Your Dapps Aren’t Real: Why Web3 Needs Chain Abstraction

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1. 0:08

   all right hello everyone great to great to have everyone here have the first chain obstruction B and uh let's talk why uh your apps are not real so right now if you think of it the application that we're using are not really applications they're just front ends s smart cont right you as a user need to go and figure out how to set up a wallet how to get it funded how to connect to it where to find that application what does it do is it trying to steal your money all of

2. 0:42

   this thing that like normally you don't think about when you use actual applications when you go to a you know product a platform you log in you sign up you use it it's only one place don't kind of uh break your head figuring out where to go and what to do next and especially in this multichain world where we really have so many kind of fragmentation levels right we have ton of different wallets right I mean I have you know I think like five different

3. 1:12

   Chrome expansions you know different like other desktop applications mobile wallets you have a number of kind of like developer experien are completely different all kinds of user experience that is not you know the same between different applications um you need to know and think about gas which is different which token is this on uh you know some are using base token as eum some are like having their own token some you need to bridge some uh you know some bridges don't work yet like you need to figure all that out as a user

4. 1:47

   you have ton of accounts I don't know like I have over 100 accounts on Mir I probably have like 20 Plus accounts inms I have like bunch of Bitcoin account like it's super complicated I have a spreadsheets and spreadsheets to manage my accounts and so like again is this like how we think the application is going to be working in the future and finally like as an end user right I just want to use

5. 2:10

   the app like when I go to an app right now and it says like connect your wallet uh and like switch to network and figure out like okay well now like I don't have I didn't have this network what is this like is this a real Network like did that just got scammed like all of this complications right is preventing users from benefiting from what we're building in that 3 and so how do we go away from this how

6. 2:36

   do we really go away from this highly fragmented highly kind of complex environment and again like actually a lot of the work that really amazing work that you know infrastructure teams and application teams are doing is actually just contributing to that so how do we you know bring it back all together aggregate deferment and really give user kind of one experience you know think of

7. 3:00

   it as like I want to go use one thing and kind of access everything so that's what we call in chain obstruction movement at the at the end we want the user experience to be really straightforward to not need to think about the underlying infrastructure blockchains and systems but actually just benefit from the applications and the idea here is that this is not you know in one protocol or

8. 3:25

   one project or one application it's a full movement that we have lots and lots of different kind of teams working together to bring to really transform everything to change the C mindset from you know this kind of interchain wars and uh you know applications competing to each other for like you know which liquid liquid incentives are better but truly actually start benefiting users so uh it's really amazing to have kind of a ton of people here really coming

9. 3:54

   together for this movement uh we had the C working group launch with a t really amazing project that are kind of starting to pull together and form this movement and so I'm really excited kind of to see this year we're going to see a major Improvement on this and so it's important to understand like there's a lot of kind of terminology and you know new uh approaches that are flying around right there's intents there is aggregation there is modularity there is orchestration and you'll hear about all

10. 4:25

    of these today but all of these things are kind of the method they the how but the what is chain obstruction the goal we're trying to achieve is that the users don't need to think about the security right now when you think about you go to your chain you have no idea what is security maybe you go into be to check like have they have you know multi with like at least five keys right maybe you

11. 4:52

    go check you know is publish dat availability on you know trusted Source uh win wink uh or you need to actually like validate that this chain has you know enough validators they're not going to stop tomorrow all of that like is not something that as a user you should be thinking about so how do we really bring all the fees together right that's what all of these layers are about so near has been working on this

12. 5:16

    vision from the start when we started like being kind of coming from like a use case we wanted to build we really were thinking about like how do we make it easy for both developers but also users to Le and use applications now now we were focused on near blockchain and we will kind of later on designed for that but the vision and kind of this idea always was there and as we saw this

13. 5:40

    expansion of modularity as we saw expansion of projects in the ecosystem it was pretty clear that near kind of as ecosystem should work with everyone and should really bring together kind of this experience of chain abstraction and and kind of contribute and work with everybody else to to have this this all as a one cohesive uh Vision so I would start with specifically security aggregation because as I mentioned like I think this is where as this space is kind of very security conscious we you know debate on

14. 6:15

    on Twitter is this decentralized enough you know if like what happens when you for and like is a multi like uh right tool to actually you know manage of credibility it's really important to understand that as future w we have technology maturing we'll see a lot more unification of security or aggregation of security happening because now you can prove State transitions with your

15. 6:38

    knowledge proof aggregate them and and have kind of each other trusting that you're not able to rewrite the history we also need to have uh kind of fast finality layer to enable you know faster communication within layers you need data availability to rely when building the grof and you do need all this disc scalable blockchains that you need to actually coordinate and uh execute all

16. 7:01

    that so we working with a lot of different partners on on this there's obviously different alternative versions as well we kind of all building towards the future now the specific thing that we kind of really excited and we have a kind of tested version and you can join the developer group here is account education and this is this idea that I as a user just want to have one account

