Xion is a blockchain that uses the USDC stablecoin for payments. They have released a test version of their network that focuses on making it easier for people to use web3.
The network wants to allow people to join without needing to use wallets, signatures, or other usual steps. The team is planning to launch their mainnet in 2024.
With this launch, Xion also shared its whitepaper about generalized abstraction. This is a new technology called smart wallets that makes it easy for users to use crypto without having to download special wallets.
The solution helps new users get started on web3 apps by using methods they already know, like email, PassKeys, and cryptographic signatures used in regular IT. The network will mainly be used for making payments, connecting with others on social media, subscribing to websites and playing games.
Adding USDC into the system.
Xion is the first blockchain to use USDC stablecoin for pricing. This means that all items made with Xion will show prices in the stablecoin to be easy for people to use.
Xion’s company, Burnt, got more than $11 million from Animoca Brands, Circle Ventures, Multicoin, HashKey, Valor, and other investors.
Web3 is still hard for people to learn and can be scary. Users have to figure out how to use wallets, keep their seed phrases safe, and send money to long and complicated addresses. Banksy Burnt, the founder of Xion who goes by another name, said that Generalized Abstraction is a way to make using blockchain easier by simplifying everything, going further than just account abstraction.
Xion is made using Cosmos SDK.
The Xion testnet uses a system called Comet BFT consensus framework and the Cosmos SDK, which is a popular toolkit for developers. It is used for creating projects like Injective, Osmosis, and dYdX Chain.
In October, Xion said that when the mainnet launches, the network will have support from more than seventy-five partners. These partners will help users with things like getting started and managing online groups, as well as reducing fees.