Technology

TON Introduces W5 Smart Wallet For Gasless Transactions, Here’s All – Crypto News

Published

12 months ago

July 25, 2024

Dripp

Gasless transactions are now possible on the TON blockchain with the release of the W5 smart wallet standard. This innovation enables users of the application to make transactions in USDT and Notcoin without the need of holding Toncoin for completing the transaction.

TON Launch of W5 Smart Wallet Standard

The W5 smart wallet standard, created by Tonkeeper and endorsed by the TON Core team, has been implemented on the TON blockchain. With this new wallet standard, users are able to pay transaction fees in USDT when carrying out transactions using USDT and Notcoin. This is a stark contrast based on the previous needs of having to hold Toncoin to perform transactions.

🔈 The TON Core team, in collaboration with @tonkeeper, has launched the W5 Smart Wallet, enabling gasless transactions on #TON and up to 255 transactions simultaneously!

But what does that mean for Telegram’s 950M users? 👀

Let’s dive in 🧵⬇️ pic.twitter.com/FXLOCeRBi0

— TON 💎 (@ton_blockchain) July 25, 2024

As a result, the W5 Smart Wallet is developed with the aim of providing the best security, speed and convenience to the user. According to Oleg Andreev, CEO of Tonkeeper, this wallet has the ability to bring blockchain into the general public’s view.

The TON Foundation stressed that the new wallet standard eliminates various entry hurdles for new users and therefore helps the adoption of the blockchain.

Features and Benefits of the W5 Smart Wallet

The W5 Smart Wallet has several features that enhance the user experience on the TON blockchain. Importantly, it allows gasless transactions paid in USDT, so there is no need for users to have toncoin. This is expected to reduce the barriers to entry and thus increase the adaptability of the blockchain.

The wallet also has enhanced multiple processing capacity where up to 255 transactions can be made at the same time. Such functionality can be helpful in those processes that require many NFTs, including the management of decentralized subscriptions, or implementing security measures, including two-factor authentication or freezing the wallet.

According to Anatoliy Makosov, the Technical Lead at TON Core, these features are designed to bring more social and user-friendly experience to TON transactions.

Rollout and Expansion

The W5 Smart Wallet standard is currently live on Tonkeeper and will soon be available on other self-custodial wallets such as TON Space and MyTonWallet. The rollout to additional TON-based wallets is expected over the coming months, expanding the availability of gasless transactions to a broader user base.

Besides the wallet rollout, TON Blockchain had formed a cooperation agreement with the Mocaverse by Animoca Brands and the MOCA Foundation.

This partnership is to develop a massive inter-connected consumer platform which may likely have more than 1.6 billion users. The partnership also entails a token swap deal worth $20 million in TON and MOCA tokens to accelerate user acquisition and bridge users with the PointFi network.

TON Price Trend

Meanwhile despite the announcement, Toncoin (TON) price has been in a bearish trend attributable to the entire crypto market downturn.

During this dip, the crypto market capitalization fell by 4% to $2.32T. TON price was not spared with the priceswaying between an intra-day high and low of $6.99 and $6.51, respectively.

During this dip, TON’s market capitalization fell 5.57% to $16,508,050,853 while the 24 hour trading volume surged by 46% to $280,392,249, with investors buying the dip. At press time, TON price was trading at $6.56, a 5.70% decline from the intra-day high.