During an interview at the BUIDL Asia conference in Seoul, South Korea, Near Protocol co-founder Illia Polosukhin emphasized the pivotal role of chain abstraction in propelling the crypto space and Web3 towards mainstream adoption.

Chain abstraction entails application developers streamlining the intricate layers of Web3 technology to enhance the end-user experience. This concept essentially removes the complexities of blockchain from the user interface. For instance, on blockchain networks like Near, users can create and recover accounts using email addresses instead of cumbersome seed phrases.

Polosukhin explained, “The idea is that blockchains must be abstracted away from the user so they are not barriers to entry or participation.”

However, there are considerations to bear in mind. During a fireside chat at BUIDL, Ethereum creator Vitalik Buterin highlighted a potential concern with chain abstraction: as various chains interconnect within a broader ecosystem, there could be a systemic risk of “desensitization” to security issues.

Acknowledging this, Polosukhin conceded that end-users might become less aware of security risks with chain abstraction. Nevertheless, he expressed confidence that the Web3 space would continue to evolve towards more decentralized, secure systems.

He further emphasized the importance of account abstraction, which conceals technical details of on-chain applications to enhance user-friendliness while prioritizing security and convenience.

Recently, the Near Foundation launched Chain Signatures, a protocol enabling users to sign transactions on third-party blockchains from a single Near account. This protocol is currently live on Near’s testnet, with a mainnet launch anticipated by early May.

Polosukhin foresees a transition from centralized exchanges to decentralized applications, offering users comprehensive access to various functionalities within a unified platform.

Regarding the intersection of blockchain and artificial intelligence (AI), Polosukhin highlighted blockchain’s potential to mitigate potential issues arising from AI proliferation. He underscored the need for cryptography and blockchains to defend against malicious uses of AI, citing concerns raised by the U.S. government regarding AI utilization for illicit cyber activities.