User experience (UX) remains a major challenge in the cryptocurrency industry, posing a barrier to its adoption across different generations. For many cryptocurrency users, the ability to transact on-chain without worrying about the network used will be a valuable improvement to the user experience – and some cryptocurrency startups want to answer this call.
The idea that users should not be aware of when using blockchain, or chain abstraction, is one of the promises of a better Web3 experience. This concept is led by Stripchain, an interoperability protocol that recently raised $10 million to enable blockchain abstraction at scale.
“Just like we don’t care about the back-end system of Netflix, we shouldn’t care about the back-end system of a decentralized application,” said a researcher under the pseudonym “0xnovachrono,” who runs the protocol alongside Isa Sertkaya and Narayana Preusti. » said Cointelegraph.
Stripchain’s funding round was led by Sora Ventures, which included angel investors Santiago Santos, Stéphane Josselin of Frontier Research and Ryan Selkis of Messari, as well as venture capital firms Hyperithm, Shima Capital, Hypersphere, Mechanism and Ascensive Assets.
“As we will have more and more L1s and L2s, for it to be widely adopted we need a better user experience to abstract knowledge from the chain. The biggest problem for newcomers is the prior knowledge of different chains, virtual machines, key management, etc. “, noted a spokesperson for Sora Ventures.
The startup allows developers to create commands called intents to perform actions such as transferring data between blockchains. Based on a system called stripVM, it will allow applications to communicate and coordinate with different protocols.
The main difference between the solution and other interoperability protocols is the emphasis on the transactional layer and the use of a proof of authority system. While previous interoperability solutions targeted the protocol layer (like Cosmos’ blockchain communications protocol) or the contract layer via bridges, Stripchain facilitates data transfer at the user layer.
“As an industry, we have made giant strides in connecting values across blockchain using bridges, however, we have yet to connect monolithic applications across implementation layers from different systems,” said 0xnovachrono. Currently in private beta, the Stripchain testnet is expected to launch in the coming months.
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