Author: Illia (root.near), co-founder of NEAR; Translated by: 0xxz@Golden Finance
The final chain abstraction experience may be as follows:
1. Join or log in using PassKey - one account for all chains, default recovery relies on your device biometrics and can be rotated to other methods;
2. Set up social recovery with your friends, family, or companies you trust - the smart contract has a key on your account and triggers key recovery when the number of friend requests is reached;
3. If it is an organization, upgrade to multi-signature and develop rules around various transaction types and restrictions. ;
4. Fiat currency entry via cryptocurrency, wire transfer or card payment on any chain - there are receiving addresses on each chain;
5. You can use Google/Apple Pay to pay directly from your wallet - you have authorized the smart contract to withdraw a certain amount of funds per day/week/limit on your behalf. No additional deposits are required, no balances need to be maintained manually, no need to pay on-chain fees directly, and no need to bridge assets between chains.
6. You can buy any asset - just enter the asset name to view the best quotes in all liquidity, through intent and cross-chain settlement;
7. Set up subscription payments for various services or automatically pay bills - the smart contract sends tx on your behalf to pay for the service;
8. Savings Accounts — Deploy capital into actively managed on-chain funds, and put money into contracts that can deploy funds to various places on the chain;
9. Borrow capital on each chain as a single cross-margin account. Smart contracts collect deposits from all links and manage collateral levels.
10. Liquidation Protection - Monitors user account status and automatically sends tx on their behalf via smart contracts to verify the conditions for reducing positions;
11. Set up dead man switch recovery - if an account has no transactions for X months/years, the account can be taken over by the recoveryDAO, which can be used as estate planning or in case of social and other recovery failures.
12. Browse web3 use cases using a natural language interface, receive interactive menus and dashboards - tool generator style LLMs that can generate operations on all chains
13. Predict and recommend the best assets and actions based on on-chain history and off-chain data — aggregate data from all chains and build a recommendation ML model;
14. AI agents work on your behalf, paying and running jobs in the background - anticipating transactions by validating rules and requirements through smart contracts and executing them on all chains.
This is just the beginning of a taste of what chain abstraction may ultimately be!
Original link: https://x.com/ilblackdragon/status/1818595981463572981
