Near Protocol's Illia Polosukhin says the Web3 space will see a transition from centralized exchanges to the decentralized and non-custodial.
Chain abstraction could induce the next transition of the crypto space and Web3, necessary for mainstream adoption, Near Protocol co-founder Illia Polosukhin said during an interview with The Block at the BUIDL Asia conference in Seoul, South Korea.
However, there may be a few issues to consider. During a fireside chat at BUIDL, Ethereum creator Vitalik Buterin raised a potential pain point of chain abstraction: as various chains become interconnected into a larger ecosystem, there could be a systemic risk of “desensitization” to security issues.
Buterin himself stressed the importance of account abstraction, which refers to the concealment of more technical details of on-chain applications for user-friendliness, yet remains heavily focused on providing both security and convenience.
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