Conversation OKX Web3: Why do we believe that AA accounts can support billions of users? (Note: Since the content is already in English, no translation is needed)
In recent times, the launch of the OKX AA smart contract wallet has become a hot topic in the developer community. As a latecomer in the AA race, the OKX Web3 team managed to develop the AA account in just six months. This week, they even open-sourced the smart contract code of the wallet. We can't help but wonder how they accomplished this and what the past, present, and future of the AA account looks like in their eyes.
I. Web3 Has a Promising Future with Emerging Demands
Q: In your opinion, what is the value of AA accounts for Web3?
OKX: Technically, we are able to build a low-threshold and programmable Web3 account system through AA. From an industry perspective, AA accounts have the potential to disrupt the current interaction methods. In the long term, the greatest value of AA is to make Web3 as user-friendly as Web2, preparing for the arrival of billions of new users.
Although the current existing users in the market have limited demand for using AA, it is the incremental users that truly represent the new world of Web3. Through the paymaster role design of AA, any project can deploy its own paymaster for users and pay for gas fees, allowing users to use their web3 products without gas fees, which is more in line with the habits of Web2 products. You can understand paymaster as the customer acquisition cost for project parties. In the future, we will focus on designing open interfaces for paymasters, opening them up to B-side project parties, and enabling them to provide users with convenient and user-friendly products like Web2, attracting more users.
Of course, in the future, the OKX Web3 team will also design some products that provide a Web2-like experience around the gasless feature of AA, such as WeChat red envelopes. They will also design some convenient and professional tools around the multicall feature of AA, such as one-click swap, one-click mining, one-click copytrade, one-click portfolio adjustment, etc. We hope to constantly innovate our products to enhance user engagement. In the future, we may even open up the development interface of these tools, creating a mini-program market for AA wallets.
Q: Recently Paypal announced the launch of the USD stablecoin PYUSD. The industry speculates that this entry will bring new momentum to the market. How do you interpret this? In which aspects will the future user demands of Web3 be reflected?
OKX: Paypal has a strong brand influence, a large user base, and good compliance. The upcoming launch of the Paypal USD stablecoin (PYUSD) will undoubtedly have a positive impact on the industry. On one hand, PYUSD may open the door to the crypto world for Paypal's 430 million users. On the other hand, it may also encourage other giants to enter the digital asset field, thereby promoting the mass adoption of cryptocurrencies.
In such a development trend, the improvement of industry infrastructure and ecosystem construction is particularly important. OKX Web3 has always been concerned about how to better connect crypto with the real world and has conducted a lot of research. For example, in Southeast Asia, there are already people who hope to use cryptocurrencies for consumption. However, due to compliance and operational barriers, their demands cannot be met effectively yet. So, the first thing AA accounts need to solve is the issue of operational barriers, followed by how to encourage builders to join in the construction of the Web3 ecosystem to meet the different needs of users worldwide.
Although the AA ecosystem is still in its early stages of development, there is still much to be done in the future. But opportunities are reserved for those who are prepared. A typical example is NVIDIA, which started researching GPU parallel computing 10 years ago. Today, in the booming era of Bitcoin and AI, they have become the winners who seize the dividends of the times. This reminds us all the time that as builders in this emerging industry, we must have a long-term vision, be more open, and have a stronger spirit of innovation in order to benefit from adhering to long-term values.
Q: If you can use one sentence to arouse the interest of Web2 people in AA, what would you like to say?
OKX: Good question. In summary, the essence of Web3 is to enable user creation and user ownership. The essence of AA is to lower the barriers and simplify the process of user creation and user ownership.
2. Retrospection on the Implementation of AA Smart Contract Wallet
Q: AA has been a concept for many years, why did OKX Web3 choose to enter now?
OKX: As we all know, the early vision of our industry had many technological aspirations, including the previous release of OKX Web3 Wallet's Mpc keyless wallet. With industry development and progress, these technological concepts have gradually been implemented. It took less than six months from the inception to the launch of OKX AA Smart Contract Wallet. Prior to this, the team spent a lot of time conducting research, engaging with the community, and accumulating technical experience.
The reason we chose to launch the product now is twofold. On one hand, it is opportunistic. On the other hand, it stems from our team's sensitivity to user needs. We firmly believe that the next wave of potential users will be those who have a strong awareness of asset security but have limited knowledge of underlying technologies. Therefore, we hope to enable users to use a more secure non-custodial wallet through the implementation of AA accounts, and also help project teams attract new users through unique AA features such as modules and token payments.
