đ Hi, Iâm đđ, this is the popular science series of #BlockchainDevelopmentHistory, this issueâs content: chain abstraction.
The term Chain Abstraction has seen a significant increase in usage in 2024, but its specific meaning remains vague and difficult to define.
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1. What is chain abstraction?
Chain Abstraction is a concept proposed to simplify the blockchain experience. It hides complex technical details so that users can use it easily without understanding the underlying logic of the blockchain. For example, when users use the Internet or watch Netflix, they do not need to understand the underlying network protocol or streaming technology.
In the blockchain environment, each chain has its own assets and rules. For example, Ether on the Ethereum chain cannot be used on the BASE chain. When transferring money, users need to consider multiple factors, such as determining which chain to transfer from, finding a suitable cross-chain bridge, and preparing the gas fees required for each chain.
The goal of chain abstraction is to simplify these cumbersome steps so that users can focus on usage without having to worry about the underlying technology and processes. In this way, anyone can easily enjoy the convenience brought by blockchain.
2. How does chain abstraction work?
1. Improved efficiency
The core of chain abstraction is to simplify the interaction between users and decentralized applications (DApps), eliminate the complexity of blockchain technology, and let users focus on the functions and advantages of DApps. For example, when using DApps, users do not need to care about which blockchain it is based on, but only need to focus on how to successfully register, enjoy games, or interact.
Just like ordinary users use the Internet without understanding the technology behind it, the goal of chain abstraction is to make the blockchain experience equally intuitive. No matter which chain a DApp runs on, users can easily access its services without having to worry about technical details. This approach makes blockchain technology more usable, thereby improving user experience and ensuring that the technology truly serves ordinary users.
2. Convenient transactions
Imagine being able to easily transact on multiple networks and discover a variety of different services using just one DApp.
For example, Emily uses a DApp called ABC to easily transact on multiple networks. She opens the mobile app and makes a dinner reservation at a new restaurant. Later, she sees that the book she likes is on sale, buys it through the app, and gets a reward of the book cover stored as an NFT on Ethereum. Soon after, Emily finds that her book reward can be redeemed for a special offer, so she buys a concert ticket in the app, which is an NFT based on the BNB Smart Chain (BSC).
Emily can complete all these transactions in the same application. She does not need to manage multiple wallets to store assets on different chains, nor does she need to frequently switch networks when trading. The operation is more convenient. More importantly, she does not need to pay attention to the transaction fees of each chain.
3. Recent Outlook of Chain Abstraction
1. The future of cross-chain bridges and cross-chain messaging
As cross-chain messaging becomes more popular, the need for users to transfer assets between different blockchains may decrease. Cross-chain messaging allows information to be processed directly on multiple chains, allowing users to interact more conveniently without having to frequently transfer assets.
2. The rise of intent-based applications
This type of application can provide services based on user needs and can operate normally as long as the price is competitive. As users' awareness of applications increases, solvers will compete more on speed and price. Users only need to find the required applications directly, and no longer rely on solvers to handle complex operations.
3. The commoditization of messaging
There are currently few inter-chain messaging protocols, and as they become more popular, these protocols may become commoditized, with price and security becoming the focus of competition. Users can choose the most suitable one among multiple protocols, but this commoditization may limit the network effect of the protocol because the choice is more based on price rather than innovation or user experience.
4. Chain Abstract Project
1ăSocket Protocol
Socket Protocol provides developers with an infrastructure centered on interoperability, facilitating secure and efficient cross-chain data and asset transmission. The launch of Socket 2.0 marks the upgrade of the protocol from cross-chain services to chain abstraction services, and the star product, the Modular Order Flow Auction (MOFA) mechanism, is particularly eye-catching. MOFA creates an open market that allows execution agents called "transmitters" to combine with user intent. Transmitters compete on this platform to provide the best chain abstraction bundles requested by users, ensuring that data and value flow efficiently across multiple blockchains.
2ă Connext
Connext is a modular interoperability protocol that defines chain abstraction as "a pattern that minimizes user attention to the chain to improve the dApp user experience" in its May 2023 blog. It provides developers with a set of smart contract modules through the Chain Abstraction Toolkit, with the core function xCall. This function allows smart contracts to interact with each other in different environments, supports funds, calldata and cross-chain transfers, and simplifies the developer's operation logic.
3ă Brahma Console
Brahma Finance is launching Console, a tool that makes it easier for users to navigate decentralized finance (DeFi). Console is an on-chain environment designed to improve the user experience on the Ethereum Virtual Machine (EVM) blockchain.
It achieves transaction synchronization between different blockchains through batch transactions and chain transactions. Users can use smart accounts to perform all operations on one interface, easily realize cross-chain transactions, and do not need to frequently switch platforms.
4ă Infinex
Infinex is creating a unified user experience layer that brings together different decentralized applications (dApps). Its flagship product, Infinex Account, is a multi-functional service that simplifies various on-chain applications into a single interface. The core of the account is a cross-chain smart contract that can be managed and protected through common Web2 authentication.
5. Tail
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