Writing: XION World
Compiled by: Cullen, Bai Ze Research Institute
"If everyone is seeking the benefits of decentralized ownership, why is the Web3 industry still struggling to find a path to mass adoption?"
For years, people have been discussing the potential of Web3, but when it comes to user adoption, it seems that we have only scratched the surface. Currently, there are two challenges to the mainstream adoption of Web3—functional barriers and cultural barriers. The birth of the new L1 public chain XION is aimed at addressing these two issues. Let's fully understand XION's vision and how it helps Web3 achieve mass adoption through this article.
XION: A specialized L1 network abstracting encrypted complexity
When it comes to XION, we cannot ignore its developer, Burnt.
Burnt's journey in Web3 began with the burning of Banksy's artwork. In March 2021, the Twitter account BurntBanksy live-streamed the burning of Banksy's artwork "Morons (White)" and released it as an NFT, aiming to transfer the value of physical artwork to NFT. The purpose of this action was to inspire more artists to explore NFTs. Over the following year, Burnt focused on creating no-code products for creators, Burnt Finance, and early NFT standards.
During this process, Burnt witnessed NFTs hitting a bottleneck due to the complexity that prevented mass adoption in the Web3 industry. "Excluding real users while making us feel superior in the niche" is definitely not the end goal of Web3.
Therefore, based on Cosmos, Burnt built the abstracted encrypted complexity L1 blockchain XION to overcome the scalability limitations caused by cryptographic technology. XION achieves a frictionless user experience while retaining the core features of Web3—decentralization, transparency, verifiable ownership, and more.
XION aims to help Web3 achieve mass adoption by addressing the functional and cultural barriers through optimizing user experience, accessibility, and scalability. It aims to create an ecosystem that supports developers and users, unleashing the full potential of blockchain technology.
In addition, Cosmos' Inter-Blockchain Communication (IBC) protocol allows XION, the ecosystem, and applications to quickly integrate with other application chains and their related applications. For example, if a product requires private user states, XION can connect to the Secret Network. If a product needs DeFi, XION can connect to the Injective Chain and Osmosis Chain. For legal assets and non-Cosmos ecosystem assets, Cosmos has chains like Axelar and Noble. Cosmos' "chain interconnection" enables XION to immediately provide more functionality to users and pave the way for new use cases for developers on XION.
As for the innovations that XION brings in terms of infrastructure and functionality, perhaps we can find the answers to the question "What obstacles does Web3 face in mass adoption?" which is the main theme of this article.
Barrier 1: Complex and unfriendly features for newcomers in Web3
For new users using Web3 applications for the first time, it may require them to go through as many as 15 complex steps and spend several days to successfully complete the interaction. It's not surprising that the user churn rate reaches as high as 95% when figuring out which wallet program to download and obtaining the necessary funds to submit transactions. With the surge of new L1 blockchains, it becomes even more challenging for new users. These issues have become a breeding ground for scammers who steal assets from new users, deepening the mainstream world's negative view of the Web3 industry.
While user education can make the process of using Web3 applications for the first time more approachable, it is not a solution in itself. Like Web2, Web3 should not require new users to understand cryptographic knowledge in order to benefit from it.
How does XION address the above issues?
XION can be said to be a completely optimized L1 in terms of user experience.
Entry process does not have to be CEX → onchain
Currently, new users typically need to go through more than 15 steps to purchase goods on-chain. First, they need to set up an on-chain wallet, then register with a centralized exchange (CEX), verify their identity, transfer funds from CEX to the on-chain wallet, exchange for the correct tokens in a DEX, and then they can make the purchase.
However, on XION, users can directly purchase on-chain goods using a credit/debit card, with an authorization rate of over 95%, covering approximately 6 billion credit/debit card holders immediately. This not only eliminates the complexity in user usage but also provides a purchasing experience similar to Web2 e-commerce websites.
No Gas fees
Another major barrier for new users is Gas fees, as it forces them to own a native token of a chain to conduct transactions.
XION completely eliminates this barrier by enabling gas-free transactions, allowing new users to immediately start interacting with on-chain applications.
Abstracting the complexity of wallets
It is well known that the complexity of traditional crypto wallets leads to a decrease in user adoption by over 95%. They require users to download browser plugins, go through complex setups, pop up windows for every transaction, and require users to securely store mnemonic phrases, which hinders the majority of non-technical/professional users.
To address this issue, XION completely abstracts the entire on-chain crypto wallet, requiring no plugin downloads. New users only need to create an MPC wallet using their email to seamlessly interact with applications. Native crypto users can also interact with XION using any wallet of their choice. XION caters to the needs of all audiences.
Mobile support
In many ways, better operation support for mobile devices is also one of the paths to truly mass adoption of Web3.
However, many current crypto wallets cannot freely switch between PC and mobile, and switching devices still requires re-importing mnemonic phrases. Additionally, the UI/UX performance of wallet app browsers is very poor.
XION ensures mobile support through the aforementioned "abstracting the complexity of wallets." It also allows the separation of login and assets, creating a secure way for users to interact with new applications without putting their assets at risk. Essentially, it allows users to access the XION ecosystem anytime, anywhere, securely.
Pricing in USDC
It is well known that there are thousands of highly volatile cryptocurrencies in the Web3 industry, which can be very confusing for new users to understand the pricing of assets/products.
Under the support of USDC issuer Circle, XION will become the first blockchain to use USDC as its primary trading currency. All products built on XION will be priced in USDC, allowing new users to seamlessly use familiar fiat currency pricing.
Barrier 2: Not a "native" and difficult to understand the terminology?
In addition to functional barriers, mass adoption of Web3 also faces cultural barriers.
Imagine your first encounter with Crypto, is it like entering a new universe? It's full of unfamiliar terms, confusing ecosystems/applications/tokens, and complex user experiences. Additionally, the mainstream world's view of cryptocurrencies is in crisis due to the improper behavior of bad actors and high-profile scam news.
How does XION address the above issues?
XION has abstracted the complexity of cryptographic technology from the very beginning.
Abstracting terminology
To make Web3 more user-friendly for new users, either replace complex terms with the most basic and easily understandable words, or completely abstract them.
XION is committed to simplifying and removing technical and industry-specific terms, which is crucial for enhancing user experience and achieving broader adoption.
Building trust
Given the general skepticism of the mainstream world towards cryptocurrencies, building trust is one of the most important factors in attracting a wide audience. This is also why XION strategically collaborates with many well-known companies/investors in the Web2 and Web3 fields. For example, Web3 renowned companies/investors such as Animoca and Circle Ventures have invested in XION, and it has collaborated with Web2 giants like Checkout.com, Stytch, and Stripe.
Eliminating the need for new user education
XION's unique infrastructure eliminates all complexity for users, playing a crucial role not only in removing functional barriers but also in eliminating cultural barriers. For example, whether it's gas-free transactions, abstracting wallet complexity, or using a bank card to directly purchase on-chain goods, it significantly reduces the complexity of interaction and eliminates the traditional need for user education when interacting with applications.
Conclusion
Creating powerful and practical infrastructure to enable innovative users is just a small part of the current challenges facing Web3. To truly achieve mass adoption, we must also build the experience layer for user interaction, ensuring it is as intuitive and popular as Web2 platforms.
XION is poised to be a catalyst for the mass adoption of Web3, and its mission is not just about technological advancement but also laying the foundation for a "Web3 cultural revolution."
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
