Quickly review the "Consumer Chain" under the Fat Penguin

Original Title: What Is Abstract? The Consumer Crypto Blockchain From the Creators of Pudgy Penguins

Original author: Decrypt

Compilation: Hailisman, ChainCatcher

Only a few Web3 brands can attract as many mainstream consumers as the NFT series Pudgy Penguins.

This is why Pudgy Penguins’ parent company Igloo Inc. is confident in replicating its playbook with its new blockchain, Abstract, which is an Ethereum Layer2, aiming to be the leading blockchain for consumer crypto products and applications.

In this article, we will explore the concept of ‘consumer encryption’ in Abstract, and how it is built to bring the next billion users onto the blockchain.

What is abstraction?

Abstract is a ZK-rollup and layer2 blockchain built on the Ethereum network, aiming to provide low transaction fees and high scalability for consumer-centric applications and products.

The design of Abstract is specifically aimed at distinguishing itself from the general architecture used by most chains, focusing first on coordinating the interests of developers and consumers through specific applications and protocols (such as games and social platforms), and then turning outward to popular on-chain activities, such as decentralized finance or DeFi and banking.

Abstract is EVM-compatible, 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, allowing developers of existing applications to offer their products to Abstract users with minimal modifications.

What is ‘consumer-centric encryption’?

In an Abstract blog post, Luca Netz, leader of Igloo Inc. and Pudgy Penguins, explained his concept of ‘consumer crypto’, which refers to ‘blockchain-powered applications that provide personal services for billions of people’s daily lives’.

In other words, the most commonly used applications by ordinary people in a day, such as games or social platforms. Netz cited NFT and digital collectibles market 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 gambling websites.

Team and background of Abstract

Abstract built jointly by the parent company Igloo Inc and Cube Labs of the Pudgy Penguins NFT project, using zero-knowledge (ZK) technology or cryptographic proof to help verify transactions in a more secure and private manner.

In June 2024, the company announced the acquisition of Frame, a second-layer network focused on NFTs that had not yet been launched, and its development team to help build Abstract.

Later, the company announced a $11 million funding round led by Founder’s Fund, with participation from other Web3 venture capital firms such as 1kx and Fenbushi Capital.

Abstract What’s special?

The goal of Abstract is to make blockchain accessible to everyone, which has brought about multiple new developments that set it apart from other blockchains.

Abstract Wallet

Developed its own on-chain global wallet, leveraging account abstraction’s new development, allowing users to create wallets without the need for extensions or passwords, and without paying gas fees.

Global Wallet uses keys to allow users to log in without an email address or complex password, making it easier for users without a strong technical background to get started.

An example of the Abstract team is that users can log in and create NFTs with just four clicks, which is much fewer than what most on-chain scenarios require today.

Panoramic Governance

Abstract proposes panoramic governance, which is a new governance design aimed at better coordinating the interests of developers and consumers on the blockchain.

Panoramic governance aims to actively incentivize governance participation and voting, while directly rewarding protocols that are most beneficial to the blockchain.

It achieves this by sharing costs with active voters and letting them decide which projects should receive additional support, forming a cycle where everyone benefits through collective efforts.

What applications will appear on Abstract?

The thriving Abstract ecosystem includes games, trading platforms, and social products, which promise to be open when the Abstract mainnet is launched. Below, we list some features that Abstract will provide at the time of release.

Game

Games developed on Abstract include fantasy sports games like Prospect Sports and real-life (IRL) exploration and treasure hunting games like RealGo. Other games, such as the strategy game Duper that combines poker and Catan Island, and the placement RPG Onchain Heroes, are also planned to be launched on Abstract.

Social, IP and NFT

Social platforms (such as Multiplier.fun) have reinterpreted classic casino games, while NFT projects (such as Canna Sapiens) are dedicated to Abstract.

Other projects that hope to make Abstract their home include Swipe, a sliding, Tinder-like prediction market, and Zoo.fun, a token launchpad.

Infrastructure

The infrastructure of Abstract will host mature Web3 products such as Magic Eden, which will allow trading of Abstract NFTs after the mainnet launch. Popular blockchain analytics suite Dune Analytics and cross-chain messaging platform LayerZero for interoperability will provide support for Abstract on the first day.

When will the abstract go online?

Currently, Abstract is only available on the testnet, but the team has announced plans to launch the Abstract mainnet in January 2025.