Particle Network has been hard at work trying to solve one of the most relevant and recurring issues in all of Web3: blockchain fragmentation. In order to solve the issue completely, many notable Layer 1 and Layer 2 blockchain ecosystems including Arbitrum, Avalanche, Berachain, BNB Chain, Botanix, and Linea came together to form the Chain Abstraction Coalition. By utilizing innovative chain abstraction (ChA) practices and the revolutionary concept of Universal Accounts, blockchain fragmentation could indeed be a thing of the past sooner than later.
What Makes Particle Network So Special?
Particle Network has swiftly emerged as a key player in Web3. Gumi Crypto and Spartan Group have previously invested in the enterprise, with the total amount reaching $25 million. Particle Network also obtained further funding from renowned investors like SNZ, HashKey Capital, Flow Traders, SevenX Ventures, and Morningstar Ventures.
Particle Network’s primary offering consists of a set of one-of-a-kind solutions designed to simplify and improve the Web3 experience via chain abstraction. The platform’s solutions have already been used in over 900 decentralized applications (dApps), protecting more than $2 billion in user assets and reaching over 17 million users in total.
What Does The Coalition Do?
As previously mentioned, the goal is to do away with blockchain fragmentation. To that end, Universal Accounts are now operational on the Particle Pioneer Testnet. These accounts are useful because they enable users to manage a single account easily across several blockchain systems, significantly improving interoperability while also increasing user convenience.
In an effort to bolster collaboration, members of The Chain Abstraction Coalition will incorporate Universal Accounts into their own ecosystems using Co-Testnets in waves, which will be announced by Particle Network itself. After the Coalition’s initial activation, members will create various integrations that leverage chain abstraction within Particle Pioneer, Particle Network’s incentivized Testnet platform. Users on Particle Pioneer will be able to learn about Particle Network’s Universal Accounts and ChA by completing tasks that require them to engage with many chains (known as Testnets) at the same time.
What Is The Point?
By coordinating ChA processes, Particle Network and the Coalition hope to simplify access to blockchain technologies, optimize the distribution of resources, and encourage continued creativity within Web3. This concentrated effort not only solves the current issue of fragmentation, but also builds the groundwork for future greater adoption and advancement of new technology.
Pengyu Wang, CEO of Particle Network, stated: “By working together as an industry to promote ChA and solutions like Universal Accounts, we can overcome fragmentation and accelerate widespread adoption of this transformative technology.”
Web3 has an obvious demand for dependable solutions which are also easy to use and maintain. By implementing reliable and accessible chain abstraction principles, Particle Network and the Chain Abstraction Coalition hope to level the playing field and enhance user experiences while simultaneously improving asset engagement and incentivizing innovation within Web3.
Visit Particle Network’s official website alongside its X and Discord channels for further information and continuous updates.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bling Headlines journalist was involved in the writing and production of this article.