What Is Philosophical? The Consumer Crypto Blockchain From the Creators of Pudgy Penguins

Just a handful of Web3 manufacturers have managed to reach as many major consumers as NFT series Pudgy Penguins.

That’s why Igloo Inc. , the parent firm of Pudgy Penguins, is confident it can simulate its playbook with its new bitcoin Philosophical, an Ethereum layer-2 network that aims to be the leading bitcoin for customer crypto materials and software.

In this article, we’ll explore Abstract’s concept of “consumer crypto, ” and how and what it is building to bring the next billion users on-chain.

What is Intangible?

Abstract is a ZK-rollup and layer-2 blockchain built on the Ethereum system, designed to offer reduced transaction costs and higher flexibility for consumer-focused apps and materials.

Abstract is specifically designed to distinguish from the public purpose architecture that most chains utilize, and instead focuses first on matching developer and consumer interests via certain applications and protocols—like games and social platforms—and next move down openly towards famous on-chain activities like decentralized finance, or DeFi, and banking.

Intangible is EVM agreeable, meaning that it can run programs designed and built for the Ethereum blockchain. So, most active Ethereum-based bright contracts can be quickly ported to Abstract, enabling developers of previously built applications to offer their products to Abstract’s users with little modifications.

What is consumer crypto?

In an Abstract blog, Igloo Inc. and Pudgy Penguins leader Luca Netz explained his concept of “consumer crypto, ” which refers to “blockchain-powered applications that serve billions of people in their everyday lives for personal use. ”

In other words, applications that the average person is most likely to use on any given day—like games, or social platforms. Netz referenced OpenSea, an NFT and digital collectibles marketplace, and Pump. fun, a meme coin and social trading platform, as two examples of successful consumer crypto platforms.

Other popular consumer crypto applications include casinos, prediction markets, and betting sites.

Who is building Abstract?

Abstract is being built by Igloo Inc, the parent company of the Pudgy Penguins NFT project, and Cube Labs, utilizing zero-knowledge ( ZK ) technologies or cryptographic proofs that help to verify transactions in a more secure, private way.

In June 2024, the company announced the acquisition of the unlaunched, NFT-focused layer-2 network Frame and its development team to help build Abstract.

Subsequently, the firm announced an$ 11 million fundraise, led by Founder’s Fund with participation from other Web3 venture capital firms like 1kx and Fenbushi Capital.

What’s so special about Abstract?

Abstract’s goal of bringing everyday people on-chain has led to multiple new developments that differentiate it from other blockchains.

Abstract Wallet

Abstract has developed its own global wallet for use on-chain, utilizing new developments in account abstraction to allow users to create a wallet that needs no extension or secret phrase, and does not require gas fees.

The Abstract global wallet makes use of passkeys to enable users to sign in without an email address or complex password, making it easier for users without a strong technical background to get started.

An example from the Abstract team showcases a user signing in and minting an NFT in just four clicks, far fewer than would be required in most scenarios on-chain today.

Panoramic Governance

Abstract has introduced Panoramic Governance, a new type of governance design aimed at better aligning the interests of developers and consumers on the blockchain.

Panoramic Governance aims to actively incentivize governance participation and voting, while also directly rewarding the protocols that are most beneficial to the blockchain.

It does this by sharing fees with active voters and letting them decide which projects should get extra support, creating a cycle where everyone benefits by working together.

Which apps will be on Abstract?

The burgeoning Abstract ecosystem includes games, trading platforms, social products that have committed to opening when the Abstract mainnet goes live. Below we’ve compiled a list of just some of what Abstract will offer upon launch.

Games

Games committed to building on Abstract include fantasy sports like Prospect Sports and in-real-life ( IRL ) discovery and treasure hunts like RealGo. Other games like Duper, a poker-meets-Catan strategy game, and idle RPG Onchain Heroes are slated to launch on Abstract as well.

Social, IP, and NFTs

Social platforms like Multiplier. fun, a new take on a classic casino game, and NFT projects like Canna Sapiens have committed to Abstract.

Other projects looking to make Abstract their home include the swipe-based, Tinder-like prediction market Swipe and token launchpad Zoo. fun.

Infrastructure

Abstract’s infrastructure will host established Web3 products like Magic Eden, which will allow for trading of Abstract NFTs upon the mainnet launch. Popular blockchain analytics suite Dune Analytics, and LayerZero, a cross-chain messaging platform for interoperability between chains, will support Abstract on day one.

When will Abstract go live?

Currently Abstract is only available via testnet, with a mainnet launch expected in January 2025.

What benefits will exist for Abstract?

Abstract will make use of its own native reward mechanism, providing users, builders and creators with “XP. ”

Similar to credit card reward points or video game-style mechanics, users will earn XP by interacting with the blockchain and its applications, which will then accumulate and allow users to level up based on their experience.

XP will be rewarded to users each week based on their actions on Abstract. It has not been shared whether or not XP will have any connection to an Abstract token, should there be one.