TON Blockchain introduces W5 Smart Wallet with Gasless Transactions
The TON blockchain has announced the launch of a new wallet, the W5 Smart Wallet, a groundbreaking development that allows for gasless transactions. According to a post by TON, this was approved by the TON core team and developed by the non-custodial wallet Tonkeeper.
🔈 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!
— TON 💎 (@ton_blockchain) July 25, 2024
But what does that mean for Telegram’s 950M users? 👀
Let’s dive in 🧵⬇️ pic.twitter.com/FXLOCeRBi0
🔥 We are launching W5 Smart Wallet, a new wallet standard developed by Tonkeeper in close cooperation with the TON Core team!
— Tonkeeper (@tonkeeper) July 25, 2024
To try W5, update your Tonkeeper to the latest version, then create a new wallet, selecting W5 in Settings.
More details: https://t.co/q9sJCi5LRv pic.twitter.com/p1sv9VvwDg
The "gasless transaction" is a new feature available in the W5 wallet. Users can now send Notcoin for gas fees when sending Notcoin, and USDT for gas fees when sending USDT. This lowers the entry barriers to using the TON Blockchain significantly because you no longer need to hold Toncoin to make transactions, the post added. The W5 wallet is currently accessible on Tonkeeper and will soon be accessible on MyTonWallet and TON Space as well. In the upcoming months, it is anticipated that other TON-based wallets will implement this innovation, the company added.
The CEO of Tonkeeper, Oleg Andreev, stated that the W5 Smart Wallet has expanded the limits of what is feasible on the TON blockchain.
TON's expanding Web3 ecosystem combines the simplicity of Web2 with the advantages of Web3, providing an effective, hassle-free payment experience with over 5.8 million monthly active on-chain wallets, the post added.
The technical lead for TON Core, Anatoliy Makosov, continued that TON's nearly infinitely scalable architecture, combined with Telegram's unmatched power as a distribution channel, has the potential to revolutionize the payments industry. The W5 Smart Wallet is the most recent development in this path, offering TON affordability, speed, and simplicity that lead the industry.
By addressing the problems that have plagued the community since blockchain's inception, W5 Smart Wallet does more than just create new means of interacting with the blockchain. Additionally, the W5 smart wallet lets users carry out up to 255 transactions at once.
Tonkeeper Brings Gasless Transactions to TON
Many users may not have any intention of purchasing Toncoin when they first use TON. Users might have won an NFT prize in a contest or received payment in USDT. Until they have some Toncoin to cover blockchain fees, these users are unable to do anything with their cryptocurrencies. For all newcomers, Gasless and Battery are features that provide an alternative method of paying blockchain fees without requiring them to first obtain Toncoin.
On a blockchain, each transaction uses computational resources. The measurement for this is in "gas" units. Toncoin is used to pay this gas fee. Users do not need to be concerned about gas thanks to "gasless transactions." This does not imply that fees disappear or that gas disappears. It entails not having to worry about running out of Toncoin to cover the costs. For instance, "gasless USDT '' is paid for using USDT that is deducted from the account balance of the user.
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