The 'Pudgy Penguins' team is taking action, optimistic about consumer-grade applications.
Recently sparking heated discussions in the industry, Abstract is an Ethereum Layer 2 built jointly by Igloo Inc., the parent company of the NFT brand 'Pudgy Penguins,' and Cube Labs. Due to Pudgy Penguins' widespread recognition in the Web3 space, its series of peripherals and NFTs are highly esteemed by consumers; now that the same team is venturing into the blockchain industry, it naturally attracts significant attention. Abstract advocates for 'Consumer Crypto,' emphasizing a variety of applications that may be used in daily life, such as gaming, socializing, or trading platforms, allowing ordinary people to go on-chain without technical barriers.
Luca Netz, CEO of Igloo Inc., stated that the core idea of Abstract is to 'truly bring blockchain into the consumer market.' Compared to most general-purpose public chains, Abstract aims to prioritize practical applications in specific industries, such as social platforms or on-chain games; once these applications cultivate mature users and ecosystems, they will be promoted to broader industries like finance, DeFi, or banking. To this end, Abstract employs cutting-edge technologies such as zero-knowledge (ZK-Rollup) and multiparty computation (MPC), combined with the compatibility of Ethereum smart contracts, hoping to find the best balance between user experience and security.
What is meant by 'consumer-grade crypto', and how is the mechanism designed?
Abstract advocates 'Consumer Crypto,' believing that the real implementation of blockchain should be in everyday life applications. For example, games, prediction markets, social platforms, etc., enabling 'non-geek individuals' to easily get started.
In this regard, Abstract has developed its own 'Abstract Wallet,' which, according to team engineer Cygaar's demonstration on X, eliminates cumbersome browser plugins or private key records, and is assisted by advanced Account Abstraction technology, providing a simplified process for 'fee-free transfers' and 'no need to remember seed phrases.' As demonstrated by the official source, users can complete transactions or mint NFTs with just a few clicks, reducing the originally complicated blockchain operations to just a few seconds.
Image source: Abstract Abstract Wallet display screen
On the governance level, Abstract proposed 'Panoramic Governance,' encouraging users to actively participate in community voting through a 'profit-sharing and dynamic incentive' mechanism, while also rewarding developers and protocols that establish viable industry applications on-chain. In other words, Abstract hopes to create a virtuous cycle through 'governance incentives': the larger the community, the higher the voting activity, which can provide more resources to support promising projects, leading to a healthier development ecosystem for the entire chain.
Image source: Abstract The incentive structure of Panoramic Governance.
Mainnet is set to debut next year, is a token expected?
Currently, Abstract is in the testnet phase and is expected to officially launch its mainnet in January 2025. At that time, multiple applications, including games (such as Prospect Sports, RealGo, Duper, Onchain Heroes) and social products (Multiplier.fun, Swipe, NFT project Canna Sapiens), will go live simultaneously. Judging by the list of announced participants, the Abstract chain has already gained support from many leading Web3 teams, such as Magic Eden and Dune Analytics, which will also join its infrastructure.
Image source: Abstract Abstract is expected to officially launch its mainnet in January 2025.
As for whether a native token will be issued, the official details have not yet been formally announced. However, if we refer to the vast majority of Layer 2 blockchain models, it is likely that a related token will eventually be launched as part of the governance and incentive mechanism, with the timing possibly shortly after the mainnet goes live. Since Abstract targets 'consumer-friendly' features, emphasizing high usability and low transaction fees, there is speculation within the industry that its token economic model will be more aligned with 'everyday applications'.
In summary, backed by the market reputation accumulated by Pudgy Penguins, Abstract promotes slogans such as 'user experience first' and 'one-click on-chain' in an attempt to break through the complex barriers of traditional blockchain, focusing on gaming and community applications. Against this backdrop, the launch of Abstract's mainnet in 2025 and the potential token release could offer more ordinary people a real opportunity to experience the convenience of blockchain. Whether it can become a new model of 'consumer-grade blockchain' will also be an important focus of observation in the crypto market next year.
[Disclaimer] The market has risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk.
'Pudgy Penguins team’s new project! What is the Abstract chain? When will the token be issued? A complete introduction at once' This article was first published on 'Crypto City'