Chain Abstraction Ascends: Farewell to Blockchain Factionalism

• Open Web Growth and the Evolution of Web3 in 2024
• The Era of Chain Abstraction in the Crypto Industry
• Zero-Knowledge Proofs and Improved Ledger Security
• A Shift in Focus: From Infrastructure to Products and Experiences
• Account Aggregation: A Key to Enhancing User Experience
• Decentralized Frontends and Cross-Chain Ecosystems
• The End of Maximalism and the Future of Crypto

Open Web Growth and the Evolution of Web3 in 2024

In 2023, the open web experienced significant growth despite the slow market throughout most of the year. The advancements in Zero-knowledge (ZK) technology, the establishment of the layer 2 and rollup-driven stack, and the launch of new primitives which captured widespread attention all laid the groundwork for the next major evolution of Web3 in 2024: chain abstraction.

The Era of Chain Abstraction in the Crypto Industry

The crypto industry is transitioning into a phase of chain abstraction, where blockchains and other infrastructures will be virtually unseen by users and, to a certain degree, developers. Developers are primarily concerned with distribution, user access, liquidity, speed of launch, and the security and reliability of the infrastructure they use. Conversely, most end-users--particularly those utilizing applications with mainstream potential--remain unconcerned with the infrastructural details of an app. Instead, their focus lies on obtaining value and exceptional experiences in a quick, easy, and ideally free manner. Infrastructure is rarely of concern to users, they simply desire a working product.

Zero-Knowledge Proofs and Improved Ledger Security

Zero-knowledge proofs (ZK) offer a fundamentally new method of ledger security. Rather than requiring trust in a decentralized group of validators, recent developments in ZK cryptography allow even a single computer to demonstrate that rules were observed through a straightforward proof. This discovery significantly lessens the importance of security as a deciding factor for developers when choosing infrastructure. Progress has facilitated transactions and value transferring from one chain and settling on another (with minor technical exceptions).

A Shift in Focus: From Infrastructure to Products and Experiences

As security becomes increasingly unified across networks, app builders are faced with new decisions on where to build. The ability to substantiate actions through a ZK proof decreases the importance of the construction location. Unifying security also results in the opportunity to access liquidity from any network, at any layer.

The defragmentation of liquidity and security will provide more flexibility for users and developers. It will also further align the open web with today's internet, offering a single platform experience where users can transition between apps without managing multiple wallets and accounts.

Account Aggregation: A Key to Enhancing User Experience

Account aggregation, which eliminates the need to manage accounts for every Layer 1 (L1) and Layer 2 (L2), is another crucial factor in enhancing user experience. For instance, NEAR is developing multichain, non-custodial accounts that will enable cross-chain transactions. Developers should consider this concept of account abstraction to ensure a consistent experience across all Web3 apps.

Decentralized Frontends and Cross-Chain Ecosystems

When combined with decentralized frontends, which provide developers with a new programmable environment for building apps spanning across blockchains while hiding blockchain details from users, a potent new paradigm is unlocked. This approach establishes a new era of smoother user experiences that are superior to what is currently available on Web2.

NEAR is among many entities that believe in the possibility of a unified, cross-chain ecosystem. Collaborative efforts are underway to realize this vision, such as aligning with Eigen Labs on a fast finality layer for Ethereum$2,315 -2.42% rollups and working with Polygon$0.967 -3.65% on a zkWASM prover. The adoption of the open web commences with users' entry points to Web3.

The End of Maximalism and the Future of Crypto

Chain abstraction heralds the end of maximalism. While technology is undeniably important and those involved in Web3 appreciate the multitude of innovations and choices that distinguish our different approaches, the focus is shifting from infrastructure to experiences and products. As crypto moves towards mainstream adoption, numerous blockchains, rollups, and different infrastructure providers will run a variety of applications. However, the technical layers will be invisible to the users.

The open web promises a better web. Therefore, the emphasis should be on delivering enhanced user experiences rather than fixating on specific blockchains.

Edited by Jonathan Stoker