Released in April 2021, the Immutable X platform became the first Layer 2 solution dedicated to NFT tokens. With it, gas fees can become a thing of the past.
Behind its creation is an Australian team Immutable, responsible for the NFT-based card game - Gods Unchained. The platform allows for trading and selling unique items that players have acquired in the form of ERC-721 tokens. According to its creators, it is Immutable X that will allow for mass adoption of NFT in games.
"Together with the release of Immutable X, our vision has become a reality. From now on, any NFT can be created, sold, collected, shared and playable on Ethereum completely free of gas," announced one of the creators.
Layer 2 for NFT
In 2020, Immutable in collaboration with StarkWare developed a solution that allows you to enjoy the security and other benefits of the Ethereum network without paying high fees. Until now, it has been gas fees that have been an indispensable part of creating and trading NFT, which experts believe has hampered further development of the technology.
Immutable X was built on top of the scaling Layer 2 technology created by StarWark. Thus, the platform became the first Layer 2 solution dedicated to NFT. This allows users to take advantage of the security provided by Ethereum without having to pay gas.
An alternative to using the Ethereum ecosystem could be to create an entirely new, faster blockchain protocol with a different method of obtaining consensus, or to develop side chains that process transactions in their own way. However, according to the creators of Immutable X, such solutions would be insufficient, as they would most likely not reach the level of security that Ethereum guarantees.
It is security that seems to play a key role here: "If security fails, the same thing happens to the authenticity of NFT, and that would have nightmarish consequences." say the platform's developers.
Immutable X – optimized token creation
One of the biggest advantages of the platform is the Immutable X Mint tool, which allows you to easily and securely create and distribute ERC-721 and ERC-20 tokens. Its biggest advantages are:
Unfortunately, until now, high gas fees have seemed to inhibit mass adoption of tokens by developers. Layer 2 solutions like Immutable X could change that once and for all. We at Nextrope are watching them with bated breath, looking forward to further developments.
If you want to know how your NFT project can reach a mass audience and succeed in a global market, contact our experts who will be happy to give you a free consultation.
Account abstraction is a new way of thinking about how users interact with blockchains. Instead of using traditional externally owned accounts (EOAs), account abstraction allows users to create and manage their accounts using smart contracts. This has a number of potential benefits, including improved security, enhanced privacy, and increased flexibility.
Account abstraction is a concept that, at its core, aims to simplify the user's interaction with blockchain networks. It is a transformative approach that seeks to mask the technicalities of blockchain operations from end-users. It is making transactions as straightforward as sending an email. Account Abstr. allows users to interact with the blockchain without worrying about the underlying technical details.
How does account abstraction differ from the traditional model?
In the traditional account model, each user has an EOA. EOAs are controlled by private keys, which must be kept secret in order to protect the user's funds. Acc. abstraction allows users to create and manage their accounts using smart contracts.
The journey towards acc. abstraction began with the first generation of blockchain technologies, characterized by their "one-size-fits-all" approach to account management. Bitcoin, for instance, introduced the concept of accounts and transactions in a form that was accessible to tech-savvy individuals but remained perplexing to the layperson. Ethereum expanded on this by introducing smart contracts, which opened the door to programmable transactions but did not alter the fundamental account structure. The idea of acc. abstraction has been discussed in the Ethereum community for several years as a part of various Ethereum Improvement Proposals (EIPs), particularly as a feature to be potentially implemented in Ethereum 2.0. It is a direct response to the need for a more versatile and user-centric design that can cater to a broader audience and spur the widespread adoption of blockchain technology.
The Technicalities of Account Abstraction
Account abstraction is not merely a theoretical construct but a technical innovation with specific mechanisms underpinning its operation. In essence, it alters the way transactions are initiated and executed within a blockchain network.
How Account Abstraction Works
Under traditional blockchain models, initiating a transaction involves an externally owned account (EOA) signing a transaction with a private key. This transaction is then broadcast to the network for validation and inclusion in the blockchain. Account abstraction, however, replaces this process with a more flexible one. Here, every account is a smart contract, and transactions are messages sent through these contracts. These smart contracts can encode complex rules for transaction validation, beyond what EOAs can do, such as multi-signature requirements or conditional transactions based on certain triggers.
The technical crux of account abstraction lies in the smart contract’s ability to define its own conditions for transaction execution. This means that user accounts can have unique security protocols or automated operations without the user needing to understand the underlying smart contract code.
The implications of account abstraction are profound, offering a range of benefits that can enhance the blockchain experience for users and developers alike.
Improved User Experience
One of the most significant advantages of account abstraction is the improvement it brings to user experience. By abstracting away the complexities of key management and transaction rules, it presents a more intuitive interface for users.
Enhanced Security Features
Account abstraction also allows for the implementation of advanced security measures. Since each account can define its own logic, users can tailor their security settings to their specific needs. For instance, one might set up an account that requires additional verification for transactions exceeding a certain value or restricts withdrawals to certain addresses.
