ArkStream×Particle: Web3’s next evolution|1 account, 1000 chains
Good morning, everybody!My name is Ethan. I lead the relations department, and today I want to discuss a critical issue that we all care about. We’ve seen impressive predictions and metrics for the upcoming year in Web3, but I believe we still face a fundamental problem: the lack of user experience. Interacting with Web3 can be quite challenging for most users.
Chain Abstraction
Let’s talk about chain abstraction. You’ve probably heard this term frequently over the past year, as it has become a significant buzzword in the ecosystem. Chain abstraction represents the evolution of Web3, typically materializing through a single account that is visible across multiple chains. This concept is essential as we move forward.
In this presentation, I will cover four key sections:
1. Why we need chain abstraction.
2. Defining chain abstraction.
3. How to effectively materialize it.
4. Supporting structures around it.
User Experience Insights
First, I want to emphasize that the current user experience is stronger than many people give it credit for. The tools available today allow users to onboard applications using Google, Twitter, and email. You can transact with ease, such as signing pop-ups or using programmable accounts.
However, the problem is that this user experience is often isolated. While we can create excellent experiences at the application level, they do not translate consistently across the entire system. For instance, if I use application A on one chain and application B on another, my balance may not be the same.
This inconsistency necessitates bridging, which can be expensive, slow, and sometimes impossible. As a result, users end up with siloed experiences, which is a fundamental issue we need to address.
The Solution: Chain Abstraction
This is where chain abstraction comes into play. It has gained popularity recently because it addresses these pain points. Users often ask, “Why do I have to bridge across chains?” This is a significant blocker. If a user cannot navigate seamlessly between applications due to these limitations, they cannot access the full benefits of Web3.
Chain abstraction allows users to experience an environment free from the manual processes typically required to navigate multiple chains. This means users don’t need to bridge or manually analyze their balances; they simply interact with the application. This shift is monumental because it reduces the cognitive load on users.
Defining Chain Abstraction
The concept of chain abstraction has been widely debated over the past few months. We attempted to define it more straightforwardly in a recent article. Essentially, chain abstraction enables users to use applications without needing to manage multiple accounts or balances.
For example, a user can onboard an application using their preferred social media account, such as Google or Twitter. Once in the application, they interact with a unified account state, meaning their balance is consistent across different applications.
The Landscape of Chain Abstraction
Now, let’s briefly discuss the landscape of chain abstraction and how it fits within our network. We are focusing on a niche called universal accounts, but chain abstraction can integrate with various solutions across the ecosystem.
Chain abstraction is collaborative; it is not a single solution but rather a combination of technologies. The framework we use to understand these technologies is known as the PAY framework, which helps us visualize how these elements work together.
Application Levels and Universal Accounts
We define chain abstraction as having one account and one balance across all chains. For instance, if I have a smart contract deployed across multiple chains, I should be able to manage my balance without worrying about siloed funds.
Universal accounts provide flexibility, allowing users to access a single balance and operate seamlessly across various applications. This experience is designed to be agnostic of the underlying chains, enabling users to engage with Web3 applications without acknowledging the complexities of the blockchain.
Conclusion
In summary, chain abstraction addresses the critical issue of user experience in Web3 by providing a unified approach that simplifies interactions across multiple chains. It allows for greater accessibility and usability, making it easier for users to engage with the ecosystem.
We are excited to be at the forefront of this initiative, and I invite you to connect with us through our Twitter and website.
Now, I’d like to welcome Max from Codara, who will delve into how we got to this point regarding fragmentation and the solutions we envision moving forward.
ArkStream Capital is a venture capital firm specializing in early-stage investments in Web3 unicorns.
Founded by crypto experts with pedigrees from MIT, Stanford, Tencent, Google, and BlackRock, ArkStream leverages eight years of deep Web3 expertise to drive the zero-to-one growth of its portfolio companies.
ArkStream Capital is managing a portfolio of over 100 companies, including Aave, Flow, Sei, Manta, Fhenix, Merlin, Particle Network, and Space and Time.
