What is Abstract? The Revolutionary Crypto Blockchain from the Creators of the Pudgy Penguins

Few Web3 brands have managed to capture the attention of a large audience like the Pudgy Penguins NFT collection has done. This is why Igloo Inc., the parent company of the Pudgy Penguins, is convinced that it can replicate this success with its new blockchain, Abstract, an Ethereum layer-2 network, which aims to become the reference platform for products and digital applications aimed at consumers.

In this article, we will explore the concept of “crypto consumption” of Abstract and the initiatives put in place to attract the next users to the chain.

What is Abstract?

Abstract is a ZK-rollup system and second-tier blockchain built on the Ethereum network. It is designed to offer low transaction fees and high scalability for consumer applications and products.

This network differs from the general architecture used by most channels, by first focusing on aligning the interests of developers and consumers across specific applications like gaming and social platforms, and then branching out. gradually opening up to popular online activities such as decentralized finance (DeFi) and banking services.

Abstract is also EVM compatible, meaning it can run applications designed for the Ethereum blockchain. Thus, most existing smart contracts on Ethereum can be easily transferred to Abstract, allowing developers to offer their products to Abstract users with few modifications.

What is crypto consumption?

In an Abstract blog, Luca Netz, leader of Igloo Inc. and the Pudgy Penguins, explained his concept of “crypto consumption,” which refers to blockchain-based applications serving billions of people every day for a personal use.

In other words, this includes apps that the average person is most likely to use at any time of the day, like games or social platforms. Netz cited OpenSea, a marketplace for NFTs and digital collectibles, as well as Pump.fun, a social trading and meme coin platform, as examples of successful consumer crypto platforms.

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

Who constructs the Abstract?

Abstract is developed by Igloo Inc., the company that oversees the Pudgy Penguins NFT project, and Cube Labs, using zero-knowledge (ZK) technologies to transact more securely and privately.

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

Additionally, the company raised $11 million, with support from Founder’s Fund and other VCs in Web3 such as 1kx and Fenbushi Capital.

What makes Abstract unique?

Abstract aims to bring daily users back to the chain, which has resulted in several developments that set it apart from other blockchains.

Abstract Wallet : Abstract has developed its own global wallet for online transactions, leveraging new advances in account abstraction, allowing users to create a wallet without an extension or passphrase, with no gas fees.

Using passkeys allows users to log in without having to provide an email address or complex password, simplifying the experience for those without a strong technical background.

An example from the Abstract team shows that a user can log in and create an NFT in just four clicks, well below the number of clicks typically required.

Panoramic Governance : Abstract introduced a new governance approach, Panoramic Governance, aimed at better aligning the interests of developers and consumers on blockchain.

This governance encourages participation and voting, while directly rewarding the protocols most beneficial to the blockchain by sharing fees with active voters.

What applications will be available on Abstract?

Abstract’s growing ecosystem includes games, trading platforms, and social products that have committed to being open when the Abstract mainnet launches. Here is a preview of what will be offered initially.

Jeux : Games such as Prospect Sports, a fantasy sports game, as well as real-life treasure hunts like RealGo, are committed to developing on Abstract. Other projects, such as Duper, a strategy game, and Onchain Heroes, an RPG, are also planned.

Social products and NFTs: Social platforms like Multiplier.fun and NFT projects like Canna Sapiens have also chosen to settle on Abstract.

Infrastructure : Abstract will welcome established Web3 products like Magic Eden for trading NFTs, as well as Dune Analytics for on-blockchain analytics and LayerZero for cross-chain messaging from day one.

When will Abstract launch?

Currently, Abstract is available in the testing phase, but the launch of the mainnet is announced for January 2025.