OKX Ventures, the venture capital subsidiary of OKX that was established back in 2021, has recently made another development. The platform has integrated Gitcoin Passport with its OKX Web3 wallet. A recent blog post on Medium disclosed that the platform has carried out this integration for a couple of features like privacy and security.
OKX Web3 Wallet and Gitcoin Join Forces to Improve Privacy and Security with New Integration
In that blog post, the company mentioned that Vitalik Buterin (the co-founder of the top crypto network Ethereum) stressed 3 fundamental technical transitions. As per him, privacy, wallet security, and scalability are the respective features that can reveal Ethereum’s complete potential. Keeping that in view, OKX pays a lot of attention to privacy as well as security.
According to the platform, wallet security gets support from ERC-4337. It is known as a standard devoted to providing smart wallet-based contracts to facilitate them. The respective contracts permit the development of programmable wallets offering improved usability and security. To enable these features account abstraction is utilized. With the ongoing upgrade, the smart contracts can administer Externally Owned Accounts (EOAs).
This offers an additional flexible approach to dealing with programming security-related rules. In addition to this, it streamlines account recovery as well as unlocks several possibilities related to recovery options. OKX Web3 Wallet also mentioned that its Web3 Wallet is a self-custody MPC wallet that will shortly start supporting account abstraction. It added that, in the case of privacy, Gitcoin attempts to offer a worldwide identity system supported by privacy.
Gitcoin Passport Offers Reliable Experiences to the Consumers with New Opportunities
The Gitcoin Passport members can reach the most reliable Web3 experiences as well as enhance their opportunities to take part in the Web3 sector. In the words of OKX, Bitcoin has turned out to be a driving force in promoting decentralization within the ecosystem of Ethereum. It added that more than 300,000 developers are operating at Gitcoin. In this way, Gitcoin played a crucial role in the case of innovation and collaboration.
Apart from that, OKX thinks that Gitcoin operated as a chief forum for funding public goods. Moreover, the platform pioneered innovative mechanisms that would support projects contributing to the common good. Furthermore, it is thought that Gitcoin is enhancing the respective impact of Gitcoin Passport’s development. It also asserted that Gitcoin plays the role of a strong collaborator of OKX in supporting developer ecosystems.
