Xion Launches Blockchain Solution with "General Abstraction"
Date: 2023-12-07 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Xion, the blockchain platform, has made waves in the crypto world by introducing a groundbreaking concept called "general abstraction." This innovative technology aims to streamline user interactions with Web3 by eliminating the need for traditional processes such as account management and signatures.
Unlike traditional blockchain interactions, Xion's users can harness the power of Web 2.0 methods, like email and Passkey technology, to engage with the network seamlessly. This shift opens the door for various use cases, including payments, social networks, gaming, and web subscriptions.
Xion's development team plans to launch the mainnet in the coming year, bringing this cutting-edge technology to a wider audience. They have also released a whitepaper detailing the features of this new solution. It represents an "enhanced version" of the account abstraction concept, offering wallet functionality based on smart contracts and enhancing the overall user experience.
The founder of Xion, known by the pseudonym Burnt Banksy Burnt, emphasized the significance of this development, stating, "Web3 still involves a steep learning curve and can deter users who need to learn how to manage wallets, securely store seed phrases, and send transactions to hexadecimal addresses. General abstraction takes us beyond the account abstraction, as we strive to simplify all aspects of blockchain usage."
The testnet is built on the Comet BFT framework and Cosmos SDK, a popular set of tools used in projects like Injective, Osmosis, and dYdX Chain.
In October, Xion project representatives announced plans to collaborate with more than 75 partners once the mainnet is launched, highlighting the growing interest in their innovative solution.
Burnt Banksy Burnt has successfully raised $11 million in funding from prominent investors, including Animoca Brands, Circle Ventures, Multicoin, HashKey, and Valor.
Previously, Ethereum co-founder Vitalik Buterin expressed the belief that account abstraction could protect user accounts from quantum computers. This development in the blockchain space continues to spark excitement and interest from the crypto community.
