Author: Joy, PANews
How many steps does it take to get a new user started using an encryption app?
The answer may be N steps. Wallet mnemonics, obtaining Gas tokens, cross-chain... For users who are used to the simple operation of Web 2, these unfamiliar technical terms and operating habits are each a "stumbling block" for acquiring new users. And if you want to use assets on Ethereum to buy NFTs on another non-EVM chain, it is a complicated operation even for old players.
The "Global Cryptocurrency Ownership Status in 2024" report released by Singapore-based agency Triple-A shows that the global digital currency user base will reach 562 million people in 2024 (6.8% of the world's population), an increase of 34% from 420 million in 2023.
In order to attract the next 500 million or even 1 billion users, users need to be able to complete full-chain operations through the front end more easily and without feeling. Projects that focus on the concept of cross-chain interoperability aim to achieve this vision. StripChain, which recently completed a $10 million financing, is a new representative in this field.
Blockchain âConnectâ, interoperability issues stand out
Modern cities are accelerating the construction of highways and viaducts in the process of urbanization, and chains in the crypto world are "springing up" to form a multi-chain universe.
The rapid development of the blockchain world has brought unprecedented prosperity, but it is also accompanied by problems of complexity and fragmentation. On the one hand, the types and number of chains have grown rapidly, from Layer 1 public chains focusing on high performance, to Layer 2 expansion solutions, to Layer 3 chains designed for specific applications. Each chain has its own unique design philosophy and technical characteristics, which has led to developers and users having to choose and switch between many chains, increasing the learning cost and difficulty of operation.
From the developer's perspective, different chains involve various heterogeneities such as underlying languages, account models, and contract standards. For example, there are differences between the languages ââof various public chains, such as Move, Rust, and Solidity, and the learning cost for developers is high. There are also differences in the accounts and state models of different public chains. There are challenges in the compatibility between Ethereum's EOA account and Bitcoin's UTXO model. Standards such as ERC20 and ERC721 are difficult to handle in the Object-centric chain of the Move public chain.
On the other hand, the complexity of cross-chain interactions and high transaction costs limit the widespread application of blockchain technology. Users have to face the problems of managing multiple on-chain accounts, different gas fee standards, and dispersed liquidity, while developers also need to deploy and maintain applications for each chain separately.
Today, as competition between chains becomes increasingly fierce, cross-chain interoperability issues become more prominent. Scalable, interoperable blockchains are needed to enable users and developers to interact more easily. Chain abstraction is a new concept and narrative to address these challenges. It can also be seen as the 2.0 version of interoperability.
StripChain is an interoperability protocol designed to make applications hyper-interoperable, enabling chain abstraction at scale. It leverages StripVM to build an execution layer for a modular connected world. Modular systems can be composed into vertically integrated stacks, and application developers can abstract away their complexity. It leverages StripVM and intents as an expression mechanism, allowing developers to link their applications across blockchains, facilitating composability.
StripChain, led by anonymous researcher â0xnovachronoâ along with Isa Sertkaya and Narayana Pryusty, recently announced it had raised $10 million, led by Sora Ventures, with participation from other investors and angels including Santiago Santos, Frontier Researchâs Stephane Gosselin, Messariâs Ryan Selkis, and venture capital firms Hyperithm, Shima Capital, Hypersphere, Mechanism, and Ascensive Assets.
Chain abstraction creates the interoperability 2.0 era
Chain abstraction provides a standardized cross-chain operation framework, allowing users to use the same account system and interactive interface to transfer assets and call smart contracts across different chains without having to worry about the differences in the underlying chains. For developers, chain abstraction simplifies the complexity of multi-chain deployment, reduces the development and maintenance costs of applications, and promotes the construction of a cross-chain application ecosystem. Ultimately, the goal of chain abstraction is to allow users to enjoy the convenience of a decentralized network without being aware of the existence of a chain, while maintaining the security, privacy, and controllability of assets and data.
Developers and entrepreneurs have proposed various forms of chain abstraction. In short, chain abstraction hides the differences between different blockchains (such as underlying languages, account models, smart contract standards, etc.) by building unified interfaces and standards, so that users and developers can seamlessly interact and operate between different blockchain networks without having to deeply understand the specific details of the underlying chain. It not only involves technical solutions, such as account abstraction, universal smart contracts, cross-chain communication protocols, etc., but also includes simplified user experience, such as a unified front-end interface, universal Gas tokens, unified liquidity management, etc.
The hard work is all behind the scenes. Interoperability protocols such as StripChain allow project developers to quickly and cost-effectively integrate and apply mature extension services, allowing users to experience a seamless interactive experience.
For B-side developers, it can reduce the cost of cross-chain deployment of various protocols, manage liquidity in a full-chain environment, unify market management and reduce security risk exposure. Especially in the era of modular assembly of multiple chains, full-chain interactive operability solutions will become a necessary supplement. When individual applications are interconnected, they will create a lot of opportunities for developers to create innovative use cases and consumer applications. This will open the door to an infinitely interconnected ecosystem.
For C-end users, chain abstraction will simplify the relationship between users and various backend protocols into the interaction between users and DApp applications. Even users can achieve a full-chain interactive experience by directly interacting with wallets. The wallet can serve as the processing center for users' complex intents.
Personality certification has been launched, and community activities have been launched in many places around the world
Stripchain is currently in private beta and is expected to launch a testnet in the coming months. Recently, it launched its first phase, StripChain Proof of Personality, through which it will reward its initial community members.
In late May, Stripchain completed meetup events in Turkey, Hong Kong, and South Korea, attracting many community members to participate.
Users participating can claim their unique code, which will enable the user to register on pop.stripchain.xyz. Each event is run on a FCFS basis, with only 150 people allowed in. Users can claim their unique code after registering, through which they will be able to claim PoP NFTs. These NFT holders can receive rewards of up to $1,000+ in the future. (Of course, this is not guaranteed.)
At present, Stripchain is still in its early stages, and documents such as white papers have not yet been made public. For users, it is a good time to enter the community early. As StripChain's anonymous founder "0xnovachrono" told Cointelegraph: "Just like we don't care about Netflix's backend system, we shouldn't care about the backend system of decentralized applications." What can be expected is that with the help of Stripchain, the next 500 million crypto users will arrive.
