Exploring TON Core Team's W5 Smart Wallet Standard with Tonkeeper

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by Giorgi Kostiuk

2 years ago

Made with AI

The collaborative effort between the TON Core team and Tonkeeper has led to the introduction of the W5 smart wallet standard, offering free transactions on The Open Network (TON) blockchain. This upgrade to the Layer-1 ecosystem's existing wallet smart contract enables users to utilize Tether and Notcoin for transaction fees when transferring USDT.

Update on TON's Developments

Recently, the W5 smart wallet was launched on Tonkeeper and is set to be accessible on TON Space and MyTonWallet in the near future. Initially developed by Tonkeeper and endorsed by the TON Core team, the W5 smart wallet enhances transaction management within the TON ecosystem.

The inclusion of complimentary features for USDT and Notcoin payments aims to simplify transactions and lower entry barriers for newcomers by eliminating the necessity of holding Toncoin. With the capability for users to execute up to 255 transactions simultaneously, the smart wallet strives to enhance user experience and efficiency.

Despite its recent foray into the decentralized application (DApp) sector, TON has surpassed Optimism to become the 10th largest blockchain network by total value locked (TVL), exceeding $760 million. Collaborating with 1inch and Sign on July 10, The Open Network Foundation launched the Web3 startup accelerator Triangle, focusing on the development of play-to-earn (P2E) mini-games post the success of the Telegram-based game Notcoin.

In-depth Insights

On July 18, the TON Foundation unveiled a Bitcoin bridge to strengthen its vision of evolving into a prominent blockchain network. Jack Booth, the marketing director of the TON Foundation, highlighted that the new Bitcoin bridge permits users to transfer their Bitcoins to TON seamlessly.

Booth elaborated on the stringent security measures of the new bridge, underlining its robust resilience against private key risks. Noteworthy airdrop events have propelled TON to gain user favor, establishing a positive rapport with its user base. The success of token listings is closely monitored by participants in the market.

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