Chain Abstraction Makes Crypto Ready for Mass Adoption
XION offers an all-encompassing Generalized Abstraction infrastructure solution aimed at removing inherent complexities of crypto, paving the way for adoption of Web3 worldwide through chain abstraction.
“Chain abstraction” is not a new concept in Web3. It refers to the ability for anyone to use decentralized applications without being aware of the complexities associated with the underlying chains (such as bridging assets, managing multiple gas tokens, etc.). In other words, chain abstraction means hiding the technical details of blockchain operations from users, similar to how most Internet users don’t need to understand the technical details of Internet protocols like HTTP or TCP/IP. The goal is to make the transition to crypto and Web3 as simple as using the Internet today.
“The number 1 (with a bullet) most frustrating part about getting users out of walled-garden CEXs and into the greater ecosystems available is the cumbersome and esoteric Web3 experience.”
- Reddit user “GrrDakodoKarensky”
“I realized how true this is (refer to the above) while teaching a friend (who happens to be an engineering student) to use DeFi from scratch and him finding out how difficult and exhausting it is to handle assets distributed across 5 chains, each with their particular features. He immediately understood where the tech barrier laid and how it’s impossible to onboard a billion people with the current state. A change in chain UX has to happen asap.”
- Reddit user “_anedi”
If an engineering student finds it difficult to handle multi-chain asset management, imagine millions of users feeling similar, especially if it’s their first attempt to interact with decentralized applications. In this market cycle, it has become clear that the increasingly complex and fragmented multi-chain experience has become the biggest issue for mass adoption of Web3 (with crypto as an essential part of it). We are in need of chain abstraction solutions more than ever, and more than we need other sexy, seasonal narratives, since the long term goal is to accelerate the world’s transition to Web3.
In this interview, Anthony Anzalone, Founder of XION, shares with us how XION simplifies user interactions with blockchain technologies. XION, the first blockchain designed to enable mass adoption, helps onboard not just individual users but also businesses and large organizations into the blockchain ecosystem.
Pentos Ventures: To start off, what sparked the idea for XION?
Anthony: We saw the complexities and limitations of existing blockchain solutions and wanted to develop a platform that abstracts these complexities. XION exists to bring the novel concepts of Web3 to the mainstream. These novel concepts of ownership, digital scarcity, and incentive structures are currently confined to the echo chambers of our industry. XION seeks to create a more user-friendly and accessible blockchain experience in order to accelerate the adoption of Web3 by eliminating its technical barriers.
Pentos Ventures: Could you share about the team’s background and how you all came together to work on XION? Additionally, how does the team’s diverse expertise contribute to its success?
Anthony: Our team comes from diverse backgrounds, including deep industry experience, software engineering, finance, marketing, and also user experience design. Many of us have extensive experience working on successful blockchain projects and have a deep understanding of the industry. We came together because we shared a common vision of simplifying blockchain interactions and making Web3 more accessible. Our combined expertise allows us to tackle the multifaceted challenges of blockchain development and create innovative solutions, which has been crucial to our success.
Pentos Ventures: When crypto guys say “chain abstraction is more than a narrative”, what exactly does that mean?
Anthony: We understand it firsthand because everything about XION is related to chain abstraction. At the end of the day, XION seeks to completely abstract away the complexities of the blockchain, to enable users to enjoy its benefits without needing to understand its technical underpinning. Chain abstraction is not just a theoretical concept but a practical and essential approach to truly enabling Web3 industry adoption.
Pentos Ventures: Diving deeper, why is chain abstraction crucial for accelerating the mass adoption of Web3, especially beyond DeFi applications?
Anthony: Chain abstraction is crucial for accelerating the mass adoption of Web3 because it simplifies the user experience and reduces friction. By abstracting the complexities, users can interact with Web3 applications without needing to understand the underlying technology. This is especially important for applications beyond DeFi, where users may not be familiar with blockchain concepts. Chain abstraction enables smoother integration of blockchain into various industries, making it more accessible to a broader audience.
Pentos Ventures: On a related note, what are some common misunderstandings surrounding chain abstraction in the crypto space?
Anthony: Often times it starts with defining what chain abstraction is, since it is used in many different contexts. We recently published an article to better explain XION’s role with regards to chain abstraction. One of the interesting debates about chain abstraction is its security implications. While some believe that it may create additional security concerns, on the other hand chain abstraction can enhance security by standardizing interactions and reducing the potential for user errors.
Pentos Ventures: Let’s talk about XION’s “Generalized Abstraction” infrastructure. What is that? What sets it apart from other battle-tested abstraction solutions in the market, and how does XION plan to differentiate itself?
Anthony: Generalized Abstraction is a unique and all-encompassing infrastructure solution aimed at removing inherent crypto complexities for all users. The crux of this innovation is XION’s implementation directly at the protocol level, which seamlessly abstracts accounts, signatures, gas, interoperability, pricing, devices, payments, and more. In doing so, through a holistic approach, XION lays a robust foundation for the next-generation of projects to bring the promises of Web3 to mainstream audiences worldwide. You can read more in the whitepaper. This is what gives XION a unique approach to chain abstraction, given its strong focus on the end-user experience while also being able to vastly simplify the developer stack.
