Inspired by the Burnt Banksy masterpiece, built using Cosmos SDK, a popular blockchain developer toolkit, and financially backed by Circle, the issuer of centralized USDC coin, XION blockchain is an interesting player in the Layer 1 blockchain space.

XION's public testnet launched in October 2023. In its product proposition, XION focused on Generalized Abstraction, an infrastructure solution that abstracts various technical details across different aspects of blockchain interaction. This includes account management and interoperability between different blockchains, ensuring a consistent user experience across multiple devices. The aim is for XION to seamlessly bridge the gap between traditional web applications and the blockchain, removing technical barriers and promoting wider adoption.

Generalized Abstraction and Chain Abstraction are two distinct concepts in Xion's terminology. While chain abstraction focuses on making individual blockchain interactions more user-friendly, generalized abstraction is an expansion of the Account Abstraction concept and provides a comprehensive framework that simplifies the entire process of developing, managing, and using blockchain applications.

One of the components of the XION's Generalized Abstraction framework is its Meta Accounts, smart contract accounts that redefine how users interact with the blockchain by eliminating the need for users to manage complex private keys directly. This significantly reduces the risk of user error and enhances security. Meta Accounts offer a suite of robust functionalities, including key rotation, multi-factor authentication, account recovery, and seamless cross-device usage.

Aiming to simplify the development process for developers, XION's Generalized Abstraction also provides easy-to-use APIs and SDKs. This eliminates the need for in-depth blockchain knowledge, making it easier to build user-friendly applications on the platform. Ultimately, it aims to drive broader adoption by making blockchain technology more approachable and accessable.

Interestingly, XION has no native token and uses USDC (USD Coin) as its primary transactional currency. This is the first blockchain that uses a stablecoin for internal transactions and is the first to use USDC in such a design. The plan is that stablecoin will ensure consistent pricing across all user interactions, eliminating the volatility commonly associated with native cryptocurrencies.

On May 30, XION launched the beta of EarnOS, a double-sided marketplace for digital advertising using Web3 technology. EarnOS's primary goal is to transform the $1 trillion digital advertising industry by addressing its pervasive security issues and inefficiencies. The platform has already secured over $6 million and onboarded over 400 creators.

Powered by XION's Chain Abstraction concept, it provides a seamless Web3-like experience, enabling over 35 brands, such as BMW, Uber, Baskin-Robbins, Sunglass Hut, and The North Face, to engage and reward their users. EarnOS allows users to interact within the blockchain space by earning USDC micropayments without deep crypto knowledge.

"We've identified the growing complexities and issues surrounding the traditional forms of digital advertising and built a platform that solves all of it. Companies and consumers don't care about Web3, so we utilize the best parts and abstract away the complexity to facilitate seamless user and payment experiences where incentives are aligned for all participants" - Phil George, Founder and CEO

XION completed a $25 million funding round in April, with participation from prominent investors such as Animoca Brands, Nomura’s Laser Digital, Multicoin Capital, Arrington Capital, and Draper Dragon. The funds will accelerate the development of XION's ecosystem and support its mission to make blockchain technology accessible to everyone.

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