How new Blockchain Networks can open new doors to Crypto Markets

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Historically, the time-consuming process of getting started with smart contract chains, their decentralized applications (dApps), and navigating the intricacies of Decentralized Finance (DeFi) has kept millions of potential cryptocurrency users away from the web3 ecosystem due to its complexity.

For some people, the process of downloading a wallet app, figuring out how it works, getting Ethereum, and eventually buying gas is too complicated and intimidating. They’ve been on the fence about trying it out.

Despite the significant challenges to usability in the web3 ecosystem, the lure of substantial financial gains has kept it afloat. For those who believe they can make thousands or even millions through DeFi or the newest meme coin, creating a new digital wallet is just the beginning. However, for individuals without a speculative motivation, the difficult user experience may have deterred hundreds of thousands from joining the crypto community.

Fortunately, modern blockchain networks surmount the outdated constraints that existed when Ethereum was built, offering newcomers an almost seamless experience similar to Web2. Despite some persisting in focusing solely on speculation, these advanced blockchains are forging their unique paths. Over the long term, they may well outshine their competitors by providing a more effective solution.

Let’s check out some of these potential dark horses.

Vara Network’s Payless and Signless transactions

Vara Network is an advanced smart contract platform introducing new technology in WebAssembly-based smart contract architecture. This innovation results in the implementation of groundbreaking methods for creating and handling smart contracts. Consequently, it enables the processing of multiple transactions simultaneously, leading to improved efficiency compared to older blockchain networks.

On Vara, DApp creators have the option to cover the relatively small gas fees for users by issuing gas vouchers, thereby allowing users to use their applications without having to consider gas or transaction signing.

In simpler terms, Vouchers serve as a substitute for covering gas fees for an individual user in Ethereum. This convenience spares users from the hassle of obtaining gas tokens and the potential mishaps that can occur during account setup or token transfers.

With an system like Vara that can handle large volumes of data and offers customization, this method becomes even more cost-effective due to its affordability. The expense itself may be minimal, but the hassle of repeatedly adding inputs, or “filling the tank,” outweighs these costs significantly.

In conclusion, the unique “Signless” feature in Vara transactions is an exclusive development. It allows users to establish temporary accounts with a one-time setup process. Subsequently, each interaction occurs instantly without the need for additional confirmation, making it ideal for dynamic settings like gaming environments or sophisticated Binary Options and Perpetuals trading platforms.

Near Network’s Meta Transactions

In simpler terms, “Near,” a modern networking platform introduced in 2023 with WebAssembly technology, facilitates Meta Transactions – functional equivalents of zero-fee transactions on the Vara network.

Instead of using vouchers where users bear the responsibility of managing transactions themselves, meta transactions involve submitting each transaction to an intermediary relayer who processes and executes them on behalf of the user. While this setup necessitates a more complex infrastructure, it results in a simpler user experience. However, for dApps, the implementation process can be more challenging due to the additional operational requirements.

Just like Signless transactions, Near offers a streamlined FastAuth system for signing into the network through email or other Web2 identities, thereby lessening the need for wallet applications. Additionally, Near facilitates multiple cross-chain abstracts, making it more accessible for users transitioning from external blockchains.

Ethereum Account Abstraction and Adoption Potential

In the end, Ethereum is advancing its user experience with ERC-4337, or Account Abstraction proposal, which offers numerous applications but primarily prioritizes security. With this update, users will have more authority over their digital assets, leading to the widespread adoption of smart contract wallets featuring capabilities such as Web2 sign-in and customizable permissions.

Despite the fact that well-established blockchain networks face considerable challenges when it comes to adoption, the ERC-4337 proposal suggests an alternative method without requiring changes at the protocol level. Instead, it advocates for a new smart contract standard that introduces these advanced features. Previously, similar attempts have fallen short in Ethereum. For instance, the ERC-20 standard, which is the oldest and least sophisticated, has been surpassed by other standards like ERC-777 and ERC-1155. However, due to its inherent resistance to change, the large majority of tokens continue to be based on the outdated design. In simpler terms, the ERC-4337 proposal proposes a new smart contract standard that can add new features without changing the underlying blockchain protocol, but past efforts to implement such changes in Ethereum have been unsuccessful due to the network’s resistance to change and the dominance of older token designs.

Instead of starting with the existing Ethereum ERCs (Ethereum Request for Comments), new blockchain networks such as Vara have the advantage of beginning with a blank canvas. This allows them to more easily implement user-friendly design practices from the outset.

In the near future, we can anticipate an increase in users visiting the web3 ecosystem due to new technologies and platforms prioritizing superior consumer experiences.

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2024-04-08 16:37