Xion, a blockchain that uses the USDC stablecoin as its default payment currency, has launched its testnet focused on “general abstraction,” an infrastructure solution to remove the complexity of Web3 user experiences.
The network aims to onboard users without directly using wallet accounts, signatures or other typical processes. The team is aiming for a mainnet release in 2024.
With this launch, Xion also released its general abstraction whitepaper. This is an extended form of account abstraction technology, also known as smart wallets, that allows users to bypass the need to download crypto wallets.
The solution focuses on introducing users to web3 apps using familiar methods such as email, PassKeys, and any cryptographic signature scheme used in traditional IT. The network will focus on use cases around payments, social communities, web subscriptions and games.
Integrate USDC
Xion is the first blockchain to integrate USDC stablecoin into the infrastructure stack for trusted prices. This means that all products built on Xion will display prices in the stablecoin to make them easy to use.
Xion’s development company Burnt has raised more than $11 million from Animoca Brands, Circle Ventures, Multicoin, HashKey, Valor and others.
“Web3 still has a steep learning curve and puts off users who need to learn how to operate wallets, secure seed phrases, and send transactions to hexadecimal addresses. Generalized Abstraction is a step beyond account abstraction as we aim to streamline all aspects of blockchain usage,” said Banksy Burnt, the pseudonymous founder of Xion.
Xion was developed with Cosmos SDK
The Xion testnet is based on the Comet BFT consensus framework and the Cosmos SDK, a popular developer toolkit and software package used in developing projects such as Injective, Osmosis and dYdX Chain.
In October, Xion announced that at mainnet launch, the network will be supported by an ecosystem of more than seventy-five partners that aim to provide users with key features from onramp to managing on-chain communities and fee abstraction .