The blockchain network that uses USDC stablecoin as a payment method in its ecosystem, Xion, announced the launch of a test network focused on Generalized Abstraction, which is an infrastructure solution aimed at eliminating complexities for Web3 user experience. The team aims to directly involve users without using wallet accounts, signatures, or other known processes. Following the successful passage of the test network, the team will offer a mainnet version to users in 2024.
Major Step from the Xion Team
With the launch, the Xion team also shared technical review details for Generalized Abstraction with the public. This step appears as an extended form of account abstraction technology, which allows users to bypass the need to download crypto wallets to their devices and is also referred to as smart wallets.
The solution addressed by the team focuses on involving users in Web3 applications using classic methods such as email, PassKeys, and any cryptographic signature schemes used in information technologies. The team will also focus on use cases related to payments, social communities, web subscriptions, and games.
Notable Details for the Xion Network
Xion stands out as the first blockchain ecosystem to integrate the USDC token for known pricing. This means that all products built on Xion will display prices in the stablecoin for user-friendliness. Burnt, the software company behind Xion, managed to raise over $11 million from investors including Animoca Brands, Circle Ventures, Multicoin, HashKey, and Valor. Banksy Burnt, the founder and CEO of Burnt, stated the following regarding the matter:
“Web3 still has a steep learning curve, scaring users who need to learn how to operate wallets, protect seed phrases, and send transactions to hexadecimal addresses. Generalized Abstraction is a step beyond account abstraction, as we try to make all aspects of using blockchain easier.”
The Xion test network is based on the Comet BFT consensus framework and the popular developer toolset and software package, Cosmos SDK, which is involved in the development of projects such as Injective, Osmosis, and dYdX Chain. In October, Xion announced that after the mainnet launch, the network will be supported by an ecosystem of over 75 partners aiming to manage onramp communities and provide essential functions to users.
