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Portkey’s Capabilities to Migrate Web2 into Web3 Caught Great Attention during HK Web3 Week

This Week

HONG KONG SAR – Media OutReach – 14 April 2023 – With Hong Kong holding the Web3 Festival this week in line with its goal to become the hub of digital assets, the city is packed with all kinds of activities and industrial players from both Web2 and Web3. Portkey, the first Contract Account (CA) wallet from aelf’s system, has been engaging with different parties to present its value and potential to migrate Web2 users, developers and projects into Web3.

So far, Portkey has attended a string of events with topics ranging from blockchain scalability, Web3 infrastructure, security, privacy, to the next big trend for Web3, etc. Aside from shedding lights on the above topics, Portkey struck the audience most with its capabilities in three aspects: how Portkey has made crypto wallet user-friendly, secure and low-cost, how Portkey enables developers and projects to easily onboard Web3 and how Portkey guarantees fully decentralized ownership with its DID design.

CA wallet: user-friendly, secure and zero-fee

A crypto wallet is vital for storing digital user identities and other assets. Yet, the existing wallets’ users suffer from usability issues, high transaction fees and limited compatibility with various blockchains.

A smart contract wallet, like Portkey, makes it easy for users to log in without using seed phrases, which are mnemonics used as a security measure for most traditional wallets. It also makes the wallet capable of social recovery and possible to be fully decentralized, which is guaranteed by verifiers and guardians. Moreover, Portkey requires zero fees for account creation with a unique delegation mechanism. It also supports inter-operation with multiple chains.

Onboarding SDKs

For developers wanting to transition their Web2 projects to Web3 ones as well as to build a Web3 project from scratch, it is also challenging given the lack of standardized tools and infrastructure to connect their applications with Web3 APIs and smart contracts.

Portkey provides two SDKs — the Portkey DID SDK, and the Portkey DID UI SDK — to enable developers to quickly embed Web3 wallets into their applications and connect to Web3.

Portkey’s DID solution

One thing that really differentiates Web2 from Web3 is decentralized ownership. In light of the centralized crisis caused by some of the biggest names in Web3, users are now concerned about whether Web3 can live up to its decentralization promise.

Portkey addresses these concerns by designing DID solution with two key roles: guardians and verifiers. Verifiers validate users’ wallet activities while guardians sign these to ensure Portkey remains fully decentralized. This approach also makes Portkey socially recoverable.

Throughout the week in Hong Kong, Portkey has shared its critical capabilities with key industry players, including DApp developers, digital assets creators, infrastructure builders, etc. Portkey received positive feedback and gained recognition as a CA wallet with a solid potential to lead the migration from Web2 to Web3.

Portkey also walked away with a reward from the Web3 Hackathon at The University of Hong Kong featuring the topic of “Into the Socialverse”, given how it can help build the socialverse with the above capabilities.

“We are thrilled to see the overwhelming response to Portkey in Hong Kong. We will continue to provide a user- and developer-friendly Web3 wallet to spur the development of the digital assets market, Web3 and beyond,” said Steven, CTO of Portkey.

Hashtag: #aelf #Portkey

The issuer is solely responsible for the content of this announcement.

About Portkey

Portkey is the first CA wallet from aelf’s ecosystem, migrating Web2 users and developers into Web3 with DID solution.

Users can swiftly log into Portkey via their Web2 social info with no private keys or mnemonics required. Underpinned by the social recovery and decentralized verifier design, Portkey safeguards users’ assets from centralized control and theft. Portkey also generates nearly zero fees for account creation and user usage with superior delegation mechanism.

Portkey provides crypto on/off-ramp services, allowing users to exchange fiat with crypto freely. It supports the storage and management of various digital assets such as tokens, NFTs, etc. The compatibility with multi-chains and seamless connection to all kinds of DApps makes Portkey a great way to enter the world of Web3.

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About aelf

aelf is a high-performance blockchain designed to support the development of Web3 and its explosion in the next 5 to 10 years. Built on cloud computing, aelf has a distributed network of nodes on various cloud data centers. Multiple tools like browser extensions, aelf blockchain explorer, wallet App, and SDKs have been built and open-sourced so developers can easily build and contribute to aelf ecosystem.

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