Original author: Frost, Lucy
Original source: BlockBeats
Particle Network is a development platform for Web3 that aims to improve developer efficiency and accelerate the mass adoption of Web3. Its core product is a login and wallet middleware based on MPC-TSS technology, which does not require end users to remember mnemonics and use gas fees, greatly reducing the threshold for Web3 adoption.
At present, Particle Network has completed three rounds of financing. In May 2022, Longhash Ventures led a $1.5 million Pre-Seed financing, and in March 2023, ABCDE Capital led a $7 million financing, and then completed another round of strategic round of financing.
Particle Ecosystem
Since its product launch in late October 2022, Particle Network has partnered with hundreds of Web3 projects.
Particle has been newly upgraded to wallet abstraction, chain abstraction, liquidity abstraction, gas abstraction and other functions. Therefore, in the chain abstraction track, its strength is still the abstract wallet, focusing on modular intelligent WaaS (Wallet as a Service). To this end, Particle Network has launched 4 main products to create a wallet ecosystem.
In terms of privacy protection, there is the confidential zkStack, which protects the privacy and security of wallet login through zkWaaS on the one hand, and introduces the Paymaster mechanism through ERC-4337 to realize private transactions on the other hand. Through the intention fusion protocol, the data liquidity on and off the chain is aggregated, and the Particle token can be used as the gas of all chains during the payment process. All components including the Particle Chain constitute the full-chain account abstraction of the Particle Network to support the storage, management, transmission and coordination of wallet accounts.
In addition, Particle Network also released the MPC+AA wallet solution, providing a cross-platform SDK, forming a product matrix of MPC+EOA and MPC+AA account abstract wallets. In addition to wallets and login middleware, Particle Network also provides middleware products such as node services, data APIs, NFT full-stack API/IPFS services, etc.
Under the rule of giants, Particle has set its sights on new directions, such as BTC layer2, GameFi's abstract wallet, SocaiFi's smart wallet, etc. Particle has laid the foundation for Bitcoin layer2 network @MerlinLayer2's 4 billion TVL. Among the many cooperative projects of Particle Network, the game sector is the most abundant, including traditional game giants such as FunPlus and Perfect World, as well as emerging Web3 game projects such as Era7 and Ultiverse.
On March 20, Particle Network announced that it would upgrade to a modular public chain to build a universal settlement layer across the EVM and BTC ecosystems, namely BTC Connect. It is reported that this is the first account abstraction protocol in the Bitcoin ecosystem, using the ERC-4337 design and L2 EVM compatible chain to introduce smart accounts, Paymaster, Bundler and Bitcoin-specific modes. This technology aims to enable all existing BTC wallets to control smart accounts on L2, opening up a wide range of possibilities for dApps while further interconnecting BTC with the smart contract ecosystem.
Particle Network Layer 1 is backed by dual staking from @eigenlayer via @EthosStake. It is designed with a modular aggregate DA (AggDA), including @CelestiaOrg, @AvailProject, @eigen_da, and @NEARProtocol's NEAR DA for maximum decentralization, security, and performance.
The key to the cross-chain element is the decentralized messaging network, and Particle Network Layer 1 leverages @LayerZero_Labs optimized DVN and @Hyperlane_xyz custom ISM, and relies on @IBCProtocol and @AcrossProtocol for deep interoperability. To accelerate chain abstraction, Particle Network is also working closely with other industry players focused on this goal, including NEAR and CAKE R&D groups.
After Particle Network Layer 1 goes online, the account assets and transaction settlements of cooperating dApps and users on each chain will be seamlessly migrated to Particle Network Layer 1.
Development route
It is reported that Particle Network's v1 testnet will be launched in the second quarter, when it will provide wallet, liquidity and Gas abstraction services.
After entering the mainnet, Particleâs aggregated DA and dual staking modules will debut in the testnet version and enter the mainnet v2 by the fourth quarter of 2024.
There are currently no detailed information about the Particle Network token and its community distribution, but the official said it will be released soon, along with specific plans to promote adoption.
Comparative analysis of modular tracks
In the context of one-click chain launch, the more chains there are, the more inward competition there is, and the more prominent the cross-chain interoperability issues between chains are. Faced with these complex compatibility problems between various chains, the concept of chain abstraction was born, and its goal is to hide these technical complexities behind the scenes, and show users a simple front-end UX interface.
In addition to launching BTC Connect to solve the problem of allowing users to directly connect to the EVM environment through Unisat, Particle Network's behind-the-scenes technology is also centered around connecting abstract services. For example, building a modular L1 public chain underlying architecture based on the Cosmos SDK, so that Particle can connect to the EVM environment, BTC UTXO environment, Solana high-concurrency environment, etc.
The chain abstraction service entity provides a pluggable interface extension service. The optimization and adaptation of the signature algorithm of the interface itself (CDK) are also critical. More than 60 chains such as Bearchain and opBNB have integrated this service. Particle only provides a standardized chain abstraction service that can be directly integrated by the cooperation project parties. After integration, maintenance optimization between the parties involved is very important. It is unrealistic to bear all the compatibility problems on one's own.
In short, Particle is a typical modular layer 1 public chain dedicated to solving complex problems of chain abstraction. The essence of chain abstraction is "connection integration" and "heterogeneous compatibility". The work is done behind the scenes, allowing project developers to quickly and cheaply integrate and apply mature extension services, allowing users to perceive a seamless interactive experience.
Synternet
Synternet is a blockchain that provides modular, interoperable data infrastructure for all major chains. At its core is the Data Layer, a protocol that acts as a customizable execution layer between all blockchains. Designed for efficiency, security, and interoperability, the Data Layer provides fully decentralized data exchange for developers, organizations, and users. By removing reliance on centralized services, Synternet provides fast, seamless access to real-time and historical on-chain data.