Q: From inception to launch, how many stages did your understanding of AA go through?
OKX: It can be roughly divided into two stages. The first stage is becoming aware of AA and contemplating how to promote the establishment of standards. The second stage is launching the product and popularizing the 4337 standard, calling for the industry to improve this standard and promote the development of the AA ecosystem.
The OKX Web3 team has been paying attention to smart contract wallets for a long time. However, there was no unified industry standard for how to create a smart contract wallet at that time. Everyone only had a general direction. Therefore, early projects like Argent had to rely on their own exploration. Even today, the adoption of AA is still in its early stages, and there are still some similar products that have not followed the ERC-4337 standard. There may also be more EIP proposals in the future. OKX Web3's task is to optimize the industry standard of ERC-4337 by combining it with the core developer community and jointly promote the adoption and application of AA. At the same time, we encourage everyone to innovate and create more interesting and appealing use cases based on this standard.
Q: What challenges did you encounter during the period from inception to launch?
OKX: The difficulty before the product goes live is to gather industry consensus. Now the challenge is how to push more people to accept this standard, how to get more dapps to accept and be compatible with this standard. How can we build this connection ability together with the industry? The launch of AA's product only means it has achieved 50%. It's only when you can rally everyone together to build that the job is truly done. Our team is still immersed in the community and at the forefront of the industry every day, maintaining strong communication and connection with users and the community.
Q: What is the biggest difference between you and the early builders of AA accounts?
OKX: Both the pioneers and the latecomers are contributing to the industry and are indispensable parts of the industry. There is no significant difference between them except their expertise in different areas. The early builders are worth respecting and learning from. Their explorations in the gasless and keyless fields have provided great reference significance to the industry. OKX is better at solving user problems because it has always been our foundation.
Our original intention is simple, which is to do everything possible to reduce the barriers for users to enter the Web3 world. Currently, OKX AA smart contract wallet is one of the most comprehensive multi-chain AA wallets on the market.
Technically, OKX AA smart contract wallet has implemented a contract system of 4337, including roles such as bundler and paymaster, and supports 7 mainstream public chains. Users can create AA wallets, manage assets, and invoke contracts using AA wallets. We have also created basic paymaster tools, supporting users to pay gas fees with USDT and USDC. In terms of ecology, we have connected the product lines within the Web3 wallet, allowing users to one-click swap on the dex, one-click invest in DeFi, and link and use other third-party dapps in discover. In addition, we currently offer free paymasters that can waive gas fees for users every day, enabling users to experience AA's functions to some extent for free.
In addition, we have strong capabilities in aggregating industry builders because we already have a mature infrastructure. As long as there are new hotspots or new demands on the user side, we can immediately cooperate with relevant projects to co-build the ecology and become the most convenient entry tool with the fastest speed to provide convenience to users.
Q: What are the development plans for OKX AA Wallet in the future?
OKX: On the basic technical development level, we have prepared to release functionalities such as multi-signature, social recovery, wallet proxy mode, etc., targeting different users and scenarios in multiple stages. In terms of product innovation, we can design some experiences that resemble Web2 products around the gasless feature of AA, such as WeChat red packets. We can also design more convenient and professional tools around the multicall feature of AA, such as one-click swap, one-click mining, one-click copy-trading, one-click asset allocation, etc.
Currently, the code for AA smart contract wallet has been open-sourced, and in the future, we will open-source the code for more innovative products and contribute to the industry. In the long run, OKX Web3 aims to be the "Google" of the Web3 world, providing Wallet as a Service (WAAS) for Web3.
III. Unleashing More Creativity in Web3
Q: From the Bitcoin ecosystem construction in April to the infrastructure building for AA accounts you are currently involved in, it seems that the OKX Web3 team has been at the forefront of industry development in terms of speed, efficiency, and awareness. What motivates you to do this?
OKX: Our core driving force is a belief in the future of Web3. However, it's not enough to just believe; we also want to be builders. The culture of builders has always been the underlying support for the development of Web3. The OKX Web3 team hopes to contribute to the diversity and openness of the builder community, allowing Web3 to unleash greater creativity and influence. That's our original intention.
