What is Blockchain Abstraction?

Blockchain abstraction, also known as 'abstract chain', is the way to simplify the user experience on blockchain by hiding complex technical details. With blockchain abstraction, users can still benefit from blockchain technology without needing to understand the underlying technical factors.

This helps both users and developers easily interact with blockchain applications without needing deep knowledge of the technology. This is an important step in bringing blockchain closer to the general public.

Why is Blockchain Abstraction Necessary?

Although blockchain applications have been improved in terms of user-friendliness, there are still technical barriers that make it difficult for newcomers to engage. For instance, when a user wants to buy an NFT for the first time, they may find that they do not have assets on the correct blockchain to execute the transaction, or when sending USDT to a wallet but choosing the wrong network, leading to asset loss. These situations may be simple for 'seasoned' crypto users, but they are complex and confusing for newcomers.

Blockchain abstraction helps address these issues by enhancing usability and interoperability between blockchain networks. Interoperability is the ability of different blockchain systems to exchange data and operate together seamlessly. As a result, assets can move between blockchain networks without intermediaries.

Just as the internet became popular when complex protocols like HTTP and TCP/IP were hidden, blockchain also needs to be simplified to bring it closer to users. Blockchain abstraction helps create a familiar experience, such as simple logins and one-touch interactions, similar to familiar web2 applications.

Examples of Blockchain Abstraction

  1. User-friendly interface: Cryptocurrency wallets like MetaMask and Phantom are typical examples. Instead of managing complex cryptographic keys, users can perform transactions through intuitive interfaces like online banking applications. For instance, MetaMask allows users to interact directly with the Ethereum blockchain right from their web browser, making it easy for everyone to access blockchain technology without needing deep technical knowledge.

    These wallets have also added many features like 'bridging' and 'swapping' within the app, helping users transfer assets between blockchains without needing to use an external bridge.

  2. Memorable accounts: The NEAR protocol is a layer 1 blockchain that has implemented blockchain abstraction by using easily readable account names instead of the complex string of characters for wallet addresses. This reduces the barrier for new users when joining the blockchain world.

  3. Linking with external data: Chainlink, a middleware solution that connects smart contracts with data from the real world, is a form of blockchain abstraction. Thanks to Chainlink, DeFi platforms can easily obtain external data, such as market prices, without complicated integrations.

Account Abstraction on Ethereum

Vitalik Buterin, the founder of Ethereum, has shared about account abstraction as a way to enhance security and convenience for users. The new standard of #Ethereum ERC-4337 allows user wallets to operate like smart contracts, eliminating the need to manage individual ownership accounts and private keys.

ERC-4337 opens up advanced features like multi-signature wallets, where multiple private keys are required to approve transactions, helping to reduce the risk of hacking. Users can also recover accounts through trusted contacts, limiting the risk of losing personal keys. Moreover, ERC-4337 also supports paying gas fees with tokens other than Ether, or allows third parties to sponsor transaction fees, enhancing the user experience to be more flexible and easier.

Summary

#Blockchain #abstraction is playing an important role in bringing blockchain technology to the masses. From user-friendly interfaces, easy-to-use wallets to interoperability between networks, all contribute to making blockchain more accessible.

Just as the internet once had to hide complex technical details to make it accessible to everyone, blockchain also needs to be simplified to develop and attract new users. With advancements in account abstraction such as ERC-4337, users will have a safer and more convenient experience when participating in the world of cryptocurrency. Blockchain abstraction will be the key to unlocking a new era, where blockchain technology can become an indispensable part of our daily lives.