The post Will Chain Abstraction Be The New Emerging Trend in 2024? appeared on BitcoinEthereumNews.com.

Chain Abstraction aims to hide blockchain while interacting with Dapps, and Near protocol is making a significant impact on it. The crypto market has seen strong growth in the past years. Techs like Zero Knowledge and optimistic roll-ups have significantly contributed to the industry. These new techs in the blockchain have seen a significant rise in 2023.  They all laid the groundwork for Chain Abstraction, which can be the new emerging trend. Let’s have a look at what Chain Abstraction is, its benefits, and the front runners in this tech. What Is Chain Abstraction And Its Key Components? The current Web3 narrative focuses on modularity, which separates blockchain into distinct layers: consensus, settlement, data availability, and execution. This approach aims to improve scalability, security, and flexibility.   Modularity enhances scalability but also leads to fragmentation of liquidity, applications, and user bases. It complicates the user experience and limits developers.  The major challenge lies in balancing the benefits of modularity with the need to maintain a unified, accessible ecosystem for both users and developers. There comes the Chain Abstraction in the path. Chain Abstraction is a concept that aims to hide the blockchain or any key components from the user and make its journey as smooth as possible. The major idea is to simplify the user experience and aggregate various accounts into one without having to worry about the backend. The key components of the Chain Abstraction involve data availability and decentralized sequencers.  DA ensures transaction data is included in each block and accessible to all nodes, maintaining network integrity and trust.  For example, NEAR protocol  DA allows ETH Rollups to achieve fast, cheap transactions without compromising security. Meanwhile, Decentralized sequencers eliminate central points of failure by distributing transaction validation across nodes. Let’s look at the benefits of Chain Abstraction. The Benefits…

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Filed under: News - @ May 18, 2024 10:24 pm