Keystone, UniPass Merge to Form Account Labs

Keystone and UniPass have announced their merger, resulting in the formation of a new company called Account Labs.

This merger focuses on the development of Account Abstraction (AA), utilizing the combined knowledge of both teams.

In an official blog post published by UniPass early today, it was stated that the technology aims to simplify and improve the management of decentralized accounts in the Web3 era.

Liu Lixin, the founder of Keystone, has been appointed CEO of Account Labs, where he will be in charge of external affairs and overall business development.

Zhi Xian, the founder of UniPass, assumes the role of chief operating officer (COO) and is responsible for internal affairs, product research and development, team building, and operation management.

While adopting Web3 accounts has presented significant challenges for newcomers due to complex processes, unfamiliar concepts, and security concerns, Account Labs seeks to address these issues by leveraging the combined strengths of both teams.

Included in these areas are cryptographic research, software engineering, product design, and security measures.

The Account Labs team compares External Owned Accounts (EOAs) to cars with manual transmissions to illustrate the evolution of the automobile.

Account Abstraction (AA) concurrently represents the transition to automatic vehicles.

AA transforms EOAs into functionally superior accounts, allowing users to interact with the Web3 ecosystem seamlessly.

In contrast to traditional wallets that rely on EOAs and require users to handle private keys or seed phrases, AA offers programmability and a wider range of smart functionalities, according to the official statement.

Various Web3 services and products are accessible to users with decentralized, self-governing accounts that support batch transactions, flexible payment methods, and variable signature permissions.