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Since its inception, Ethereum (ETH) has gained immense popularity, leading to the creation of numerous decentralized applications (dApps) and attracting millions of users.
However, due to its limitations in scalability and high network fees, several alternative Layer 1 blockchain solutions as well as Layer 2 solutions have emerged, offering faster throughput and cheaper transaction fees.
The result of this is an overall worse user experience. Instead of a user-centric approach where users simply choose the dApp they want to use, they now have to consider various factors such as:
- which chain to operate on,
- the liquidity available on each chain,
- their balances on different networks,
- time constraints in moving between networks,
- amount of gas fees on each chain,
- as well as the type of gas token required (e.g., SOL on Solana, ETH on Ethereum)
To truly compete with Web2 and a seamless user experience, the Web3 space must shift to a chain-agnostic approach, allowing users to interact with Web3 applications seamlessly.
Introducing OneBalance
OneBalance introduces novel account framework. This account framework enables creating and managing credible accounts which open up a new world of possibilities. OneBalance creates a chain-abstracted account model that enables users to have a single balance across all chains and to interact with any dApp on any chain quickly, conveniently, and reliably.
Previously, this was impossible with Externally Owned Accounts (EOAs) like those used in MetaMask wallets. EOAs bundle authentication and permissions within their respective execution environments, which differ across chains, requiring users to have different EOAs for different chains.
With OneBalance, programmable keys and credible resource locks unbundle these roles, allowing for a user experience that combines token balances from every chain, reliable swapping and sending of tokens to and from any chain.
The new user experience introduced by OneBalance
What this enables is showcased in the following examples:
A User - can pay with any token from any chain, and never has to bridge again.
- Gone are the days where users have to DYOR which bridge to trust and use.
- Gone are the days where users have to differentiate between chains and assets.
- Gone are the days where gas fees are something the users have to worry about.
With the OneBalance SDK Solvers are able to accept any token or coin as payment and manage bridging and paying for gas behind the scenes. Abstracting away complexity and fragmentation from the user and realizing a seamless user experience as it should be.
A User - can request simple, reliable, and near-instant transactions.
- Gone are the days where users have to wait up to 30 minutes on finality of their cross chain swap.
- Gone are the days where users question their actions multiple times because finality has not been achieved.
When integrating the OneBalance SDK wallets can programmatically issue transactions on any chain, these can even be initiated with voice commands and benefit from the execution speed and reliability of sophisticated solvers.
A User - can grant apps permissions you can actually understand.
- Gone are the days of blind transaction signing.
- Gone are the days where with one evidential signing you lose all your apes/cryptopunks or other valued asset.
- Gone are the days where your web3 gaming experience is crippled because of the constant need to sign something.
With the OneBalance account model users can manage and issue scoped permissions over how their assets are used, on which chains, and by who. Users can even automate a cross chain wallet to be fully managed by a DAO.
A User - can benefit from all these experiences in a non-custodial manner and without compromise.
- Gone are the days where you have to hand over ownership of your assets to a centralized entry to experience a seamless UX.
- Gone are the days where over 80% of crypto assets are parked on CEXs because ownership is too scary and complex if you are not deep down the rabbit hole.
- Gone are the days where you have to choose between owning your assets and having a great user experience.
It would be boring if this was all done in a centralized way. OneBalance allows users to do all of this while remaining fully non-custodial. No more compromises.
Launching soon - Sign up for the Whitelist now
Whitelist sign ups for your OneBalance accounts are open. Functionalities will be rolled out gradually. Early sign up will only be open for a limited time - head over there, sign up, start collecting points to build your Account Score.
