Eco, a well-known payment and money platform, announced the release of its cash-like crypto wallet named Beam. The respective wallet is supported by the largest players and well-known crypto investors. This takes into account the names like Andreessen Horowitz (z16z) as well as the investment subsidiary of the famous crypto exchange Coinbase (COIN).
Eco Introduces a Crypto Wallet that Is Cash-Like Digital Wallet
The fintech company Eco is responsible for developing the Beam wallet. The respective wallet is powered by the technology of account abstraction. It is developed atop Base and Optimism. The crypto wallet possesses an easy UX that makes crypto payments smoother than before. In addition to this, it also provides several We3-related benefits. One of them is that it is permissionless. Moreover, it offers censorship resistance and self-custody.
As asserted by the platform, the project is categorized among the earliest self-custody wallets that can be utilized by everyone and anyone. Beam has several differences from the rest of the wallets operating within the market at present. Several crypto wallets present many difficulties in terms of their usage. They are confusing for the common public. They are structured for enthusiasts and professionals rather than everyday clients.
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On the other hand, the Beam wallet is an endeavor to alter that. The purpose of this project is to develop a payment product offering convenience to every user while maintaining the crucial features of crypto assets such as privacy, security, and not being administered by a central power. The consumers of the Beam wallet can rapidly deliver funds to their friends and family by sending Beam links.
Apart from that, the clients can also send funds straight to the receiver’s username. The Beam crypto wallet enables simple pricing and low fees on low-fee blockchain platforms. Additionally, the project guarantees easy usage and security. Hence, the users can recover their wallets conveniently with a login as well as a password.
Beam Wallet Provides Cost-Effective and Rapid Crypto Transfers
The respective crypto wallet has been structured particularly for payments. It is the earliest project of this type for mainstream customers. The basis for the development of the Beam wallet is provided by the 2 blockchains named Coinbase and Optimism. The respective blockchains provide ease and rapidity in receiving and sending crypto assets with minimized fees.
Along with that, the wallet’s structure also focuses on assisting the consumers in redeeming their crypto in case of losing private keys. The easy-easy-to-execute procedure could pave the way for more and more people to utilize crypto for their daily purposes. The rest of the developers are additionally pursuing exclusive methods to enhance the accessibility of the crypto assets, such as allowing payments through messaging applications.
Beam and Stackup have started a collaboration to enable paymaster transfers. These transactions let consumers recompense gas charges designated in the currencies being already sent by them. Furthermore, Beam also fixes the fees of the respective transfers. This provides a predictable and intuitive pattern for consumers coming from conventional fintech products.
The structure of Beam facilitates a restricted and particular series of actions that can be done by the users with the smart contract wallet. In the case of this limitation, the project has a whitelist containing sponsored smart contract communications offered by Stackup. Whitelisting transfers establish boundaries on the kinds of smart contracts that can be utilized by the customers. This prevents the occurrence of likely thefts.