Pentos Ventures: How does XION achieve seamless and fee-free gasless experiences? What technical methods are employed to achieve this, and is there any measure to prevent ‘fee collectors’ from engaging in malicious actions?
Anthony: XION’s parameterized fee layer enables gasless user experiences which greatly reduce friction for end users. Its global fee abstraction module allows it to accept any token for transaction fees, collecting them, swapping them to the native token, and distributing them to the network participants. No malicious actions are possible given there still exists a spam filter through collected fees. You can read more about the parameterized fee layer in the whitepaper.
Pentos Ventures: Recently, EarnOS has been launched. Can you explain what it is and why retail consumers and brands need it? Also, why its novel user rewarding system is an important part of XIONs “use case approach” for Web3 mass adoption?
Anthony: EarnOS is transforming the current digital advertising model by leveraging Web3 technology. It is focused on mainstream brand and consumer adoption of Web3 by solving real enterprise advertising problems. It utilizes XION’s Chain Abstraction to unlock new ways to incentivize the 5.5B active internet users.
EarnOS is a novel way for brands and businesses such as Uber, Baskin Robbins, Sunglass Hut, and The North Face to acquire, reward, and engage global customers. It is a two-sided marketplace that pairs advertisers with potential customers. In order to reach a global audience, the product necessitates complete abstraction of crypto complexities. It utilizes Web3 payment rails to enable instant global USD micro-payments. Combined with its social verification engine, EarnOS ensures real user engagement, cutting ad fraud and acquisition costs significantly. By making advanced Web3 technology accessible to mainstream audiences through XION’s Chain Abstraction, EarnOS empowers brands to effectively acquire, reward, and engage customers in a new way, pioneering a new future of digital advertising.
We recently published an article about this pivotal launch and what it means for the industry.
Pentos Ventures: Looking towards the future, how close do you believe we are to achieving a fully-abstracted, user-friendly Web3 experience?
Anthony: Have you tried the apps on XION? Try xion.earnos.io for example. You likely wouldn’t realize that it is a Web3 application if it didn’t mention USDC.
While there are still challenges to overcome, XION has made substantial advancements in truly providing seamless user experiences and this has become very clear from all the traction (2.5M+ accounts created and an ecosystem of 150+ integrations, deployments, and partners).
Pentos Ventures: Considering the growing demand for decentralized services, is XION prepared to handle scalability and increased user traffic?
Anthony: XION has always been built with scalability in mind, given its consumer-facing focus, and has already smoothly processed thousands and thousands of concurrent transactions per second with no issues. It has onboarded millions of users already and each launch has generated substantial spikes in traffic without any performance issues. Continuous improvements and optimizations will continue to ensure that XION remains robust and capable of supporting a large number of users and transactions.
Pentos Ventures: In terms of speeding up the transition to that fully-abstracted Web3 future, what collaborative efforts can be undertaken, and what role can each of us (from super techies to grandmas) play in this process?
Anthony: Collaborative efforts to speed up the transition to a fully-abstracted Web3 future include partnerships between blockchain projects, contributions to open-source development, and active participation in the community. Developers can build interoperable applications, businesses can integrate blockchain solutions, and users can adopt and advocate for user-friendly Web3 tools. Education and outreach are also crucial, helping people of all backgrounds understand and engage with blockchain technology. By working together, we can create a more inclusive and accessible Web3 ecosystem.
Pentos Ventures: Reflecting on the journey so far, could you share some of XION’s key milestones and how they have directly impacted the project’s growth?
Anthony: There are many, starting from launching the first internal testnet all the way to recently launching some of the core ecosystem projects and recently raising $25M to continue XION’s mission of making crypto disappear. Each milestone further cements XION’s focus of achieving mass consumer adoption.
Pentos Ventures: Looking back, what are some aspects you believe XION has excelled in, and where do you think there is room for improvement? What advice would you give to your past self?
Anthony: XION has excelled in making Web3 accessible to non crypto native audiences. There will always be more room to grow as the developer toolkit improves, the core infrastructure functionalities are refined, and XION seeks to onboard billions of users to its ecosystem. My advice to a past self would be to simply keep shipping. Continuous iteration and feedback are essential for growth.
Pentos Ventures: Where do you see XION positioned in the industry in the next five years? What motivates you to keep pushing forward?
Anthony: In the next five years, XION will be the leading blockchain for consumers to onboard into Web3 and interact with applications without all their complexities. It will facilitate the mass adoption of decentralized technology and that in itself is a daily motivating factor — the vision of a decentralized digital future, where everyone can benefit from the advancements in blockchain technology without facing technical barriers.
Pentos Ventures: Lastly, what’s your favorite blockchain or crypto project, and why does it hold that special place? Explain in no more than 7 words 😎
Anthony:
Favorite project: XION
Explanation: Chain abstraction enables mass adoption of Web3
Alternate explanation: I have never seen a better project :P
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