A Brief Analysis of the New L1 Public Chain XION: A Catalyst for Web3 Mass Adoption?

"If everyone is looking for the benefits of decentralized ownership, then why is the Web3 industry still struggling to find a path to mass adoption?"

People have been talking about the potential of Web3 for years, but when it comes to user adoption, we seem to have only scratched the surface. Currently, there are two challenges to Web3 adoption in the mainstream world—functional barriers and cultural barriers. XION, the new L1 public chain, was born to solve these two problems. Let's go through this article to get a comprehensive look at XION's vision and how it can help Web3 achieve mass adoption.

XION: L1 Networks Specialized in Abstracting Cryptographic Complexity

Speaking of XION, we have to mention its developer, Burnt.

Burnt's journey in Web3 began with the burning of Banksy's paintings. In March 2021, Twitter account BurntBanksy's painting "Morons (White)" was burned live on Twitter and issued it as an NFT, with the aim of transferring the value of the physical painting to the NFT. And the purpose of this act is to inspire more artists to explore NFTs. In the year since, Burnt has focused on creating a no-code product for creators, Burnt Finance, and an early NFT standard.

Along the way, Burnt has seen firsthand how NFTs have reached a bottleneck, with the Web3 industry unable to adopt it on a large scale due to complexity. "Keeping real users out while making us feel superior in the niche" is definitely not the end of Web3.

As a result, Burnt built XION, an L1 blockchain that abstracts cryptographic complexity, on top of Cosmos to overcome adoption scalability limitations due to cryptography. XION enables a frictionless user experience while retaining the core characteristics of Web3—decentralization, transparency, verifiable ownership, and more.

XION's purpose is to help Web3 be adopted at scale by addressing the functional and cultural barriers to optimizing Web3. By focusing on user experience, accessibility, and scalability, XION aims to unleash the full potential of blockchain technology by creating an ecosystem that empowers developers and users alike.

In addition, Cosmos' Inter-Blockchain Communication (IBC) protocol allows XION, ecosystems, and applications to quickly integrate other application chains and their associated applications. For example, if a product requires a private user state, XION can connect to the Secret network. If a product requires DeFi, XION can connect to both the Injective Chain and the Osmosis Chain. For fiat assets and non-Cosmos ecological assets, Cosmos has Axelar chain and Noble chain, etc. Cosmos' "interchain" enables XION to immediately provide users with more functionality and paves the way for developers on XION to create new use cases.

And as for what innovations XION has brought to the table in terms of infrastructure and functionality, perhaps let's go back to the topic of this article and find the answer from the question "What are the barriers to Web3 mass adoption".

**Web3 Obstacle 1: Complex and Beginner-Friendly Features

For new users using Web3 applications for the first time, it can take up to 15 complex steps and days to successfully complete the interaction. From figuring out which wallet app to download to having the necessary funds to submit a transaction, it's no surprise that the churn rate is as high as 95%. With the proliferation of new L1 blockchains, it will be even more unbearable for new users. These issues have become a breeding ground for scammers, stealing assets from new users, and reinforcing the mainstream world's bad perception of the Web3 industry.

While user education can help make the process of using a Web3 app for the first time more approachable, it's clear that it's not a solution on its own. Just like Web2, Web3 shouldn't require new users to have knowledge of encryption in order to benefit from it.

HOW DOES XION SOLVE THE ABOVE PROBLEMS?

XION is an L1 built from the ground up, fully optimized for the user experience.

The entry process does not have to be CEX → onchain

Currently, it usually takes more than 15 steps for a new user to purchase an item on-chain. The first step is to set up an on-chain wallet, then register a centralized exchange (CEX), verify your identity, and then transfer funds from the CEX to the on-chain wallet, exchange them for the correct token in the DEX, and so on, before you can make a purchase.

