SKT Collaborates with AhnLab Blockchain and AtomixLab to Jointly Develop 'Web3 Wallet'

Collaboration on Digital Wallet Services for Virtual Assets, NFTs, and Credentials

[Asia Economy Reporter Lim Hye-seon] SK Telecom announced on the 11th that it has signed an agreement with AhnLab's blockchain subsidiary AhnLab Blockchain Company (ABC) and blockchain specialist Atomix Lab to jointly develop and operate a Web3 wallet (digital asset wallet).

Web3, the generational distinction of online services, follows Web1, which provides information unidirectionally on web pages (read-only), and Web2, where users both receive information through centralized platforms and provide information themselves. Web3 refers to an era of bidirectional information provision (read-write) where users can also own their data.

This joint development will be carried out in a form where SKT and ABC develop the service utilizing Atomix Lab's core digital asset wallet technology. After the service development is completed, SKT and ABC will be responsible for operation, while Atomix Lab will provide technical support for the operation of both companies.

The Web3 wallet jointly developed by the three companies is a digital asset wallet that allows users to store, send, and receive various types of tokens issued on blockchain networks. It is a service that can hold virtual assets such as Ethereum and Klaytn, digital content non-fungible tokens (NFTs), and soulbound tokens (SBTs) used for credentials such as IDs and certificates. SBTs are tokens that cannot be exchanged or transferred once sent.

Users can safely manage their existing digital assets through the Web3 wallet and use it as a gateway to various Web3-oriented decentralized app (dApp) services.

In particular, the Web3 wallet service will further enhance security by adding Atomix Lab's latest encryption technology, 'Secure MPC,' to a method based on decentralized blockchain that does not store users' private keys. Secure MPC is a technology where users and service providers jointly generate fragments of private keys and can digitally sign using only cryptographic protocols between them. It offers excellent hacking defense and easy recovery in case of key loss.

SKT plans to expand the ecosystem by linking this Web3 wallet service with the existing mobile wallet platforms applied to PASS and Initial, as well as with digital asset-related services to be launched in the future.