Original title: What Is Abstract? The Consumer Crypto Blockchain From the Creators of Pudgy Penguins
Original author: Decrypt
Translation: Heilsman, ChainCatcher
Only a few Web3 brands have been able to attract so many mainstream consumers like the NFT series Pudgy Penguins.
That’s why Pudgy Penguins’ parent company Igloo Inc. is confident that it can copy its script with its new blockchain Abstract, an Ethereum Layer2 that aims to become the leading blockchain for consumer crypto products and applications.
In this article, we’ll explore Abstract’s concept of “consumer crypto” and how and why it’s built to bring the next billion users on-chain.
Abstract is a ZK-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 was specifically designed to differentiate itself from the general-purpose architecture used by most chains, and instead focus first on aligning developer and consumer interests through specific applications and protocols such as gaming and social platforms, and then move outward and downward to popular on-chain activities such as decentralized finance or DeFi and banking.
Abstract is compatible with the EVM, which means it can run applications designed and built for the Ethereum blockchain. Therefore, most existing Ethereum-based smart contracts can be easily ported to Abstract, enabling developers who have built applications to provide their products to Abstract's users with minimal modifications.
In an Abstract blog post, Igloo Inc. and Pudgy Penguins leader Luca Netz explained his concept of "consumer crypto" as "blockchain-powered applications that provide personal services for billions of people's daily lives."
In other words, the applications that the average person is most likely to use in a 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 was built by Igloo Inc, the parent company of the Pudgy Penguins NFT project, and Cube Labs, using zero-knowledge (ZK) technology, or cryptographic proofs, to help verify transactions in a safer and more private way.
In June 2024, the company announced the acquisition of Frame, an unlaunched NFT-focused second-layer network, and its development team to help build Abstract.
The company subsequently announced the raising of $11 million, led by Founder's Fund, with participation from other Web3 venture capital firms such as 1kx and Fenbushi Capital.
Abstract’s goal is to make blockchain accessible to the average person, which has resulted in several new developments that set it apart from other blockchains.
Abstract has developed its own global wallet for on-chain use, leveraging new developments in account abstraction to allow users to create wallets that do not require extensions or passwords, nor do they need to pay gas fees.
The Abstract Global Wallet leverages secret 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 that users can log in and create an NFT in just four clicks, which is much fewer than most on-chain scenarios today require.
Abstract Panoramic governance is proposed, which is a new type of governance design to better coordinate 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 does this by sharing fees with active voters and letting them decide which projects should receive additional support, forming a cycle in which everyone benefits by working together.
The thriving Abstract ecosystem includes games, trading platforms, and social products that are promised to be available when the Abstract mainnet goes live. Below we have listed some of the features that Abstract will offer at launch.
Games committed to being developed on Abstract include fantasy sports games such as Prospect Sports and real-life (IRL) exploration and treasure hunt games such as RealGo. Other games, such as Duper, a strategy game that combines poker with Settlers of Catan, and Onchain Heroes, an idle RPG, are also planned to launch on Abstract.
Social platforms such as Multiplier.fun put new spins on classic casino games, while NFT projects such as Canna Sapiens are committed to Abstract.
Other projects looking to make Abstract their home include Swipe, a swipe-based, Tinder-like prediction market, and Zoo.fun, a token launchpad.
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 inter-chain interoperability will support Abstract on day one.
Currently Abstract is only available via a testnet, but the team has announced plans to launch the Abstract mainnet in January 2025.
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