“If everyone is seeking the benefits of decentralized ownership, why is the Web3 industry still struggling to find a path to mass adoption?”
The potential of Web3 has been discussed for years, but we seem to have only scratched the surface when it comes to user adoption. Currently, there are two challenges to mainstream adoption of Web3 — functional barriers and cultural barriers. The birth of the new L1 public chain XION is to solve these two problems. Let’s take a comprehensive look at XION’s vision and how it can help Web3 achieve mass adoption.
XION: L1 network specifically designed to abstract cryptographic complexity
When talking about XION, we have to mention its developer Burnt.
Burnt's journey in Web3 began with the burning of Banksy's paintings. In March 2021, the Twitter account BurntBanksy live-streamed the burning of Banksy's painting "Morons (White)" and issued it as an NFT, aiming to transfer the value of the physical painting to NFT. The purpose of this action is to inspire more artists to explore NFT. In the following year, Burnt focused on creating a code-free product Burnt Finance and early NFT standards for creators.
In the process, Burnt witnessed firsthand that NFTs have hit a bottleneck, and the Web3 industry has been unable to adopt them on a large scale due to complexity. "Keeping real users out while making us feel superior in a niche" is definitely not the end of Web3.
Therefore, Burnt built XION, a L1 blockchain based on Cosmos that abstracts the complexity of encryption to overcome the adoption scalability limitations caused by encryption technology. XION enables a frictionless user experience while retaining the core characteristics of Web3 — — decentralization, transparency, verifiable ownership, and more.
XION aims to help Web3 achieve mass adoption by addressing the functional and cultural barriers to optimizing Web3. By focusing on user experience, accessibility, and scalability, XION aims to create an ecosystem that supports developers and users, thereby unlocking the full potential of blockchain technology.
In addition, Cosmos's Inter-Blockchain Communication (IBC) protocol allows XION, the ecosystem, and applications to quickly integrate other application chains and their related applications. For example, if a product requires private user status, XION can connect to the Secret network. If a product requires DeFi, XION can connect to the Injective chain and the Osmosis chain. For legal assets and non-Cosmos ecosystem assets, Cosmos has the Axelar chain and the Noble chain, etc. Cosmos' "chain interconnection" enables XION to immediately provide users with more functions and pave the way for developers on XION to create new use cases.
As for what innovations XION brings in terms of infrastructure and functionality, perhaps we can return to the topic of this article and find the answer from the question "What obstacles does Web3 face in mass adoption?"
Web3 Obstacle 1: Complex and Newbie-Unfriendly Features
For a new user using a Web3 application for the first time, it can take up to 15 complex steps and days to successfully complete an interaction. From figuring out which wallet app to download to having the necessary funds to submit a transaction, it’s no surprise that user churn rates are as high as 95%. With the proliferation of new L1 blockchains, it’s even more overwhelming for new users. These issues have become a breeding ground for scammers who steal new users’ assets and further deepen the mainstream world’s poor perception of the Web3 industry.
While user education can help make the process of using Web3 applications for the first time more approachable, it is clearly not a solution in itself. Just like Web2, Web3 should not require new users to understand crypto in order to benefit from it.
How does XION solve the above problems?
XION can be said to be an L1 built from scratch, with comprehensive optimization in user experience.
The onboarding process does not have to be CEX → onchain
Currently, it usually takes more than 15 steps for a new user to purchase goods on the chain. The first step is to set up an on-chain wallet, then register with a centralized exchange (CEX), verify identity, and then transfer funds from the CEX to the on-chain wallet, exchange them for the correct token in the DEX, etc., before you can make a purchase.
However, on XION, users can use credit/debit cards to purchase on-chain goods directly, with an authorization rate of over 95%, which can immediately cover approximately 6 billion credit/debit card holders. This not only eliminates the complex process for users, but also provides a purchasing experience that is truly similar to Web2 e-commerce websites.
No Gas Fees
Another major barrier to adoption for new users is gas fees, as this forces them to own a chain’s native token in order to transact.
XION completely removes this barrier with gas-free transactions, allowing new users to immediately start interacting with on-chain applications.
Abstracting the complexity of wallets
It is well known that the complexity of traditional crypto wallets has reduced user adoption by more than 95%. They require users to download browser plugins, perform complex settings, pop up windows for every transaction, and require users to store mnemonics securely. Such user experience will deter most non-technical/professional users.
To solve this problem, XION completely abstracts the entire on-chain crypto wallet. Without downloading plugins, new users only need to create an MPC wallet using an email to interact with the application seamlessly. Crypto-native users can also interact with XION using any wallet of their choice. XION can meet the needs of all audiences.
Support mobile phone
In many ways, supporting better operations on mobile phones is also one of the ways for Web3 to be truly adopted on a large scale.
However, many current crypto wallets cannot switch freely between PC and mobile terminals, switching devices still requires re-importing mnemonics, and the UI/UX performance of the browser in the wallet application is very poor.
XION ensures mobile support by “abstracting the complexity of wallets” as mentioned above. In addition, it allows for the separation of login from assets, creating a secure path for users to interact with new applications without putting their assets at risk. Essentially, it allows users to access the XION ecosystem securely anytime, anywhere.
Pricing in USDC
As we all know, there are thousands of cryptocurrencies with highly volatile prices within the Web3 industry, and for new users, understanding the pricing of assets/products can be very confusing.
With the support of USDC issuer Circle, XION will become the first blockchain to use USDC as the main transaction currency. All products built on XION will be priced in USDC, allowing new users to seamlessly use it in a familiar fiat currency pricing format.
Web3 obstacle 2: Not a "native" and having difficulty understanding the terminology?
In addition to functional barriers, Web3 mass adoption also faces cultural barriers.
Imagine your first exposure to Crypto. Was it like entering a new universe? It was full of unfamiliar terms, confusing ecosystems/applications/tokens, and complex user experiences. In addition, the mainstream world’s view of cryptocurrencies was troubled by misconduct by bad actors and high-profile scams.
How does XION solve the above problems?
XION was designed from the ground up to abstract the complexity of cryptography.
Abstract terms
To make Web3 more accessible to new users, we can either replace complex terms with basic, easier to understand terms, or abstract them completely.
XION is committed to simplifying and removing technical jargon and industry-specific terminology, which is critical to enhancing the user experience and enabling wider adoption.
Improve credibility
Given the general skepticism of the mainstream world towards cryptocurrencies, building trust is one of the most important factors in attracting a wide audience. This is why XION has strategically partnered with many well-known companies in the Web2 and Web3 fields. For example, well-known Web3 companies/investors such as Animoca and Circle Ventures have invested in XION, and have partnered with Web2 giants such as Checkout.com, Stytch, and Stripe.
Eliminates the need to educate new users
XION’s unique infrastructure removes all complexity for users, playing a key role in removing not only functional barriers, but also cultural barriers. For example, no gas fees, abstract wallet complexity, and using bank cards to purchase goods directly on the chain can greatly reduce the complexity of interaction and eliminate the education that users traditionally need to interact with applications.
Conclusion
Creating a robust, useful infrastructure to enable innovative users is only a small part of the puzzle that Web3 currently faces. In order to truly usher in mass adoption, we must also build the experience layer that users interact with, making sure it is as intuitive and welcoming as Web2 platforms.
XION is expected to become a catalyst for the mass adoption of Web3. Its mission is not just pure technological advancement, it also lays the foundation for a "Web3 cultural revolution."
