Blockchain, or simply chain abstraction, has become a hot topic in the web3 as developers, users, and advocates look for ways to attract new users and expand the reach of the overall cryptocurrency ecosystem.
Blockchain abstraction means simplifying the end-user experience of blockchain technology by separating the complex underlying technology of blockchain while retaining the core benefits of blockchain.
This allows users and developers to interact with blockchain applications more easily without having to have deep technical knowledge.
Why do we need chain abstraction?
Despite the improvements in usability of various blockchain applications over the years, there are still certain technical complexities that can be daunting to the average user. A newbie to blockchain may be used to using US dollars or a credit card to make whatever purchase they want, but when they try to buy an NFT for the first time, they may find that the asset is not on the right blockchain and cannot be purchased. Or they may try to send USDT to their wallet but end up selecting the wrong network, losing their funds. These tasks may seem simple to an experienced “crypto native” user, but they can be awkward and confusing to a new user.
Blockchain abstraction aims to correct this by increasing the usability and interoperability of various blockchain networks. Interoperability refers to the ability of different blockchain systems to communicate, share data, and work together seamlessly. In other words, assets can be transferred between different blockchain networks without intermediaries. Building applications with more intrinsic interoperability allows users to access DeFi protocols or NFT markets more directly, as they do not need to bridge between chains.
Just as the Internet abstracted away the complexities of HTTP and TCP/IP, or the entire computer with Windows and Apple operating systems, to gain widespread adoption, blockchains must do the same to reach mainstream users. By providing familiar user experiences such as simple logins and one-click interactions, blockchain abstractions aim to replicate the usability of popular Web2 applications.
What are some examples of chain abstractions?
A user-friendly interface is an example of blockchain abstraction. Like a wallet. Metamask or vision It simplifies the process of managing private keys and transactions. Instead of dealing with cryptographic details, users can send and receive cryptocurrencies through a more intuitive interface, similar to an online banking app. For example, MetaMask allows users to interact with the Ethereum blockchain directly from their web browser, making blockchain technology accessible to anyone familiar with using browser extensions.
These wallets have also been releasing features over the years that give users more options, such as in-app bridging or swapping, which removes the need to find and connect to an external bridge to transfer assets between blockchains.
NEAR Protocol It is a layer 1 blockchain that implements certain aspects of blockchain abstraction. The Founders’ Important Goals Because it can lower the barrier to entry for users. One way is to use human-readable accounts, allowing users to interact using names instead of complex wallet addresses.
Middleware solutions like Chainlink provide another layer of abstraction by connecting blockchain smart contracts to external data sources. This is crucial for applications that rely on real-world data, such as DeFi platforms. Chainlink’s decentralized oracle network abstracts away the complex process of integrating external data with blockchain applications by pulling data from a variety of sources and feeding it to smart contracts.
Account Abstraction in Ethereum
Ethereum founder Vitalik Buterin He also commented on account abstraction. proverb The account abstraction is a way to provide security and convenience to blockchain developers and users, he said at a conference in Korea. Ethereum’s account abstraction standard, also known as ERC-4337, aims to enable user wallets to operate as smart contracts without having to manage externally owned accounts and private keys. ERC-4337 allows for advanced features such as multi-signature wallets, social recovery mechanisms, and custom validation rules directly within the user account. By moving validation logic from the core protocol to the account level, users can implement personalized security measures to make their accounts more resilient to unauthorized access and potential breaches.
ERC-4337 can offer significant benefits to users. For example, users can enjoy a more flexible and secure way to manage their accounts with features like multi-signature authentication, which requires multiple private keys to authorize transactions, significantly reducing the risk of hacking. Additionally, social recovery options allow users to regain access to their accounts through trusted contacts, mitigating the impact of losing their private keys. ERC-4337 can also facilitate gas fee abstraction, allowing users to pay transaction fees in non-Ether tokens or have third parties sponsor the fees.
Disclaimer: This article was created with the help of OpenAI’s ChatGPT 3.5/4 and has been reviewed and edited by our editorial team.
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