OKX Ventures, the venture capital subsidiary of OKX established in 2021, has integrated Gitcoin Passport into its OKX Web3 wallet. The move, as revealed in a recent Medium blog post, aims to enhance features such as privacy and security.
The integration aligns with the fundamental technical transitions highlighted by Ethereum's co-founder, Vitalik Buterin. According to Buterin, privacy, wallet security, and scalability are vital in unlocking Ethereum's full potential. In response, OKX has prioritized privacy and security in its operations.
The platform relies on ERC-4337, a standard that supports wallet security by providing smart contract-based wallets. This allows the development of programmable wallets that boast improved usability and security. With account abstraction being used, smart contracts can manage Externally Owned Accounts (EOAs), offering a flexible approach to programming security rules. It also simplifies account recovery and opens up various recovery options.
OKX Web3 Wallet, a self-custody MPC wallet, will soon support account abstraction. Regarding privacy, Gitcoin aims to provide a global identity system backed by privacy.
Members of Gitcoin Passport can access more reliable Web3 experiences and increase their participation in the Web3 sector. With over 300,000 developers operating on Gitcoin, the platform has played a vital role in promoting decentralization within the Ethereum ecosystem, driving innovation, and collaboration.
OKX recognizes Gitcoin as a key forum for funding public goods and pioneering innovative mechanisms supporting projects contributing to the common good. The platform believes that Gitcoin is enhancing the impact of Gitcoin Passport's development and acts as a strong collaborator in supporting developer ecosystems.
