Original title: What Is Abstract? The Consumer Crypto Blockchain From the Creators of Pudgy Penguins

Original author: Decrypt

Compiler: Heilsman, ChainCatcher

Only a handful of Web3 brands have been able to attract as many mainstream consumers as the NFT series Pudgy Penguins.

That's why Igloo Inc., the parent company of Pudgy Penguins, is confident in replicating its playbook with its new blockchain Abstract, an Ethereum Layer 2 designed to On becoming the leading blockchain for consumer crypto products and applications.

In this article, we will explore Abstract’s concept of “consumer crypto” and how and how it is built to bring the next billion users on-chain.

What is abstraction?

Abstract is a ZK-rollup and layer2 blockchain built on the Ethereum network, designed to provide low transaction fees and High scalability.

Abstract is specifically designed to differentiate itself from the generic architecture used by most chains, and instead focuses first on leveraging specific applications and protocols such as gaming and social platforms) to coordinate developer and consumer interests, and then outwards and downwards towards popular on-chain activities such as decentralized finance or DeFi and banking.

Abstract is EVM compatible, which means it can run as the Ethereum blockchain Designed and built applications. As a result, most existing Ethereum-based smart contracts can be easily ported to Abstract, allowing developers who have built applications the ability to offer their applications to users of Abstract with minimal modifications.product.

What is "consumer-centric encryption"?

In an Abstract blog, Igloo Inc. and Pudgy Penguins leader Luca Netz explained his concept of "consumer crypto", referring to “Blockchain-powered applications that provide personal services to billions of people in their daily lives.”

In other words, the applications that the average person is most likely to use throughout the day, such as games or social platforms. Netz cited NFT and digital collectibles marketplace OpenSea and meme coin and social trading platform Pump.fun as two examples of successful consumer crypto platforms.

Other popular consumer crypto applications include casinos, prediction markets, and betting sites.

Abstract’s team and background

Abstract is jointly built by Igloo Inc, the parent company of the Pudgy Penguins NFT project, and Cube Labs, using zero-knowledge (ZK) technology or cryptographic proofs. Helps verify transactions in a more secure and private way.

In June 2024, the company announced the acquisition of unlaunched NFT-focused second-layer network Frame and its development team to help build Abstract.

Subsequently, the company announced an $11 million raise led by Founder's Fund, with participation from other Web3 venture capital firms such as 1kx and Fenbushi Capital.

What’s so special about Abstract?

Abstract's goal to make blockchain accessible to ordinary people has led to several new developments that set it apart from other blockchains.

Abstract Wallet

Abstract has developed its own global wallet for on-chain use, taking advantage of new developments in account abstraction to allow users to create wallets that require no extensions or passwords. There is no need to pay gas fees.

Abstract Global wallet uses keys so that users do not needYou can log in with an email address or a complex password, making it easier for users without a strong technical background to get started.

An example from the Abstract team is that users can log in and create NFTs in just four clicks, which is more than required for most on-chain scenarios today. Much less.

Panoramic governance

Abstract proposes panoramic governance, which is a new type of governance design. Aiming to better coordinate the interests of developers and consumers on the blockchain.

Panorama governance is designed to actively incentivize governance participation and voting, while directly rewarding the protocols that are most beneficial to the blockchain.

It does this by sharing costs with active voters and letting them decide which projects should receive additional support, creating a community where everyone benefits from working together cycle.

What applications will appear on Abstract?

The thriving Abstract ecosystem includes games, trading platforms, and social products that are promised to be available when the Abstract mainnet goes online. Below we’ve listed some of the features that Abstract will have available at launch.

Games

Games being developed on Abstract include fantasy sports games like Prospect Sports and real-life (IRL) exploration and treasure hunt games like RealGo. Other games such as the poker-meets-Catan strategy game Duper and the idle RPG Onchain Heroes are also planned to launch on Abstract.

Social, IP and NFT

Social platforms (such as Multiplier.fun) offer new interpretations of classic casino games, while NFT projects (such as Canna Sapiens) are dedicated to in Abstract.

Other projects looking to make Abstract their home include the swipe-based, Tinder-like prediction market Swipe and token launchpad Zoo.fun.

Infrastructure

Abstract's infrastructure will host mature Web3 products such as Magic Eden, which will allow trading of Abstract NFTs after mainnet launch. Popular blockchain analytics suite Dune Analytics and cross-chain messaging platform LayerZero for interoperability will support Abstract on day one.

When will Abstract be launched?

Currently Abstract is only available through the testnet, but the team has announced plans to launch the Abstract mainnet in January 2025.