The End Of Expensive Ethereum Fees?

Wire Network announced on Wednesday it opened its decentralized MegaMask wallet to the public for alpha testing. 

Currently, in this early-access phase, MegaMask wallet allows users to send, receive and buy cryptocurrency across platforms such as Wire Network, Polygon (CRYPTO: MATIC) and Ethereum (CRYPTO: ETH).

Alongside these core functionalities, the wallet introduces social features, including cryptographically secure chat messaging, group chats and a personalized user profile setting. 

The announcement comes just ahead of Benzinga’s Future of Digital Assets conference slated for Nov. 14. Industry experts expect Wire Network’s breakthroughs, such as MegaMask, to be among the topics of discussion, showcasing the rapid advancements in blockchain technology.

In a press release shared with Benzinga, the company stated that beyond the wallet, it wants to develop a system that fosters trustless transactions over multiple blockchains, eliminating the need for third-party bridges or oracles. This approach encompasses networks outside the conventional EVM ecosystem, steering the direction toward universal blockchain interoperability.

The driving force behind this is the integration of the Universal Polymorphic Address Protocol (UPAP) with the Wire Name Service (WNS) and a Crypto Single Sign-On (SSO).

Together, these innovations form a Layer 1 blockchain protocol. This protocol is designed to simplify user onboarding and mitigate the vulnerabilities observed in existing cross-chain solutions.

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Wire Network added that one of the features of the network’s ecosystem is its ability to sidestep the exorbitant fees associated with the Ethereum blockchain. This is achieved via a smart contract-powered layer of abstracted ownership (WNS).

The layer ensures assets remain on their native chains, yet users can transact against their value in the open market when interacting with other UPAP-enabled wallets.

Ken DiCross, founder and CEO of Wire Network, expressed his enthusiasm: “We are excited to open the alpha and invite the community to engage with MegaMask’s initial functionalities and social components.”

He emphasized the wallet’s capacity to streamline the traditionally intricate onboarding process.

“Our wallet simplifies the traditionally complex onboarding process by providing a trustless single sign-on that operates just like any other login process the user has experienced. This gives users access to the growing blockchain economy while removing all of the technical barriers. The tech just kind of fades away which we think is important to taking the next step in blockchain adoption,” DiCross added.

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