functional autonomy in L2s. Its core goal is the mainstream use of crypto for payments. Also, the xRaise SDK makes it simple for developers to convert their games into Web3. And offers creative ways to adopt sustainable game mechanics.
