Chain abstraction isn’t a new concept but has been gathering a lot of steam as more and more focus is directed to enhancing user experience within the landscape. With chain abstraction-focused projects like NEAR soaring near a $7 billion market cap, users should keep an eye out and see where chain abstraction takes us. Let’s dive into what chain abstraction is and what it could offer for this vast and endless Web3 world.
What is Chain Abstraction?
The core concept of chain abstraction is to make the user experience as “clean” and “simple” as possible. This entails abstracting all the complicated bits about interacting with different blockchains and hiding all the technical details. Think of it as using any platform or application without needing to see or even understand how everything is connected.
The way that chain abstraction can be applied to our daily interaction with the Web3 world is through improving things like cross-chain platforms or wallets. Chain abstraction will allow us to interact with different chains or swap tokens across different chains without having to personally deal with using multiple platforms or bridges. The ideal end goal is for all the intricacies to be hidden in the background and out of sight. DeFi builders and users will be able to easily utilize multiple chains while traders can enjoy potentially having an easy-to-use universal wallet.
The concept of chain abstraction seems great, but how significant can it be?
Why is it Significant?
Chain abstraction could be the key to mass adoption. This isn’t to say chain abstraction will bring about mass adoption, but it does address one of the biggest obstacles: How do we get more people on board regarding crypto or Web3? By abstracting away all the complicated bits about interacting with the Web3 world, we simplify things so that ANYONE can use them.
The reality is that if we want the general public to dive into the Web3 world, everything has to be easy to understand and easy to use. Your average user or consumer isn’t interested in using bridges to transfer a token from one chain to the other. They don’t want a hundred wallets or accounts on different exchanges and platforms. Chain abstraction strips down the user experience and replaces it with one that can be seamless and easily used. This opens the door for those previously too scared to dip in their toes due to how complicated everything seems, to freely try things out.
Chain abstraction can also potentially redirect us toward a path where universal tools and protocols are more common. Currently, there are hundreds if not thousands of different networks and chains out there. The development and success of chain abstraction will push developers to work in the direction of making everything universally accessible. This, in general, could be very good for the ecosystem.
Many developments could stem from chain abstraction, but the underlying thing that makes it so significant is that it simply makes things look and feel simpler, and that could be the key to getting more eyes on Web3.
What are the Obstacles?
Talking about the main obstacles of chain abstraction, it’s a matter of standardization and interoperability.
Interoperability- Currently, there are simply too many different networks/systems/blockchains. While many have means for interoperability, the fact of the matter remains that managing and organizing all the different interactions will be complex and difficult. To allow users to fully utilize everything from one single platform or account will require much more extensive development. As things are, chain abstraction simply isn’t ready to take on any full-scale ventures.
Standardization- This issue of interoperability also leads to the need for standardization. The general gist of chain abstraction almost always pushes those interested toward the thought of having more standardized frameworks when building this evolving landscape. Without having more standardized foundations, rules, and tools, it’s much harder to build something universal. The obstacle here is interesting because chain abstraction will inherently push for the development for standardized frameworks and tools but also require the existence of these frameworks and tools to fully thrive.
Chain abstraction as a concept is one that the crypto world is moving towards, but in regards to how we can fully bring it to reality, there is still more work to be done. Despite this, the potential is great and we should all keep an eye on where it goes.
About ThunderCore
ThunderCore is an EVM-compatible blockchain featuring a breakthrough consensus protocol, PaLa, allowing lightning-fast efficiency. With users in more than 100 countries, this blockchain emphasizes a growing global reach. ThunderCore offers a native currency, TT, and nurtures an innovative ecosystem within the TT Wallet mobile app.
As ThunderCore pushes ahead, we will also be looking at how we can evolve, be it in regards to interoperability, even more efficiency, or more.
What’s Next?
There are more interesting concepts that we want to explore and touch on with Thunder Academy as well as Thunder Dive. Watch out for more as we traverse through the Web3 world!
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