Title: What Is Abstract? The Consumer Crypto Blockchain From the Creators of Pudgy Penguins
Author: Decrypt
Translator: Hailsman, ChainCatcher
Only a few Web3 brands can attract as many mainstream consumers as the NFT seriesPudgy Penguins.
That's why Igloo Inc., the parent company of Pudgy Penguins, is confident it can replicate its playbook with its new blockchain Abstract, an Ethereum Layer2aimed at becoming the leadingblockchainfor consumer crypto products and applications.
In this article, we'll explore Abstract's "consumer crypto" concept and how it plans to onboard the next billion users onto the chain.
What Is Abstract?
Abstract is aZK-rollup and layer2 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 tailored to differ from the general-purpose architecture used by most chains, instead first focusing on aligning the interests of developers and consumers through specific applications and protocols (such as games and social platforms), then expanding outwards to popular on-chain activities like decentralized finance orDeFiand banking.
Abstract isEVM-compatible, meaning 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 of already-built applications to provide their products to Abstract's users with minimal modifications.
What Is "Consumer-Centric Crypto"?
In ablog post on Abstract, Igloo Inc. and Pudgy Penguins leader Luca Netz explains his "consumer crypto" concept, referring to "blockchain-powered applications that provide personal services for the daily lives of billions of people".
In other words, the types of applications that ordinary people are most likely to use in their daily lives, such as games or social platforms. Netz cites the NFT and digital collectibles marketplace OpenSea andmeme coinsand social trading platformPump.funas two examples of successful consumer crypto platforms.
Other popular consumer crypto applications include casinos,prediction marketsand gambling websites.
The Abstract Team and Background
Abstract is co-built by Igloo Inc, the parent company of the Pudgy Penguins NFT project, and Cube Labs, leveraging 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 layer2 network Frame and its development team to help build Abstract.
Subsequently, the companyannounced a $110 million raiseled by Founder's Fund, with participation from other Web3 venture firms like 1kx and Fenbushi Capital.
What Makes Abstract Special?
Abstract's goal of making blockchain accessible to the average person has brought several new developments that set it apart from other blockchains.
The Abstract Wallet
Abstract has developed its ownwalletfor on-chain use, leveraging the new developments in account abstraction to allow users to create wallets without the need for extensions or passwords, and without having to pay gas fees.
The Abstract global wallet utilizes keys that allow users to log in without an email address or complex password, making it much easier for users without a strong technical background to get onboard.
Anexamplefrom the Abstract team is that users can create an NFT in just four clicks, far fewer than what is typically required in today's on-chain scenarios.
Panoramic Governance
Abstract has proposedPanoramic Governance, a novel governance design aimed at better aligning the interests of developers and consumers on the blockchain.
Panoramic Governance aims 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 letting them decide which projects should receive additional support, forming a virtuous cycle where everyone benefits through collective effort.
What Applications Will Emerge on Abstract?
The thriving Abstract ecosystem includes games, trading platforms, and social products that promise to launch on the Abstract mainnet. Here are some of the capabilities Abstract will offer at launch.
Games
Games committed to developing on Abstract include fantasy sports games like Prospect Sports and real-world (IRL) exploration and treasure hunt games like RealGo. Other games, such as the strategy game Duper that combines poker and Catan, and the placement RPG Onchain Heroes, also plan to launch on Abstract.
Social, IP, and NFTs
Social platforms (like Multiplier.fun) that put a new spin on classic casino games, and NFT projects (such as Canna Sapiens) are all committed to Abstract.
Other projects hoping to make Abstract their home include the Tinder-like, prediction market Swipe and the token launchpad Zoo.fun.
Infrastructure
Abstract's infrastructure will host mature Web3 products like Magic Eden that will allow trading of Abstract NFTs upon mainnet launch. Popular blockchain analytics suite Dune Analytics and the cross-chain messaging platform LayerZero for cross-chain interoperability will provide support for Abstract from day one.
When Will Abstract Launch?
Abstract is currently only available through a testnet, but the team has announced plans tolaunch the Abstract mainnet in January 2025.
