Introducing Passport: Smarter than a Smart Wallet

#Summary

We're excited to share what we've been cooking up over the last few months at Magic Labs. Magic Labs is announcing Passport, the first chain-abstracted smart wallet. Passport provides developers access to users and their liquidity across chains, all through a single command line prompt. Best of all, it’s free for all developers. 

#Why did we build Passport?

In the early days of crypto, the landscape was simple. Blockchains like Bitcoin supported basic, anonymous transfers of value. Ethereum was the first programmable blockchain and paved the way for onchain applications with logic built into smart contracts. However, it also introduced challenges in user experience and scalability. 

• User Experience: Externally Owned Accounts (EOAs) required complex key management and fees for every onchain action, introducing UX friction and security risks. Wallet abstraction, led by innovations from Magic and standards like ERC-4337, addressed this by enabling smart contract wallets with features like subsidized fees.

• Scalability: On the performance front, many of the early Layer 1 (L1) blockchains faced slow transaction speeds and high fees in favor of decentralization. Solutions emerged, including Ethereum’s move to proof of stake, L2s and new L1 chains like Solana, offering faster and cheaper transactions. 

With these improvements to blockchain infrastructure, more applications across use cases outside of finance–gaming, social, payments, IP, supply chain, governance, RWAs–can finally start to come onchain.

However, the growing number of developers and chains has introduced additional friction to the user experience. Users sometimes have dozens of wallets and respective seed phrases to securely manage across multiple blockchains, with liquidity fragmented across wallets. Builders are hard-pressed to choose a chain with the most users and liquidity because the cross-chain user experience is clunky, complex, and not secure.

Passport aims to solve this and is the next step for us at Magic Labs to realize our vision of building a simpler, better world onchain.

#Key Benefits of Passport

1. Get started quickly: Developers can install and integrate the Passport SDK for free in minutes, simplifying multi-chain functionality for their applications.

2. Build across chains: With one deployment, Passport connects developers to user liquidity across chains, making cross-chain transactions fast and frictionless.

3. Attract more users: From easy web2-like authentication to instant cross-chain transactions, Passport simplifies the fragmented user journey of wallet creation, traditional bridging and swaps and brings it into one streamlined experience.

#How Passport Works

Passport offers:

1. Authentication: Users create and sign into Passport accounts with familiar sign-up methods like email and SMS OTP as well as social logins. 

2. Smart Contract Wallets: Passport is a parent smart contract account that, when created, automatically generates child smart contract accounts on each chain to ensure secure, cross-chain compatibility.

3. Cross-Chain Transactions: Users can transact across chains natively in the Passport UX with lightning-fast finality—and without bridging delays or errors.

4. Liquidity & Flexibility: Users can leverage any token in their wallet across supported chains, automatically swapping assets as needed for cross-chain interactions.

Passport is built on Newton, the first chain unification network. Newton is focused on incentivizing the best developer and user experiences across chains. You can follow @magicnewton on X for the latest.

#tl;dr

With Passport, developers get free chain-abstracted smart wallets that connect to users and their liquidity across chains, all in one SDK. 

Passport is in private beta. Sign up for the waitlist here.