Open Wallet Standard Simplifies Key Management Across Blockchains

A new open wallet standard has been developed to address the complexities of managing private keys across multiple blockchains. The Open Wallet Standard (OWS) provides a unified interface for storing keys and signing transactions locally, reducing the need for cloud-based services and third-party dependencies.

According to its developers, OWS supports major blockchains such as Ethereum, Solana, Bitcoin, and others using a single BIP 39 seed. The system uses AES 256 GCM encryption and scrypt key derivation methods to secure private keys, which are decrypted only during signing operations and immediately removed from memory afterward.

One of the key features of OWS is its local-first architecture, which allows all signing operations to run on the user's device. This approach eliminates the need for cloud-based key management services and reduces latency associated with remote calls.