Improving UX to enable seamless on-chain transactions across networks is crucial for crypto adoption, and startups are addressing this challenge.
In the crypto sector, user experience (UX) remains a major hurdle, preventing adoption among various generations. A useful UX boost for many cryptocurrency users would be the ability to conduct on-chain transactions without having to worry about which network is being used; some crypto businesses hope to meet this demand.
Chain abstraction, or the idea that consumers should not realize while utilizing blockchain, is one promise for an improved Web3 experience. This idea is the foundation of Stripchain, an interoperability protocol that recently raised $10 million in funding to facilitate large-scale chain abstraction.
“Just like we don’t care about Netflix’s back-end system, we should not care about the back-end system of a decentralized application,” pseudonymous researcher 0xnovachrono, who is leading the protocol alongside Isa Sertkaya and Narayana Pryusty, explained.
The Stripchain fundraising round was led by Sora Ventures and featured venture capital firms Hyperithm, Shima Capital, Hypersphere, Mechanism, and Ascensive Assets, as well as angel investors Santiago Santos, Ryan Selkis of Messari, and Stephane Gosselin of Frontier Research.
As the number of L1s and L2s increases, improved user experience (UX) is required to abstract chain-specific knowledge for widespread adoption. According to a Sora Ventures representative, the most frustrating thing for beginners is having past experience with different chains, virtual machines, key management, etc.
The startup enables programmers to write orders, known as intents, that carry out tasks like data transfers between blockchains. It is built upon a framework known as stripVM and will allow apps to cooperate and interact using various protocols.
Focusing on the transaction layer and utilizing the proof of authority method distinguishes the approach from other interoperability protocols. Stripchain enables data transfer at the user layer, whereas previous interoperability solutions focused on the protocol layer (such as Cosmos’ Inter-Blockchain Communication Protocol) or the contractual layer via bridges.
“As an industry, we have made enormous strides utilizing bridges to connect values across blockchains, but we still haven’t connected monolithic applications across the execution layers of various systems,” 0xnovachrono stated. Stripchain’s testnet, which is now in private beta, is anticipated to go live in the next months.
