Transactions on the blockchain always include gas fees. These are similar to the transaction fees charged by payment services such as bank accounts, PayPal, and Stripe when purchasing goods and services or just when making payments.
On the blockchain, gas fees are typically paid in the native token of that blockchain. For instance, Bitcoin is used to pay for transactions on the Bitcoin blockchain, just as SOL is used for gas fees on the Solana blockchain.
On the TON blockchain, the TONcoin which is the chain’s native token is used for gas fee payments. However, a significant change has been introduced for the TON blockchain, which brings new benefits to users who previously were required to own, hold, and use TONcoin for gas fees.
Previously, users without TONCOIN in their wallets couldn’t conduct transactions on TON. This change comes with the introduction of the W5 Smart Wallet, developed through a partnership between TONKeeper and TON.
What is W5 Smart Wallet?
The W5 Smart Wallet is a groundbreaking innovation introduced by the TON blockchain that transforms how users interact with cryptocurrency transactions. This new wallet standard addresses a common frustration in the crypto world: the need for native tokens to pay gas fees.
The key feature of the W5 Smart Wallet is its ability to enable gasless transactions. Users can now pay transaction fees using USDt when sending USDt, and $NOT for Notcoin transactions, all on the TON blockchain.
This eliminates the requirement to hold TONcoin, the native token of the TON blockchain, for making transactions. This advancement significantly lowers the entry barriers for new users and enhances the overall user experience in the Web3 ecosystem.
W5 smart Wallet was developed in partnership between TON Core developers and Tonkeeper team. Tonkeeper is a leading non-custodial wallet specifically designed for the TON (The Open Network) blockchain, offering a user-friendly interface to cryptocurrency users.
One of the standout characteristics of Tonkeeper is its ease of use. As in other non-custodial wallets, users can start using the wallet without any registration or the need to provide personal details. It features a built-in exchange to enable users to buy and swap TONcoin without leaving the app.
Other features of W5 Smart Wallet
In addition to gasless transactions, the W5 Smart Wallet features advanced parallel processing capabilities. This allows users to conduct up to 255 transactions simultaneously. This functionality is particularly beneficial for managing multiple decentralized subscriptions or executing bulk transfers of NFTs.
Another big benefit is the better user experience that the W5 Smart Wallet offers. By removing the need to manage multiple tokens for gas fees, the wallet makes transactions easier.
This simplicity is important for getting more people to use blockchain technology because it combines the convenience of traditional financial transactions with the advantages of decentralized finance.
Future plans for W5 Smart Wallet
According to TON, W5 Smart Wallet, which is currently live on Tonkeeper, will soon be available on TON Space, MyTonWallet, and other TON-based wallets. TON Space is a self-custody wallet developed by Wallet, a TON-based application within Telegram Messenger. It gives users complete control over their digital assets via which they can store, manage, and trade cryptocurrencies.
MyTonWallet is an open-source, and self-custodial wallet designed specifically for the TON blockchain. It offers multi-account capability, which allows users to seamlessly switch between independent accounts for different purposes without compromising security or convenience. MyTonWallet is available across multiple platforms, including iOS, Android, Telegram, and as a web-based application.
Additionally, the W5 Smart Wallet’s innovative features could potentially be extended to other blockchains in the future, further expanding its reach in the industry. Citing the massive number of users on Telegram and the Web3 applications built on TON, if successful, W5 Smart Wallet could compete with top wallets such as Trust wallet, Metamask, and Phantom wallet.
Anatoliy Makosov, the Technical Lead at TON Core, in discussing the new technology said that TON’s design can grow and handle a lot of transactions, and Telegram’s extensive reach helps spread this technology.
He believes this setup could change how payments are made. “The W5 Smart Wallet is a big step forward, offering top-notch affordability, speed, and simplicity to TON.”
Oleg Andreev, the CEO at Tonkeeper, said the W5 Smart Wallet has improved the TON blockchain. He explained that by working with TON Core, they made it very secure, fast, and easy to use. This makes it easier for more people to use blockchain technology and cryptocurrency.
