A brief analysis of the new L1 public chain XION: a catalyst for large-scale adoption of Web3?

Note: Written by XION World.

“If everyone is looking for the benefits of decentralized ownership, then why is the Web3 industry still struggling to find a path to mass adoption?”

The potential of Web3 has been discussed for years, but when it comes to user adoption, we seem to have only touched on fur. Currently, there are two challenges to mainstream adoption of Web3 — functional barriers and cultural barriers. The new L1 public chain XION was born to solve these two problems. Let's use this article to fully understand XION's vision and how it can help Web3 achieve mass adoption.

XION: An L1 network that specifically abstracts cryptographic complexity

Speaking of XION, I have to mention its developer Burnt.

Burnt's journey through Web3 began by burning Banksy's paintings. In March 2021, the Twitter account BurntBanksy livestreamed Banksy's painting “Morons (White)” and distributed it as an NFT, with the aim of transferring the value of the physical painting to the NFT. And the purpose of this act is to inspire more artists to explore NFTs. Over the next year, Burnt focused on creating codeless products for creators, Burnt Finance and early NFT standards.

In the process, Burnt has personally seen NFTs fall into a bottleneck and the Web3 industry is unable to adopt it on a large scale due to complexity. “Keeping real users out while making us feel superior in our niche” will definitely not be the end of Web3.

As a result, Burnt built XION, an L1 blockchain based on Cosmos to abstract cryptographic complexity to overcome scalability limitations in adoption due to cryptographic technology. XION enables a frictionless user experience while retaining the core characteristics of Web3 — decentralization, transparency, verifiable ownership, and more.

The purpose of XION is to help Web3 achieve mass adoption by addressing functional and cultural barriers to optimizing Web3. By focusing on user experience, accessibility, and scalability, XION aims to create an ecosystem that supports developers and users to unlock the full potential of blockchain technology.

Additionally, Cosmos' inter-blockchain communication (IBC) protocol allows XION, ecosystems, and applications to quickly integrate other application chains and their associated applications. For example, if a product requires private user status, XION can connect to the Secret network. If a product requires DeFi, XION can connect to Injective Chain and Osmosis Chain. For fiat assets and non-Cosmos ecosystem assets, Cosmos also has Axelar chain and Noble chain. Cosmos's “chain interconnection” enabled XION to immediately provide users with more functionality and pave the way for developers on XION to create new use cases.

And with regard to what innovations XION has brought in terms of infrastructure and functionality, maybe we can go back to the topic of this article and find answers to the question “What are the barriers to large-scale adoption of Web3?”

Web3 obstacle 1: Complex and unfriendly features for newbies

For new users using Web3 applications for the first time, it can take as many as 15 complicated steps and days to successfully complete the interaction. From figuring out which wallet program to download to having the necessary funds to submit transactions, it's no surprise that the user churn rate is as high as 95%. As new L1 blockchains proliferate, it will become even more unbearable for new users. These issues have become breeding grounds for fraudsters, stealing new users' assets, and deepening the mainstream world's negative perception of the Web3 industry.

While user education can help make the process of using Web3 apps for the first time more approachable, it's clearly not a solution in itself. Just like Web2, Web3 shouldn't require new users to have knowledge of cryptography to benefit from it.

How does XION solve these problems?

XION can be described as an L1 built from scratch, fully optimized in terms of user experience.

The entry process doesn't have to be CEX → onchain

Currently, it usually takes more than 15 steps for new users to purchase items on the chain. The first step is to set up an on-chain wallet, then register a centralized exchange (CEX), verify identity, then transfer funds from CEX to an on-chain wallet, exchange them for the correct token in DEX, etc., before making a purchase.

However, on XION, users can use credit/debit cards to directly purchase on-chain products, and the authorization rate is over 95%, which can immediately cover about 6 billion credit/debit card holders. This not only removes complicated processes for users to use, but also provides a buying experience that is truly similar to a Web2 e-commerce site.

No gas fees

Another major obstacle for new users to adopt is the Gas fee, as it forces them to own a certain chain's native token in order to trade.

XION completely removes this barrier through gas-free transactions, allowing new users to immediately begin interacting with on-chain apps.

The complexity of abstract wallets

As we all know, the complexity of traditional crypto wallets has reduced user adoption by more than 95%. They require users to download browser plug-ins, perform complex settings, pop up windows at every transaction, and require users to store mnemonics securely. This user experience will deter most non-technical/professional users.

