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What Is Chain Abstraction?
Educational Post
Chain abstraction is NEAR’s idea of simplifying how users interact with blockchain technology by separating it from the user experience (UX). The goal is that users should not be aware of the specific blockchain they are interacting with or even realize that they are using a blockchain.
How Does Chain Abstraction Work?
Efficiency
Imagine if you could only send messages from an iPhone to another iPhone but not to Android phones. That would be inefficient and impractical. Similarly, users should be able to interact with decentralized applications (DApps) across different blockchains without unnecessary hurdles.
The goal of chain abstraction is to remove or hide the complexities of blockchain technology, allowing users to focus on the functionality and benefits of the DApps they use. For instance, if Sarah wants to use a new DApp called XYZ, she should not have to worry about which blockchain it is built on. From a user perspective, she just wants it to work well and fulfill its purpose.
Similarly, millions of people use the internet every day, but only a smaller percentage understand the technology behind it and how it works. As long as it works as intended and adds value to users, there is no reason for the average user to fully grasp its technical details.
2. Transactions
Imagine using a DApp that allows you to easily transact across multiple networks and navigate different services. For instance, imagine that Ade opens the XYZ app on her phone, orders a coffee, and sees a discount for her favorite clothing store. He buys a pair of shoes, earning rewards that are stored as non-fungible tokens (NFTs) on Ethereum. Later, he notices a special offer tied to his reward and buys tickets to an event, which are also NFTs, but on BNB Smart Chain (BSC).
All these transactions could happen in a single app, removing the need for Ade to manage multiple wallets, switch networks, or directly handle transaction fees. This level of cross-chain interaction is the ultimate goal of chain abstraction.
#EducateYourself #readandearn $BTC $USDC
Chain abstraction is NEAR’s idea of simplifying how users interact with blockchain technology by separating it from the user experience (UX). The goal is that users should not be aware of the specific blockchain they are interacting with or even realize that they are using a blockchain.
How Does Chain Abstraction Work?
Efficiency
Imagine if you could only send messages from an iPhone to another iPhone but not to Android phones. That would be inefficient and impractical. Similarly, users should be able to interact with decentralized applications (DApps) across different blockchains without unnecessary hurdles.
The goal of chain abstraction is to remove or hide the complexities of blockchain technology, allowing users to focus on the functionality and benefits of the DApps they use. For instance, if Sarah wants to use a new DApp called XYZ, she should not have to worry about which blockchain it is built on. From a user perspective, she just wants it to work well and fulfill its purpose.
Similarly, millions of people use the internet every day, but only a smaller percentage understand the technology behind it and how it works. As long as it works as intended and adds value to users, there is no reason for the average user to fully grasp its technical details.
2. Transactions
Imagine using a DApp that allows you to easily transact across multiple networks and navigate different services. For instance, imagine that Ade opens the XYZ app on her phone, orders a coffee, and sees a discount for her favorite clothing store. He buys a pair of shoes, earning rewards that are stored as non-fungible tokens (NFTs) on Ethereum. Later, he notices a special offer tied to his reward and buys tickets to an event, which are also NFTs, but on BNB Smart Chain (BSC).
All these transactions could happen in a single app, removing the need for Ade to manage multiple wallets, switch networks, or directly handle transaction fees. This level of cross-chain interaction is the ultimate goal of chain abstraction.
#EducateYourself #readandearn $BTC $USDC
#readandearn
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📝 Escreva para Ganhar" do Binance Square será estendido: publique conteúdo no Binance Square para ganhar até 30% de comissões de taxa de trading!
#SECStaking #BybitSecurityBreach
𝐓𝐡𝐞 𝐋𝐢𝐯𝐞 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐂𝐨𝐮𝐫𝐬𝐞📈
Today was all about RSI
Key Takeaways👇
You can use market structure on your RSI just as you have learnt on your chart. When RSI is matching price, this is what's called Convergence.
When it is not matching, this is where we can identify Divergence.
It is important when using RSi that you apply it to candle close, and not the wicks. The RSI is calculated on candle close and does not take into account wicks.
A common mistake traders make is not identifying when a divergence has played out, or been negated.
When RSI moves from Divergence to Convergence, this acts as confirmation that the divergence has played out.
Divergence can take a long time to play out which is why we use it as a BLINKER only, and wait for price to give us our TRIGGER.
Be careful not to let indicators become the focus. These are only to help gain more insight into market moves.
I really enjoyed this lesson and for anyone who was on that call would of learned so many golden nuggets from Nick!
#readandearn #Write2Earn #BNBChainMeme #TraderProfile #MarketLiquidation
Today was all about RSI
Key Takeaways👇
You can use market structure on your RSI just as you have learnt on your chart. When RSI is matching price, this is what's called Convergence.
When it is not matching, this is where we can identify Divergence.
It is important when using RSi that you apply it to candle close, and not the wicks. The RSI is calculated on candle close and does not take into account wicks.
A common mistake traders make is not identifying when a divergence has played out, or been negated.
When RSI moves from Divergence to Convergence, this acts as confirmation that the divergence has played out.
Divergence can take a long time to play out which is why we use it as a BLINKER only, and wait for price to give us our TRIGGER.
Be careful not to let indicators become the focus. These are only to help gain more insight into market moves.
I really enjoyed this lesson and for anyone who was on that call would of learned so many golden nuggets from Nick!
#readandearn #Write2Earn #BNBChainMeme #TraderProfile #MarketLiquidation
To all who are looking for some #Megadrop its not enough to just stake your $BNB !
Listen carefully friend do the web3 quest its not too complicated and get a crazy score multiplier.
That could be worth some money later on.
Its up to you.
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Listen carefully friend do the web3 quest its not too complicated and get a crazy score multiplier.
That could be worth some money later on.
Its up to you.
#readandearn
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