The Syninternet Data Layer protocol was created to provide and access blockchain data. While anyone on the data layer can publish all types of data, the protocol is built specifically for Web3 data. For the primary blockchain data use case, full nodes connected to their respective blockchain networks can sell the data produced by those networks through Synternet, and users interested in building decentralized applications can purchase data using crypto tokens. The protocol for sharing and using blockchain data in an incentive-driven manner is called the Synternet Data Layer.
Through the Synternet data layer protocol, anyone can become a provider of the Web3 data open market. Token holders decide which providers are reliable based on the quality of the data they provide and their overall performance, and pay the corresponding fees. Transactions between data providers and consumers are a unique feature of Synternet.
Clue
Clave is a non-custodial smart wallet powered by account abstraction and hardware-level security elements (such as Secure Enclave, Android Trustzone, etc.), which aims to provide users with a friendly all-round financial experience through hardware-level security elements (such as Passkeys, etc.), while introducing account abstraction functions to simplify wallet creation and use. Users can use Clave to create accounts with one click, receive and send tokens using links and nicknames, and even split bills with friends.
Clave leverages the Secure Enclave for key management, a dedicated isolated microchip in Apple silicon that is built for secure data and operations. Not only does it ensure that sensitive data such as private keys are protected, but it also facilitates biometric authentication processes such as Touch ID and Face ID, adding another layer of security. Transaction signing within the Secure Enclave occurs in a separate hardware environment, ensuring maximum security. It is isolated from the main components of the phone and can be accessed through biometric authentication. The Secure Enclave is designed to protect the user's sensitive data from the rest of the phone.
To further enhance the user experience, Clave has introduced the concept of sponsored transactions. This feature allows users to perform transactions without having to worry about the specifics of fees, making the process smoother and more user-friendly. Clave removes the requirement to hold Ethereum (or any native token) to pay transaction fees, and users will be able to pay in any ERC20 token they wish.
In terms of security performance, Clave may be better than Particle, but Particle focuses on BTC layer2, GameFi's abstract wallet, SocaiFi's smart wallet, etc., which makes Particle's audience wider. And Particle not only has wallet products, but also a rich ecosystem. From the perspective of audience and ecosystem, Particle may be better.
NEAR Protocol
NEAR Protocol is a proof-of-stake (PoS) blockchain that is conceptually a community-operated cloud computing platform. NEAR leverages sharding and other technological innovations to significantly improve the network's transaction throughput. It is considered by many to be one of the chains with the highest throughput in the blockchain field, with a finality time of 1 second and transaction costs lower than large Most competitors. Once its proprietary Nightshade sharding infrastructure is fully developed, NEAR claims to be able to process at least 100,000 transactions per second.
Since its founding in 2018, the NEAR ecosystem has been working towards the vision of chain abstraction, with a focus on usability, flexible account models, and a highly scalable blockchain that can support mainstream applications with billions of users. Through the combination of multiple technologies, NEAR can create a seamless process where users can create an account with their email, use the account without accessing funds, and even control the account across multiple chains.
NEAR implements chain abstraction through a combination of Relayer (which allows developers to subsidize gas fees for their users), FastAuth (which allows users to create and recover accounts using their email addresses via multi-party computation), and multi-chain signatures. The combination of these services creates a seamless user experience where users can use blockchain-based applications without realizing they are using a blockchain.
NEAR Protocol's high throughput is its advantage, but NEAR cannot bridge the gap between EVM and BTC ecosystems. However, Particle can do this and has released the "BTC Connect" technology, which interconnects BTC with the smart contract ecosystem and opens up more possibilities for new dApps.
In addition to the three listed above, modular track projects have begun to increase gradually. Such as Atleta Network, Nero Chain, Dymension, and Movement, which recently received $38 million in financing. They each have their own characteristics. For example, Nero Chain uses the Paymaster mechanism in the account abstraction to sponsor the Gas fees of the first few transactions made by new users, allowing them to explore the platform without incurring initial costs. Dymension introduces a paradigm shift in expansion, allowing future metaverse applications, games, and other ultra-high throughput services to be customized according to their needs.
However, Particle supports multiple public chains such as EVM, BTC, Solana, etc., launched "BTC connect" and upgraded functions such as wallet abstraction, chain abstraction, liquidity abstraction, and Gas abstraction. Particle Chain may eventually become a one-stop solution for users and dApps, which is a height that most modular protocols currently cannot achieve.
Project prospects
Currently, the biggest barriers to Web3 adoption are undoubtedly mnemonics and gas fees. Particle Network is the first company in the industry to apply MPC-TSS technology to lower the threshold for mnemonics and gas.
By using Particle MPC login and wallet middleware, developers can allow users to log in to dApps directly through mobile phone numbers, emails, Google, Facebook, Twitter, etc., and automatically create an on-chain, non-custodial wallet without having to consider mnemonics and gas fees, greatly reducing the user login and usage threshold, and improving subsequent interactions with the chain, including transfers, signatures, authorizations, and other user experiences.
In the future, Particle Network may become a full-stack middleware platform for developers, helping them focus on building business scenarios, unleashing productivity, and allowing Web3 to reach hundreds of millions of users with a lower threshold.
The future of the chain abstraction track that Particle Network focuses on is created by the complexity of the current cross-chain native environment. Now everyone is still immersed in the irrational period of complexity prosperity brought about by modular combinations, and may not be able to perceive the value of "chain abstraction". But when the competition between chains is involuted to the point where a big wave of elimination and reshuffle is needed, the value of the chain abstraction track will naturally emerge.