Beam, a new wallet launched on the Optimism network, allows users to generate crypto addresses without storing seed phrases and back up their accounts using only a Twitter login.
Developed by Eco, a payments company backed by major VC firms, Beam aims to simplify the crypto onboarding experience. Users simply visit the Beam website, which generates an Optimism address represented by a QR code.
To back up their wallet, users log into Twitter through the Beam interface and select a password. This uses Web3Auth technology, meaning no password hash is stored on a server.
Beam allows users to send transactions on Optimism without owning Ether by using “paymasters” to pay gas fees in stablecoins. When a user wants to send $100 USDC, for example, they authorize a $0.50 USDC gas fee payment to the paymaster. The paymaster then pays up to $0.50 worth of ETH to cover the transaction.
According to Eco CEO Andy Bromberg, account abstraction enabled this paymaster model, allowing user wallets to contain executable code for the first time.
Beam will also work with Coinbase’s upcoming Base network, with balances and transactions displayed as a “Superchain” within the Beam app.
Bromberg said Beam is the first non-custodial wallet that even his parents have been able to use easily, showing it can significantly reduce friction for newcomers.
However, Beam is not the only simplified crypto wallet. Other efforts like Kresus and Worldcoin also aim to streamline onboarding through features like email-only signups and gas-free transactions.
Overall, Beam represents a promising approach to making the complex Optimism network more accessible through its Twitter login backup system and stablecoin gas payment model. If it delivers on its promise of extreme ease of use, it could help bring many more users into the crypto ecosystem.