Xion Launches Testnet for Generalized Abstraction
Xion, a blockchain platform that utilizes the USDC stablecoin as its default payment coin, has introduced its testnet, focusing on “generalized abstraction” to simplify the user experience in web3. The network aims to onboard users without the need for wallet accounts or signatures. Xion plans to release its mainnet in 2024.
Whitepaper for Generalized Abstraction Released
Alongside the testnet launch, Xion has also published its whitepaper detailing generalized abstraction. This technology, similar to smart wallets, allows users to bypass the requirement of downloading crypto wallets. Xion’s solution focuses on familiar methods like email, PassKeys, and traditional cryptographic signature schemes to onboard users onto web3 apps. The network will prioritize use cases related to payments, social communities, web subscriptions, and games.
Integration of USDC Stablecoin
Xion is the first blockchain platform to integrate the USDC stablecoin throughout its infrastructure stack, ensuring user-friendly pricing across all products built on the platform.
Burnt, the development firm behind Xion, raised over $11 million from investors including Animoca Brands, Circle Ventures, Multicoin, HashKey, and Valor.
“Web3 still poses challenges for users who have to learn complex processes like operating wallets and sending transactions to hexadecimal addresses. Generalized Abstraction goes beyond account abstraction to streamline blockchain usage,” said Banksy Burnt, the pseudonymous founder of Xion.
Xion Built with Cosmos SDK
The Xion testnet is based on the Comet BFT consensus framework and utilizes the Cosmos SDK, a popular developer toolkit used in various projects such as Injective, Osmosis, and dYdX Chain.
Upon the mainnet launch, Xion will be supported by a network of over seventy-five partners offering key functionalities such as onramp services, managing on-chain communities, and fee abstraction.
Hot Take: Simplifying Web3 with Generalized Abstraction
Xion’s testnet launch and the introduction of generalized abstraction technology demonstrate its commitment to simplifying the user experience in the web3 space. By removing the complexities of wallets and signatures, Xion aims to onboard users through familiar methods like email and PassKeys. With the integration of the USDC stablecoin, Xion ensures user-friendly pricing across its platform. As more users are introduced to web3 applications for payments, social communities, web subscriptions, and games, Xion’s streamlined approach could contribute to the broader adoption of blockchain technology.
By
By
By
By
By