To solve this problem, XION completely abstracts the entire chain of crypto wallets. There is no need to download a plug-in, and new users can seamlessly interact with the application by simply creating an MPC wallet using email. And native crypto users can also interact with XION using any wallet of their choice. XION can meet the needs of all audiences.

Support for mobile phones

In many ways, supporting better operation on mobile phones is also one of the ways Web3 is really being adopted on a large scale.

However, currently, many crypto wallets cannot be freely switched between PC and mobile phones, the conversion device still needs to re-import mnemonics, and the browser UI/UX performance within the wallet app is very poor.

XION ensures support for mobile phones through the “complexity of abstract wallets” described above. Additionally, it allows logins to be decoupled from assets, creating a secure way for users to interact with new applications without putting their assets at risk. Essentially, it allows users to securely access the XION ecosystem anytime, anywhere.

Price in USDC

As we all know, there are thousands of cryptocurrencies with highly volatile prices within the Web3 industry, and understanding how assets/products are priced can be very confusing for new users.

Backed by USDC issuer Circle, XION will be the first blockchain to use USDC as the primary transaction currency. All products built on XION will be priced in USDC, making it seamless for new users to use the familiar fiat currency pricing format.

Web3 obstacle 2: Not “native”, difficult to understand terms?

In addition to functional barriers, there are cultural barriers to mass adoption of Web3.

Imagine if your first encounter with Crypto was like entering a new universe? It's full of unfamiliar terms, confusing ecosystems, apps/tokens, and complex user experiences. Furthermore, the mainstream world's perception of cryptocurrencies is in trouble due to misconduct by bad actors and high-profile scam news.

How does XION solve these problems?

XION was designed from the beginning with the complexity of abstract cryptography at its core.

abstract terms

To make Web3 easier to use for new users, either replace complex terms with the most basic, easy-to-understand terms, or completely abstract them.

XION is committed to simplifying and removing technical terms and industry-specific terms, which are critical to enhancing the user experience and enabling wider adoption.

Improve trustworthiness

Given the widespread skepticism of cryptocurrencies in the mainstream world, building trust is one of the most important factors in attracting a broad audience. This is also the reason why XION has strategic partnerships with many well-known companies in the Web2 and Web3 fields. For example, well-known Web3 companies/investors such as Animoca and Circle Ventures have invested in XION, along with Web2 giants Checkout.com, Stytch Partnering with companies like Stripe.

Eliminates education for new users

XION's unique infrastructure removes all complexity for users and plays a critical role not only in removing functional barriers, but also in removing cultural barriers. For example, whether it's no gas fees, abstract wallet complexity, or using a bank card to directly purchase on-chain products, it can greatly reduce the complexity of interaction and eliminate the education traditionally required for users to interact with applications.

epilogue

Creating a strong, functional infrastructure to enable innovative users is only a fraction of the challenges Web3 faces today. To truly usher in mass adoption, we must also build an experiential layer of user interaction that is as intuitive and popular as the Web2 platform.

XION is expected to be the catalyst for mass adoption of Web3, and its mission is not just to advance technology; it also lays the foundation for a “Web3 cultural revolution.”

About Burnt and XION

Burnt is developing the future of Web3 by introducing XION, the first Layer-1 blockchain built specifically for consumer adoption by abstracting the complexity of cryptography, built by Burnt. The mission is for everyone, regardless of their knowledge of cryptographic technology, to have equal access to true ownership. Burnt has raised over $11 million from top investors like Animoca, Circle, Multicoin, Spartan, HashKey, etc.

Official website: https://xion.burnt.com/

Twitter: https://twitter.com/burnt_xion

Discord: https://discord.com/invite/burnt

Telegram: https://t.me/xion_announcements

Disclaimer:

1. This article is reprinted from Shirasawa Research Institute , and the copyright belongs to the original author [XION World]. If you have any objections to the reprint, please contact the Gate Learn team “Gate Learn Team”), and the team will deal with it as soon as possible in accordance with the relevant procedures.

2. Disclaimer: The views and opinions expressed in this article only represent the author's personal opinions and do not constitute any investment advice.

3. Articles in other languages are translated by the Gate Learn team, and translated articles may not be copied, distributed, or copied without mentioning Gate.io).