The future implications of account abstraction are vast. As the technology matures, it could become a standard feature of blockchain networks, potentially making the current distinction between user accounts and smart contracts obsolete. This could lead to a new wave of blockchain applications that are both powerful and accessible, bringing us closer to the vision of blockchain technology as a seamless part of everyday life.
Challenges and Considerations
One of the primary technical challenges of Acc. abstraction lies in its integration with existing blockchain protocols. Current networks are optimized for the EOA model, and introducing a new account structure necessitates significant changes to the core protocol. This includes modifications to the way transactions are propagated in the network, how gas fees are calculated, and how the state of the blockchain is managed. Ensuring that these changes do not compromise the network's performance or security requires careful planning and extensive testing.
Compatibility with Current Systems
Another consideration is the compatibility of account abstr. with the vast ecosystem of existing blockchain applications and services. Wallets, exchanges, and other services have been built around the traditional account model. Transitioning to an acc. abstraction model will require these services to update their infrastructure, which may be a complex and resource-intensive process. Furthermore, there is a need for standardization across the industry to ensure that different implementations of account abstr. can work seamlessly together.
Acc. abstraction represents a significant leap forward in the quest for a more user-friendly blockchain experience. By streamlining the transaction process and offering enhanced security features, acc abstraction has the potential to make blockchain technology more accessible to a broader audience. However, the path to widespread adoption is not without its obstacles. Technical challenges and compatibility issues must be carefully navigated to integrate it into the existing blockchain landscape.
How to Add Gnosis Chain to MetaMask: A Simple Tutorial
03 Nov 2023
As the cryptocurrency ecosystem expands, there is an increasing need for various blockchains with distinct capabilities. Gnosis Chain enters the scene, offering a selection of unique characteristics. By integrating Gnosis Chain with MetaMask, users can access a more comprehensive array of decentralized services. We will walk you through the steps to add Gnosis Chain to your MetaMask wallet in this tutorial.
Before exploring the integration of Gnosis Chain, it is crucial to have MetaMask installed and operational:
Download and Install: If you have not done so already, visit the official website to download and install the MetaMask browser extension.
Setup Account: After completing the installation, create your account and make sure to remember the provided seed phrase. This phrase serves as your primary means for account recovery, so keep it secure.
Secure Your Account: Protecting your MetaMask account is of utmost importance. Use a robust password and never disclose your seed phrase to anyone.
It is always helpful to have a basic understanding before incorporating any new blockchain into your wallet:
Gnosis Chain Overview: Gnosis Chain, a rising star in the blockchain world, brings a range of decentralized solutions to the table, such as prediction markets and decentralized trading platforms.
Benefits & Features: Among Gnosis Chain's main selling points are its accelerated transaction speeds and potentially lower fees when compared to congested networks.
Tutorial: How to Add Gnosis Chain to MetaMask
In the top right-hand corner of your browser, you'll find the wallet. If pinned, click on the MetaMask fox icon; if not, click the three dots in the top-right corner. The following screen will appear:
An option to expand the wallet to a new browser page is available by clicking "Expand view:"
This action will launch MetaMask in a new tab:
By clicking on the ‘Ethereum mainnet’ in the top left corner, you can add another network. Click ‘Add Network’
Choose option ‘Add a network manually’
Then, input the information below:
Network Name: Gnosis Chain formerly xDai
RPC URL: https://rpc.gnosischain.com
Block Explorer URL: https://gnosisscan.io
After saving the settings, Gnosis Chain will be added to your network.
The Benefits of Adding Gnosis Chain to MetaMask
With multiple blockchains becoming more common, integrating Gnosis Chain with MetaMask offers numerous advantages:
Expanded Capabilities: Accessing Gnosis Chain through MetaMask opens up a collection of exclusive applications and features inherent to this particular blockchain, which may include unique dapps or cutting-edge financial products.
Diversification: The crypto domain is extensive and constantly growing. By incorporating various chains like Gnosis into MetaMask, you broaden your potential investment opportunities and decentralized application experiences, ensuring no opportunities are missed.
Speed & Cost-Effectiveness: Network congestion and high gas fees on established platforms like Ethereum can discourage many users. Gnosis Chain's architecture has the potential to provide relief through quicker transaction times and more affordable fees.
In summary, as the possibilities within the crypto sphere continue to evolve, tools like MetaMask grant users access to this expanding world. By adding chains like Gnosis, users can stay ahead in this decentralized revolution.
By bridging platforms like Gnosis Chain with accessible tools like MetaMask, individuals not only amplify their engagement with decentralized applications but also fortify their position in this expansive realm. The integration of Gnosis Chain to MetaMask epitomizes the evolution of the crypto landscape – a testament to its ever-growing diversity and potential. As we continue to delve deeper into the decentralized future, tools and integrations like these will undoubtedly play a pivotal role in shaping our digital experiences and opportunities. Whether you're seeking more efficient transactions, diverse dapp interactions, or simply a broader understanding of the crypto ecosystem, this guide's steps open doors to a new horizon.
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