Founder of Near: Chain Abstraction is the Key Adopted by the Mainstream Cryptocurrencies

Founder of Near: Chain Abstraction is the Key Adopted by the Mainstream Cryptocurrencies

Founder of Near: Chain Abstraction is the Key Adopted by the Mainstream Cryptocurrencies

Layer 1 blockchain Near Protocol co-founder Illia Polosukhin stated in an interview with The Block during the blockchain event “BUIDL Asia” in Korea that chain abstraction could bring about the next revolution in the cryptocurrency space and Web3, which is necessary for mainstream adoption.

Chain abstraction involves application developers fragmenting the complex technical layers of Web3 to enhance the user experience, abstracting blockchain from the user experience. For example, in blockchain networks like Near, users can create and recover accounts using email addresses instead of remembering complex wallet seed phrases. Polosukhin stated that chain abstraction can lower the entry barriers for users to access blockchain.

However, there may be some considerations regarding chain abstraction. Ethereum co-founder Vitalik Buterin recently highlighted a potential pain point of chain abstraction: as various chains interconnect to form a larger ecosystem, there could be systematic risks of desensitizing security concerns.

Although Polosukhin acknowledges that user awareness of security risks in chain abstraction may further diminish, it is expected that the Web3 domain will continue to develop towards more decentralized and secure systems.

The Near Foundation launched chain signatures this Wednesday, a feature that allows users to sign transactions on third-party blockchains through a single Near account. Chain signatures have been deployed on the Near testnet and are expected to go live on the mainnet in early May.

Blockchain and Artificial Intelligence

Polosukhin also mentioned during the interview that blockchain technology helps prevent potential issues that may arise with the development of artificial intelligence.

He stated that AI could be used for malicious purposes, “it’s just something that might happen, and we cannot stop it.” Last year, there were reports that the US government stated that North Korea and other countries were studying the use of AI technology to develop malicious software to strengthen their illegal online activities.

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