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Following the advancement of blockchain and Web technology, several new products have evolved, such as spot ETF and Futures. Many prominent companies have entered the space to discover and design new crypto-based products.
In an interview with a leading media outlet at the BUIDL Asia Conference, the co-founder of Near Protocol, Illia Polosukhin, notes that the chain abstraction could induce the next transition of the crypto and Web3 mandatory for mainstream adoption.
The BUIDL Asia Conference, organized by KryptoSeoul, is one of the most significant technical conferences dedicated to sharing technical and business development in the crypto space.
Chain abstraction includes application designers enhancing the end user expense by defragmenting the hard technological layers of Web3. Polosukhin adds, “The idea is that blockchains must be abstracted away from the user so they are not barriers to entry or participation.”
At the same time, the co-founder of Ethereum, Vitalik Buterin, raised concern over the chain abstraction. As he believes that several blockchains are interconnected into a massive ecosystem, there is a possibility that there might be a risk of “desensitization” ” to security issues.
However, the decline in awareness about the possible security risks remains a significant concern in chain abstraction. Analysts claim that a safer environment is needed to be created for the industry.
Near’s co-founder quotes, “There are sophisticated counterparties that provide liquidity, do routing and do all of the work that is required to understand the layout and complexities of every chain; they are the ones who care.”
He added, “They are the ones who will be pushing for decentralization and security, and if they see that something is not, they’ll just not service that.”
Other News
The market capitalization of cryptocurrencies grew more than 59% in the past three months; when writing, it was $2.568 Trillion. In the intraday time frame, it added $11.037, and the 24-hour trading volume is $82.73 Billion.
At the time of writing, Bitcoin dominated 51.53% of the market, followed by ETH at 16.38%, USDT at 4.26%, BNB at 3.38%, SOL at 3.14%, and others at 21.32%. The fear and greed index powered by CoinMarketCap reflects extreme greed in the market.
Dogwifhat (WIF) is following a constant bullishness as it grew 2565.52% since its listing; at the time of writing, it was trading at $4.48. In all time, it was the highest traded at $4.64. However, its lowest trading price was $0.0677.
WIF price grew 19.30% in the past 24 hours, and since its listing, its market capitalization has surged significantly. Bitcoin, the pioneer of the crypto market, is trading at $70,206, and its price has flourished 8.77% in the past seven days.
Similarly, Ethereum, the second most prominent cryptocurrency, has added 5.91% to its trading price. However, the growth in its price is claimed to be backed by the news of Ether spot ETH.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
