Original Title: What Is Abstract? The Consumer Crypto Blockchain From the Creators of Pudgy Penguins
Original Author: Decrypt
Translation: Hailsman, ChainCatcher
Only a few Web3 brands can attract as many mainstream consumers as the NFT series Pudgy Penguins.
This is why Pudgy Penguins' parent company Igloo Inc. is confident in replicating its playbook with its new blockchain Abstract, which is an Ethereum Layer 2 designed to be the leading blockchain for consumer crypto products and applications.
In this article, we will explore the concept of "consumer crypto" in Abstract, and how it is being built to bring the next billion users on-chain.
What is Abstract?
Abstract is a ZK-rollup and layer 2 blockchain built on the Ethereum network, designed to provide low transaction fees and high scalability for consumer-centric applications and products.
Abstract's design is specifically intended to differentiate itself from the generic architectures used by most chains, focusing first on coordinating the interests of developers and consumers through specific applications and protocols (such as games and social platforms), and then outwardly turning to popular on-chain activities like decentralized finance or DeFi and banking.
Abstract is EVM compatible, meaning it can run applications designed and built for the Ethereum blockchain. Therefore, most existing Ethereum-based smart contracts can be easily ported to Abstract, allowing developers of already built applications to offer their products to Abstract users with minimal modifications.
What is "Consumer-Centric Crypto"?
In an Abstract blog, Luca Netz, leader of Igloo Inc. and Pudgy Penguins, explains his concept of "consumer crypto," which refers to "blockchain-driven applications that provide personal services for the daily lives of billions of people."
In other words, applications that ordinary people are most likely to use in a day, such as games or social platforms. Netz cited the NFT and digital collectibles marketplace OpenSea and the 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.
The Team and Background of Abstract
Abstract is co-built by Igloo Inc., the parent company of the Pudgy Penguins NFT project, and Cube Labs, utilizing zero-knowledge (ZK) technology or cryptographic proofs to help verify transactions in a more secure and private manner.
In June 2024, the company announced the acquisition of the unreleased, NFT-focused layer 2 network Frame and its development team to help build Abstract.
Subsequently, the company announced it raised $11 million, led by Founder's Fund, with participation from other Web3 venture capital firms like 1kx and Fenbushi Capital.
What Makes Abstract Special?
Abstract aims to make blockchain accessible to ordinary people, which 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, leveraging new developments in account abstraction, allowing users to create wallets that do not require extensions or passwords, nor do they need to pay gas fees.
The Abstract global wallet utilizes keys to allow users to log in without an email address or complex passwords, making it easier for users without a strong technical background to get started.
One example from the Abstract team is, where users can log in and create NFTs with just four clicks, which is significantly fewer than what most current on-chain scenarios require.
Panoramic Governance
Abstract has introduced panoramic governance, a new type of governance design aimed at better coordinating the interests of developers and consumers on the blockchain.
Panoramic governance is designed to actively incentivize governance participation and voting while directly rewarding the protocols that are most beneficial to the blockchain.
It achieves this by sharing fees with active voters and allowing them to decide which projects should receive additional support, creating a cycle where everyone benefits through collective effort.
What Applications Will Appear on Abstract?
The thriving Abstract ecosystem includes games, trading platforms, and social products that promise to launch when the Abstract mainnet goes live. Below, we list some features that Abstract will offer at launch.
Games
Games committed to development on Abstract include fantasy sports games like Prospect Sports and real-life (IRL) exploration and treasure-hunting games like RealGo. Other games, such as the strategy game Duper, which combines poker with Catan, and the idle RPG Onchain Heroes, are also planned for launch on Abstract.
Social, IP, and NFTs
Social platforms (like Multiplier.fun) offer new interpretations of classic casino games, while NFT projects (like Canna Sapiens) are dedicated to Abstract.
Other projects looking to make Abstract their home include the sliding-based, Tinder-like prediction market Swipe and the token launchpad Zoo.fun.
Infrastructure
Abstract's infrastructure will host established Web3 products like Magic Eden, which will allow trading of Abstract NFTs after the mainnet launch. The popular blockchain analytics suite Dune Analytics and the cross-chain messaging platform LayerZero for inter-chain interoperability will support Abstract from day one.
When Will Abstract Launch?
Currently, Abstract is only available through a testnet, but the team has announced plans to launch the Abstract mainnet in January 2025.
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