Full-chain interoperability protocol StripChain: Completed US$10 million in financing, using chain abstraction and intent to welcome 1 billion users

Author: Joy, PANews

How many steps does it take for a new user to get started using encrypted applications?

The answer may be N steps. Wallet mnemonics, obtaining Gas tokens, cross-chain... For users who are accustomed to the simple operations of Web 2, each of these unfamiliar technical vocabulary and operating habits is a "stumbling block" to acquiring new users. And if you want to use assets on Ethereum to purchase NFTs from another non-EVM chain, it is a complicated operation even for experienced players.

The "State of Global Cryptocurrency Ownership in 2024" report released by Singaporean institution Triple-A shows that the global digital currency user base will reach 562 million people in 2024 (accounting for 6.8% of the global population), compared with 2023. 420 million people, an increase of 34%.

If you want to attract the next batch of 500 million or even 1 billion users, you need to make it easier for users to complete the entire chain operation through the front end. Projects focusing on the concept of cross-chain interoperability aim to realize this vision. StripChain, which recently completed US$10 million in financing, is a new representative on this track.

Blockchain "Lianliankan", interoperability issues are prominent

Modern cities are accelerating the construction of highways and elevated highways in the process of urbanization, and chains in the crypto world are "out of the ground" "And rise" constitutes a multi-chain universe.

The rapid development of the blockchain world has brought unprecedented prosperity, but it is also accompanied by problems of complexity and fragmentation. On the one hand, the types and number of chains are growing rapidly, from Layer1 public chains focusing on high performance, to Layer2 expansion solutions, to Layer3 chains designed for specific applications, each chain has its own unique design philosophy and technology characteristics, which causes developers and users to choose and switch between many chains, increasing learning costs and operational difficulty.

From a developer's perspective, different chains involve various heterogeneities such as underlying languages, account models, and contract standards. For example, the languages ​​of various public chains are different between Move, Rust, and Solidity languages, and the learning cost for developers is high. Different public chain accounts and state models also have differences. There are challenges in compatibility between Ethereum's EOA account and Bitcoin's UTXO model. Standards such as ERC20 and ERC721 will be difficult to handle in the Object-centered chain of the Move public chain.

On the other hand, the complexity of cross-chain interactions and high transaction costs limit the widespread application of blockchain technology. Users have to face the problems of managing multiple on-chain accounts, different Gas fee standards, dispersed liquidity, etc., and developers also need to deploy and maintain applications separately for each chain.

Nowadays, the competition between chains is becoming increasingly fierce, and the problem of cross-chain interoperability is becoming more and more prominent. There is a need for scalable, interoperable blockchains that allow users and developers to interact more easily. Chain abstraction is a new concept and narrative to address these challenges. It can also be seen as the 2.0 version of interoperability.

StripChain is an interoperability protocol designed to make applications ultra-interoperable, enabling large-scale chain abstraction. It leverages StripVM to build the execution layer for a modular connected world. Modular systems can be combined into vertically integrated stacks whose complexity can be abstracted away by application developers. It leverages StripVM and intents as expression mechanisms, allowing developers to link their applications across blockchains, thereby promoting composability.

StripChain, led by anonymous researcher "0xnovachrono" as well as Isa Sertkaya and Narayana Pryusty, recently announced that it raised $10 million, led by Sora Ventures, and other investors and angel investors include Santiago Santos, Frontier Research's Stephane Gosselin, Messari's Ryan Selkis, and venture capital firms Hyperithm, Shima Capital, Hypersphere, Mechanism and Ascensive Assets.

Chain abstraction creates the era of interoperability 2.0

Chain abstraction provides a standardized cross-chain operation framework, allowing users to use the same account system and interactive interface to transfer assets across different chains , smart contract calls and other operations, there is no need to care about the differences in the underlying chain. For developers, chain abstraction simplifies the complexity of multi-chain deployment, reduces application development and maintenance costs, and promotes the construction of a cross-chain application ecosystem. Ultimately, the goal of chain abstraction is to allow users to enjoy the convenience of a decentralized network without being aware of the existence of the chain, while maintaining the security, privacy, and controllability of assets and data.

Developers and entrepreneurs have proposed various forms of chain abstraction. In short, chain abstraction hides the differences between different blockchains (such as underlying languages, account models, smart contract standards, etc.) by building unified interfaces and standards, so that users and developers do not need to have an in-depth understanding of the underlying chain. Specific details enable seamless interaction and operation between different blockchain networks. It not only involves technical solutions, such as account abstraction, universal smart contracts, cross-chain communication protocols, etc., but also includes the simplification of user experience, such as a unified front-end interface, universal Gas tokens, unified liquidity management, etc.

The hard work is behind the scenes. Interoperability protocols such as StripChain allow project developers to quickly integrate and apply mature extension services at low cost, allowing users to experience a seamless interactive experience.

For B-side developers, it can reduce the cost of deploying various protocols across chains and manage liquidity in a full-chain environment, which not only unifies market management but also reduces security risk exposure, especially in modules In the multi-chain era of centralized combination and assembly, full-chain interactive operability solutions will become a necessary supplement. When individual applications are connected, they will create massive opportunities for developers to create innovative use cases and consumer applications. This will open the door to an unlimited connected ecosystem.

For C-side users, chain abstraction will simplify the relationship between users and various back-end protocols into the interaction between users and DApp applications. Even users can achieve a full-chain interactive experience by directly interacting with the wallet. The wallet can serve as the processing center for users' complex intentions.

Personality proof has been launched and community activities have been launched in many places around the world

Stripchain is currently in the private beta stage and is expected to launch a test network in the next few months. Recently, it launched the first phase - StripChain Proof of Personality, through which it will reward its initial community members.

In late May, Stripchain completed meet-and-greet events in Turkey, Hong Kong, and South Korea, attracting the participation of many community members.

Users who participate can claim their unique code. This unique code will enable users to register on pop.stripchain.xyz. Each event is held on a FCFS basis and only 150 people are allowed in. After registering, users can claim their unique code through which they will be able to claim PoP NFTs. These NFT holders can receive rewards of up to more than $1,000 in the future. (Of course, this is not guaranteed.)

Currently, Stripchain is still in its early stages, and documents such as white papers have not yet been made public. For users, it is a good time to enter the community early. As the anonymous founder of StripChain “0xnovachrono” said to Cointelegraph: “Just like we don’t care about the backend system of Netflix, we should not care about the backend system of decentralized applications.” What can be expected is that in Stripchain With help, the next 500 million crypto users are coming.

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