Fat Penguin Team's new project! What is Abstract Chain? When will it launch coin? Complete introduction in one go

The 'Fat Penguin' team is optimistic about consumer-grade applications.

Abstract, which has recently sparked industry discussion, is an Ethereum Layer2 built by Igloo Inc., the parent company of NFT brand 'Pudgy Penguins', and Cube Labs. Due to Pudgy Penguins' wide popularity in the Web3 community, its series of peripherals and NFTs are highly regarded by consumers. Now that the same team has entered the chain transformation industry, it naturally attracts great attention. Abstract advocates for 'Consumer Crypto', emphasizing various applications that may be used in daily life, such as games, social or trading platforms, allowing ordinary people to go on-chain without technical barriers.

Igloo Inc. CEO Luca Netz stated that the core idea of Abstract is to 'truly bring blockchain into the consumer market.' Compared to most general-purpose public chains, Abstract hopes to focus first on practical applications in specific industries, such as social platforms or chain games; when these applications cultivate mature users and ecosystems, they will then be promoted to broader industries such as finance, DeFi, or banking. To achieve this, Abstract adopts cutting-edge technologies such as zero-knowledge (ZK-Rollup) and multi-party computation (MPC), combined with Ethereum smart contract compatibility, hoping to find the best balance between user experience and security.

Image source: Abstract Abstract ecosystem framework

How is the mechanism of 'consumer-grade encryption' designed?

With 'Consumer Crypto' as its slogan, it believes that the true implementation of blockchain should be in the daily life application scenarios. For example, games, prediction markets, social platforms, etc., allowing 'non-geek individuals' to easily get started.

Abstract has developed its own 'Abstract Wallet'. According to the screen shown by the team engineer Cygaar on X, the wallet eliminates the need for cumbersome browser plugins or private key records, and with the assistance of advanced Account Abstraction technology, it provides a simplified process of 'fee-free transfers' and 'no need to remember mnemonic phrases'. As shown by the official demonstration, users can complete transactions or mint NFTs with just a few clicks, shortening the previously complex blockchain operations to just a few seconds.

Image source: Abstract Abstract Wallet display screen

At the governance level, Abstract proposed "Panoramic Governance", which encourages users to actively participate in community voting through the "fee sharing and dynamic incentive" mechanism, and also rewards developers and protocols that establish viable industrial applications on the chain. In other words, Abstract expects to form a virtuous circle in the form of "governance incentives": the stronger the community, the higher the voting activity, the more potential project resources can be supported, and the development ecology of the entire chain is healthier.

Image source: Abstract Panoramic Governance's incentive structure

Mainnet will be launched next year, are you planning to issue coins?

Currently, Abstract is in the testing phase of the Testnet, and is expected to officially launch the Mainnet in January 2025. At that time, multiple applications including games (such as Prospect Sports, RealGo, Duper, Onchain Heroes) and social products (Multiplier.fun, Swipe, NFT project Canna Sapiens) will be launched together. From the list of declared participants, Abstract Chain has gained support from many Web3 leading teams, and Magic Eden and Dune Analytics will also join its infrastructure synchronously.

Image source: Abstract Abstract is expected to officially launch its mainnet in January 2025.

As for whether it will issue native tokens, the official has not officially announced the details yet. However, if we refer to the vast majority of Layer2 blockchain models, relevant tokens are likely to be launched in the near future as part of the governance and incentive mechanisms, possibly shortly after the mainnet goes live. Since Abstract aims to be "consumer-friendly", emphasizes high availability and low transaction costs, it is also speculated in the industry that its token economic model will be closer to the thinking of "daily applications".

In short, leveraging the market reputation accumulated by Pudgy Penguins, Abstract has launched slogans such as 'User Experience First' and 'One-click On-chain' in an attempt to break through the traditional blockchain's complex barriers, focusing on gaming and community applications. Against this backdrop, the mainnet launch of Abstract in 2025 and the potential token issuance have a good chance of allowing more ordinary people to truly access the convenience of blockchain. Whether it can become a new paradigm of 'consumer-grade blockchain' will also become an important observation focus in the cryptocurrency market next year.

[Disclaimer] The market carries risks, and investments should be made with caution. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are applicable to their specific circumstances. Any investment made based on this is at your own risk.

The 'Fat Penguin Team's New Project! What is Abstract Chain? When will it be launched? A complete introduction at a glance' This article was first published in 'Cryptopolis'