What it is and solves the problems

What is chain summation?

Chain Abstract Blockchain technology is a concept that simplifies the user experience and unifies transactions across different networks.

Web3 is still a fragmented industry leading to a complex and technical user experience. It's a barrier to entry for the mainstream public, who have to create multiple crypto wallets, store tokens, and switch between blockchains to use different applications.

It's like going out for pizza but going to a different restaurant for each part of the dish – one place for the dough, another for the pepperoni, and another place for the mozzarella. In addition, you should use a different currency for each. It will not be a pleasant experience.

Blockchain aims to solve this problem by hiding or “summarizing” chain abstraction technology from the user. This means that people don't know which blockchain to use or which blockchain to use.

The idea is to remove technical details such as token bridging, gas fees, consensus mechanisms and native tokens for the user. Instead, it allows them to use Web3 from a single wallet and a single cryptocurrency. All the technical stuff happens behind the scenes.

Did you know this? There are currently over 1,000 different blockchains available, each with its own functionality and use case. While they all use the core principles of cryptography and distributed ledger technology, many are standalone projects. This creates a fragmented ecosystem where it is difficult to move assets between networks.

How does chain summarization work?

On-chain abstraction works by providing a single interface that allows users and developers to interact with multiple blockchains without having to manage the complexity of each chain.

Chain abstraction solutions are still under development, with many companies working to solve the problem. Now, it's not an exact science as to how it all works, but multi-chain solutions allow users to seamlessly start using Web3 from a single account.

It might look like this:

Users start by logging in with an email to create a Zero Funds account. No need for private keys or genealogies to remember.

The user can then fund their account with the single “master” currency used to pay for their web 3 activities. Then the user will be able to search and use Web3 applications regardless of which blockchain is running. Any interaction will be transmitted and signed directly over the relevant network for a fee. Currency bridging or swaps are done with smart contracts out of the user's view.

For example, you can collect NFTs created on different blockchains without needing different wallets, exchanging cryptocurrencies or storing recovery seed phrases.

Did you know this? The idea of ​​chain summation is not new. It draws inspiration from traditional software engineering. Developers have used the concept for decades to simplify complex systems for users. In reality, the end user doesn't need to know how things work internally – they just need to achieve their end goal as easily as possible.

Advantages of chain draft

Both users and developers benefit from the on-chain abstraction, as it removes the complexity of blockchain usage and enables seamless multichain interoperability.

Here are the key benefits of chain summarization:

Unified interface: Chain abstraction reduces fragmentation and complexity for users. It allows you to manage assets and access decentralized applications (DApps) across multiple blockchains from a single interface, wallet or platform. No learning curve: Currently, Web3 has a large learning curve: users must understand the use of wallets, private key storage, asset bridging, decentralized applications, and more. Chain abstraction removes this struggle, allowing people to use Web3 quickly and easily. Simplified transactions: Eliminates the manual processes currently required to use many blockchains. Users can trade across multiple blockchains without hassle and without linking tokens. No need to understand Web3 technology to cover gas bills, use DApps, or manage assets across multiple chains. Coins and tokens move freely and flow from multiple sources without friction. This makes it easier for traders and investors to access a larger pool of liquidity while helping to reduce market volatility and increase efficiency. DApp Development: For developers, even the complexities of building a blockchain can be simple. It becomes faster and easier to create applications that run on multiple chains without having to write separate code for each network.

Applications of chain draft

With improved transaction efficiency, access to DApps and development processes, it could improve blockchain adoption, including decentralized finance (DeFi), supply chain management, gaming, NFTs, and software-as-a-service (SaaS) industries.

Several projects are underway to address chain draft issues:

Particle Network aims to unify all chains with universal identifiers. The company has raised $40 million from several VCs and Alibaba Group to continue its development. Their goal is to simplify using Web3 so users only need to use one account for each chain.

A modern contract platform that provides off-chain abstraction is nearby to solve these blockchain ecosystem problems. With a single account, users can sign transactions on multiple blockchains such as BNB Smart Chain and Ethereum. This includes many off-chain use cases, such as creating an NFT collection on multiple chains, or a DAO application accepting proposals and votes across multiple chains.

Xion enables developers to build user-ready platforms and remove the complexities of Web3. It claims to be the first walletless blockchain ready for mainstream adoption. With a single account, users can manage their Web3 experience, from signing transactions to enjoying social media networks.

Did you know this? Some popular DeFi platforms use chain aggregation to aggregate liquidity and provide users with an improved trading experience. Platforms like ThorChain and AnySwap allow trading to exchange tokens on different blockchains without using different bridges or exchanges.

A view of the future of chain draft

Chain Abstraction technology offers a promising future as it seeks to address the biggest pain points in Web3 adoption. Currently, things need to be more integrated. Blockchain projects often work to control and regulate the industry instead of building a user-friendly ecosystem.

The crypto infrastructure is now in its second decade, long-term users have been left with different wallets and keys. While wallet providers are working to provide multi-asset storage, connecting asset slots across chains and applications is still a problem. For the average consumer, Web3 is technically overwhelming, while Web2 is a simple assistant in everyday life.

To have a similar impact on the world, Web3 must rely heavily on chain summation. The process is technically complex, as it needs to ensure seamless blockchain interoperability across vast networks. This requires extensive collaboration of developers working on Layer-1 and Layer-2 projects.

Regulatory uncertainty can create another problem, as it does in innovative spaces like this one. Ensuring compliance across states and industries, particularly finance, is another area that is expected to take years to fully navigate.