Mainnet will be launched soon! Quickly understand the "Consumer Chain" owned by Fat Penguin's parent company Abstract Chain

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

Original author: Decrypt

Compiled by: Heilsman, ChainCatcher

Only a few Web3 brands can attract as many mainstream consumers as the NFT series Pudgy Penguins .

That’s why Igloo Inc., the parent company of Pudgy Penguins, is confident of replicating its playbook with its new blockchain Abstract, an Ethereum Layer 2 that aims to become 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 for consumer-focused applications and products.

Abstract is specifically designed to differentiate from the generic architecture used by most chains, instead focusing first on coordinating developer and consumer interests through specific applications and protocols ( such as games and social platforms ), and then pivoting outwards and downwards Popular on-chain activities such as decentralized finance or DeFi and banking.

Abstract is EVM compatible , which means it can run applications designed and built for the Ethereum blockchain. As a result, most existing Ethereum-based smart contracts can be easily ported to Abstract, allowing developers with already built applications to deliver their products to Abstract’s users with minimal modifications.

What is “consumer-focused 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 serve dozens of Providing personal services to hundreds of millions of people in their daily lives.”

In other words, the apps 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 Jointly built by Igloo Inc, the parent company of the Pudgy Penguins NFT project, and Cube Labs, it uses zero-knowledge (ZK) technology, or cryptographic proofs, to help 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 it had raised $11 million , 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, allowing users to create wallets that require no extensions or passwords, and no need to pay gas fees.

Abstract Global Wallet utilizes keys to allow users to log in without the need for an email address or 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 far fewer than most on-chain scenarios require today.

Panoramic governance

Abstract Panoramic governance is proposed , 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 does this by sharing costs with active voters and letting them decide which projects should receive additional support, creating a cycle in which everyone benefits by working together.

What applications will appear on Abstract?

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

game

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 Duper, a strategy game that combines poker with Catan, and Onchain Heroes, an idle RPG, are also planned to be launched 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 Abstract.

Other projects looking to make Abstract their home include 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 upon mainnet launch. Dune Analytics, a popular blockchain analytics suite, and LayerZero, a cross-chain messaging platform for inter-chain interoperability, will support Abstract on day one.

When will Abstract be launched?

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