However, on XION, users can use credit/debit cards to purchase goods directly on-chain, with an authorization rate of over 95%, which can reach about 6 billion credit/debit card holders instantly. Not only does this eliminate the complexity of user usage, but it also provides a truly Web2-like e-commerce site buying experience.

No Gas Fees

Another major obstacle to adoption for new users is gas fees, as this forces them to have the native token of a certain chain in order to transact.

XION completely removes this barrier with gas-less trading, allowing new users to start interacting with on-chain applications right away.

Complexity of Abstract Wallet

The complexity of traditional crypto wallets is known to have led to a drop in user adoption of more than 95%. They require users to download browser plug-ins, make complex settings, pop-up windows on each transaction, and require users to securely store their seed phrases, a user experience that discourages most non-technical/professional users.

To solve this problem, XION completely abstracts the entire on-chain crypto wallet, eliminating the need to download a plugin, and new users can seamlessly interact with the application by simply creating an MPC wallet using their email. Crypto-native users can also interact with XION using any wallet of their choice. XION can meet the needs of all audiences.

Support Phones

In many ways, supporting better operations on mobile is also one of the avenues for Web3 to truly adopt at scale.

However, many current crypto wallets are not able to switch freely between PC and mobile, switching devices still require re-importing the seed phrase, and the wallet in-app browser UI/UX performance is very poor.

XION ensures mobile support through the "complexity of abstract wallets" mentioned above. In addition, it allows logins to be separated from assets, creating a secure path for users to interact with new applications without putting their assets at risk. Essentially, it allows users to access the XION ecosystem anytime, anywhere, securely.

WithUSDC** Pricing

As we all know, there are thousands of cryptocurrencies with highly volatile prices within the Web3 industry, and it can be very confusing for new users to understand the pricing of an asset/product.

With the support of USDC issuer Circle, XION will be the first blockchain to use USDC as the primary trading currency. All products built on XION will be priced in USDC, allowing new users to seamlessly use the familiar form of fiat currency pricing.

Web3 Obstacle 2: **** is not "indigenous" and it is difficult to understand the terminology?

In addition to functional barriers, there are cultural barriers to Web3 mass adoption.

Imagine if your first encounter with Crypto is like entering a new universe, full of unfamiliar terminology, confusing ecosystems/applications/tokens, and complex user experiences. In addition, the mainstream world's perception of cryptocurrencies has been bogged down by misconduct by bad actors, high-profile scam news.

HOW DOES XION SOLVE THE ABOVE PROBLEMS?

XION was designed from the ground up with abstract cryptographic complexity at its core.

Abstract Terms

To make Web3 easier for new users, either replace complex terms with the most basic, easy-to-understand ones, or abstract them entirely.

XION is committed to simplifying and removing technical and industry-specific terms, which are critical to enhancing the user experience and enabling broader adoption.

Increased Credibility

Given the widespread skepticism about cryptocurrencies in the mainstream world, building trust is one of the most important factors in reaching a wide audience. This is also the reason why XION has strategic cooperation with many well-known companies in the field of Web2 and Web3. For instance, well-known Web3 companies/investors such as Animoca and Circle Ventures have invested in XION, partnering with companies such as Web2 giants Checkout.com, Stytch, and Stripe.

Omit education for new users

XION's unique infrastructure removes all complexity for users and plays a key role in removing barriers not only in terms of functionality, but also in terms of culture. For example, whether it's no gas fees, abstract wallet complexity, or using a bank card to purchase goods directly on-chain, the complexity of the interaction can be greatly reduced, eliminating the traditional education required for users to interact with the application.

Conclusion

Creating a robust, functional infrastructure that enables innovative users is just a small part of the challenges Web3 currently faces. To truly usher in mass adoption, we must also build a layer of user interaction that is as intuitive and popular as Web2 platforms.

XION promises to be a catalyst for the mass adoption of Web3, with a mission that goes beyond mere technological advancement to lay the groundwork for a "Web3 cultural revolution."