17. 7:25

    for the whole web3 I want to leverage this account to use any blockchain and not think about how to pay for fees which chain it's on and like trying to find like I know sometimes we literally like spend 10 minutes finding my account and like which wallet was it on and like which tab I have like a lot of phone tabs like all that should go away and so to enable that uh we introduced a

18. 7:48

    technology called account agregation it's the idea that you can have one account that uh pretty much is where you manage your keys where you manage your identity and then you can issue pretty much um commands to sign transactions in as chain and this is enabled by multiparty computation uh that kind of near network is facilitating and now you're able to pretty much transact and interact with other chains applications smart contracts without needing to explicitly go set up that account you

19. 8:21

    know fund it Bridge it figure out how to use it from a different world this is a very kind of conceptual change and again the this like change here is really that now the applications that before were like sitting on one chain are not accessible by anyone right you go from like oh I'm launching on chain a to I'm launching in web 3 and everybody who's joining web 3 can leverage this application by using the technology so this is really exciting there's a lot of cool application that it can build we'll talk about that join it

20. 8:54

    everyone finally there's another piece it's the experience itself obious eation is kind of underlying technology if you're building an application and you are using kind of lots of different chains and kind of interacting with lots of different smart contracts again if you leverage a c model where we need to build kind of by hand every single thing that's a lot of work it's required like maintenance of that is really complicated and chain are upgrading all this and so one of the

21. 9:26

    kind of uh pieces of Technology we build which is decentralized front ends is a way to actually make it extremely simple to maintain lots and lots of applications uh kind of access in one place and so we have an application called dabdab that has over 150 different kind of smart contracts across different I think 14 different layer tools that you can access from one interface you don't need to switch tabs then need to search for them uh right now if was that kind ofation you still

22. 9:57

    need to bridge but this is where that pie will be kind of replaced as the cation happens and every single piece of code that's uh actually runs in your browser is on chain so you're able to look that you know it's not stealing your money but also it allows to have like this teams potentially outdating this code as things changing underneath without needing the developer and the kind of application Runner to really maintain all of this connectivity and

23. 10:23

    this extremely important it's very powerful it allows to kind of move a lot of the logic that Norm normally would sit on chain to actually have it in front facilitating this aggregation so really cool check it out and so for those who are not familiar me is a home for kind of a lot of the top consumer applications in that thing right I think we have like top four out of the top 10 uh by number of users we have King which has over 8 million uh monthly actives we have hot that

24. 10:55

    recently launched and we'll be talking later today uh which group 2 million users in 3 weeks and have like I think a million daily active users right now uh as of yesterday we have sweatcoin we have plan and like other applications are growing really quickly and the benefit here is like we're bringing all of these users to all of your chains we actually enabling this users to access everything in web 3 and being able to

25. 11:18

    start transaction not just on near but across all of the web 3 new rollups new layer twos new layer ones whatever else is being launched and so this is really exciting so this seems you know a lot of abstraction right um let's let's talk about some examples right so the simplest example is you'll be in sweatcoin and uh you'll be able to you know buy um Unstoppable domain on BNB and you'll pay with your sweat for it right you will not need to think about

26. 11:51

    transaction fees on near on BNB don't need to know about B&B and figure out kind of how to bridge don't need to set up an account set up a separate and all will show that all later in the day so uh kind of wait for that the other side is right now we are still kind of pretty much in hostage of centralized exchanges and you know it's especially funny right now when Bitcoin misses down and the reality is like we have now technology to build decentralized change that is multi-chain

27. 12:24

    that is as good as experience but fully nonoral and you can build all that using kind of a stack and provide the experience uh where users don't need to think about transaction fees kind of onchain be able to deposit funds from any chain be able to really kind of swap between anything literally any asset to any asset on any chain without needing to like get that blockchain integrated listed all of those things then I think it's kind of fundamental what we need to really change the current state where

28. 12:56

    we're still leveraging centralized exchanges for most of the Cross chain transactions because it's like actually easier right now so we need to change that we need to provide experience we need to solve all of the kind of this uh thesis of like journey to really enable novel experience finally the as an end user right you'll be able to transact with everything meaning uh you you'll have an account that can actually have access to every

29. 13:26

    single asset in every single chain you'll be able to to interact with every single experience and you will be able to you know pay transaction fees in whatever uh kind of currency you want and not need to bother and kind of understand where each independent thing is and I think that's kind of where we need to get to to really get the 32 uh Mass function so uh I invite everyone to join a uh chain exraction Community it's uh we're going to be posting news they'll

30. 13:58

    give you more ADV happening throughout the year and uh you know don't be the fragment web 3 where you're waiting for you know unstaking and bridging or you're missing air drops and you know uh figuring out how much gas tokens you're having in different chains and really start uh kind of I would say changing the mindset to how are we going to build really interesting applications that are accessible to everyone in R3 and what are the best tools to really use them

31. 14:29

    and so today we you'll have a lot of people presenting kind of different pieces of tool stack and so you can actually you know you can choose and build amazing applications to benefit everyone in the web State thank you and again join chain abstraction and I urge everyone to assemble into the chain of structures but