Bell Curve

The Chain Abstraction Thesis | Season 7 Episode 3 | Sam & Illia

Feb 13, 2024

Sam Hart and Illia Polosukhin join the hosts to discuss chain abstraction and its role in interoperability solutions. They explore topics such as user funds in cross-chain architectures, the use of zero-knowledge proofs, and the tradeoffs between shared security and chain sovereignty. They also touch on topics like wrapped Bitcoin, simplifying bridge implementation, the evolution of wallets, and the future of rollups.

01:54:17

Episode guests

Sam Hart

Illia Polosukhin

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Highlights

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Chain abstraction aims to simplify the user experience in blockchain transactions by abstracting away the complexities of cross-chain interactions and providing a seamless user experience.

Different blockchain projects, like Cosmos and Near, are exploring various approaches to chain abstraction, with Cosmos focusing on interconnected chains and Near treating each account as a separate chain, both striving to simplify cross-chain transactions and provide a user-friendly experience.

Security and practicality are crucial considerations in implementing chain abstraction solutions, with techniques like rollups and ZK-based technologies being utilized to enhance security, and a focus on fulfilling user intents through off-chain mechanisms and relayers to improve practicality.

The success of the web3 ecosystem relies on community, app adoption, and shared security, with runaway applications shaping user experiences, different communities learning from successful apps, and the need for coordination and trust between ecosystems.

Deep dives

Chain Abstraction: Simplifying Cross-Chain Transactions

Chain abstraction is a concept that aims to simplify the user experience when interacting with different blockchain networks. It allows users to transact seamlessly across multiple chains without needing to understand the underlying technical details. The goal is to provide a similar experience to using traditional centralized platforms, where users don't need to worry about which chain their assets are on or the technical infrastructure behind the scenes. This can be achieved through protocols that enable secure message passing between chains and the use of relayers or intent-based systems. By abstracting away the complexities of cross-chain transactions, chain abstraction aims to make blockchain technology more accessible and user-friendly.

Optimizing Ethereum Bridges for Yield Generation

01:21

Blockchain Trust Zones and Interoperability Challenges

01:30

Introduction

2min

Chain Abstraction and Users' Experience with Web3 Apps

12min

Payment Models and Chain Abstraction in Cosmos

18min

Upcoming conference, bridging complexity, and drawbacks of protocol constraints

3min

Wrapped Bitcoin vs Bitcoin Comparison

6min

Practical Security Challenges and Simplifying Bridge Implementation

2min

Ethereum's Business Model and the Evolution of Rollups

12min

The Future of Wallets and Chain Abstraction

19min

Wrapping up a Conversation on Projects and Future Conversations

2min

10.

Intent in Chain Abstraction and Account Abstraction within the Cosmos Ecosystem

5min

11.

NEAR as a Bridge for Trading NFTs

10min

12.

Exploring Roll Up Ecosystems and Optimizing Yield

17min

13.

Chain Abstraction and ZK Proofs

7min

Season 7 | Episode 3

In today's episode Mike and Hart are joined by Sam Hart of Skip Protocol and Illia Polosukhin to dive into the world of chain abstraction. They discuss the consensus around the need for intent-based interoperability solutions, the incentives (or lack thereof) for ecosystems to be interoperable, and predictions around rollup consolidation and abstraction. Other topics covered include how user funds could be escrowed and verified in cross-chain architectures, the role of zero-knowledge proofs as a critical connecting infrastructure, and the tradeoffs between shared security and chain sovereignty. Stay tuned for all of this and much more!

Follow Ilia: https://x.com/ilblackdragon

Follow Sam: https://x.com/hxrts

Follow Hart: https://twitter.com/hal2001

Follow Mike: https://twitter.com/MikeIppolito_

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- -

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Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!

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Timestamps:

(0:00) Interview Start: What is Chain Abstraction?

(5:15) Cosmos Cross Chain Vision

(18:07) NEAR Account Aggregation Vision

(31:21) DAS London Ad

(32:25) Unbridging Crypto Ecosystems

(41:48) Exporting ETH as Money

(59:39) Where will users lock in?

(1:05:34) Endgame UX & Infrastructure

(1:14:26) Outro

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

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Bell Curve

The Chain Abstraction Thesis | Season 7 Episode 3 | Sam & Illia

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Chain Abstraction: Simplifying Cross-Chain Transactions

Multiple Approaches to Chain Abstraction

The Security and Practicality of Cross-Chain Transactions

The Future of Chain Abstraction

Chain abstraction and embedding wallets in apps

The question of who owns the user's experience

The role of ZK proofs in cross-chain settlement

The importance of community and app adoption

Optimizing Ethereum Bridges for Yield Generation

Blockchain Trust Zones and Interoperability Challenges

Remember Everything You Learn from Podcasts