What Is Abstract? The Consumer Crypto Blockchain From the Creators of Pudgy Penguins

Only a handful of Web3 brands have managed to reach as many mainstream consumers as NFT collection Pudgy Penguins.

That’s why Igloo Inc., the parent company of Pudgy Penguins, is confident it can replicate its playbook with its new blockchain Abstract, an Ethereum layer-2 chain that aims to be the leading blockchain for consumer crypto products and applications.

In this article, we’ll explore Abstract’s concept of “consumer crypto,” and how and what it is building to bring the next billion users on-chain.

What is Abstract?

Abstract is a ZK-rollup and layer-2 blockchain built on the Ethereum network, designed to provide low transaction fees and high scalability for consumer-focused applications and products.

Abstract is specifically designed to differentiate from the general purpose architecture that most chains utilize, and instead focuses first on aligning developer and consumer interests via specific applications and protocols—like games and social platforms—and then move down outwardly towards popular on-chain activities like decentralized finance, or DeFi, and banking.

Abstract is EVM compatible, meaning that it can run applications designed and built for the Ethereum blockchain. Therefore, most existing Ethereum-based smart contracts can be easily ported to Abstract, enabling developers of already built applications to offer their products to Abstract’s users with minimal modifications.

What is consumer crypto?

In an Abstract blog, Igloo Inc. and Pudgy Penguins leader Luca Netz explained his concept of “consumer crypto,” which refers to “blockchain-powered applications that serve billions of people in their everyday lives for personal use.”

In other words, applications that the average person is most likely to use on any given day—like games, or social platforms. Netz referenced OpenSea, an NFT and digital collectibles marketplace, and Pump.fun, a meme coin and social trading platform, as two examples of successful consumer crypto platforms.

Other popular consumer crypto applications include casinos, prediction markets, and betting sites.

Who is building Abstract?

Abstract is being built by Igloo Inc, the parent company of the Pudgy Penguins NFT project, and Cube Labs, utilizing zero-knowledge (ZK) technologies or cryptographic proofs that help to verify transactions in a more secure, private way.

In June 2024, the company announced the acquisition of the unlaunched, NFT-focused layer-2 network Frame and its development team to help build Abstract.

Subsequently, the firm announced an $11 million fundraise, led by Founder’s Fund with participation from other Web3 venture capital firms like 1kx and Fenbushi Capital.

What’s so special about Abstract?

Abstract’s goal of bringing everyday people on-chain has led to multiple new developments that differentiate it from other blockchains Abstract has introduced Panoramic Governance, a novel approach to governance design aimed at better aligning the interests of developers and consumers on the blockchain. This innovative system actively incentivizes governance participation and voting, while also directly rewarding protocols that benefit the blockchain the most. By sharing fees with active voters and allowing them to choose which projects receive extra support, Panoramic Governance creates a symbiotic relationship where everyone benefits from collaboration.

The growing Abstract ecosystem includes a diverse range of apps that have committed to launching on the platform when the mainnet goes live. Among these are games like Prospect Sports and RealGo, social products like Multiplier.fun and NFT projects like Canna Sapiens. Additionally, infrastructure projects such as Magic Eden, Dune Analytics, and LayerZero are set to support Abstract from day one, offering a variety of services including NFT trading and cross-chain messaging.

Currently, Abstract is only accessible via testnet, but the team has announced plans to launch the mainnet in January 2025. This highly anticipated launch will mark a significant milestone for the Abstract platform and its community of developers and users.

In conclusion, Abstract’s Panoramic Governance and diverse ecosystem of apps and infrastructure projects are poised to revolutionize the blockchain industry. With a focus on incentivizing collaboration and rewarding innovation, Abstract is set to become a key player in the decentralized technology space. Stay tuned for more updates as the platform prepares for its official launch in the coming months. The world of technology is constantly evolving, with new advancements and innovations being made every day. One of the most exciting developments in recent years has been the rise of artificial intelligence (AI) and machine learning. These technologies have the potential to revolutionize industries such as healthcare, finance, and transportation, making processes more efficient and improving outcomes for businesses and consumers alike.

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