Can we finally have a decentralized internet or are there still too many roadblocks?
Digital evolution never ceases to surprise. The transition from Web2 to Web3 is proving to be more than just an upgrade – it promises a new era of the internet, one that isn't controlled by a few tech giants, but instead is powered by many different blockchain-based solutions – for instance, blockchain scalability.
Once limited by low transaction throughput and high gas fees, it's now making huge leaps forward. New modular Layer 1 players have emerged. And the regulatory landscape is becoming clearer as Layer 2 solutions have reached maturity.
But this next-generation frontier still has a significant challenge ahead of it: user experience. Web3 applications are not yet as user-friendly as Web2 applications, and this is the commonly understood barrier to adoption. More intuitive interfaces and simplified workflows are needed to make Web3 more accessible to a wider audience.
Most dapps (decentralized applications) require crypto wallets. This can complicate Web3 for beginners.
Account abstraction wallets are making it easier for users to interact with Web3 applications. However, they can be difficult to integrate with other platforms, since they all have their own unique way of interacting with AA wallets. And users may need to learn how to use different integration methods for each platform.
This can be both frustrating and time-consuming.
How are we overcoming the challenges to make Web3 more user-friendly and accessible?
Meet Yubo Ruan: the driving force behind ParaX – the platform that aims to simplify Web3 for everyday users (more on that later).
Yubo started his tech career early, selling his first company while he was still in high school. But his entry into crypto is even more fascinating. By the age of 20, he was a co-founder at Skylight Investment, which is backed by big names like New Oriental (NYSE: EDU). Later, he dropped out of Stanford to manage 8 Decimal Capital, a crypto fund with a significant $60 million AUM.
But what's turning heads right now is his 2021 project, Parallel Finance. Aiming to bring DeFi into the hands of one billion users, it quickly became a major player in the Polkadot ecosystem, raising investments from leading VCs, including Polychain, Coinbase, Founders Fund, Sequoia and more. Not stopping there, Parallel later incubated ParaSpace, taking a leap into the booming NFT world.
With the combined team from both Parallel and ParaSpace –Yubo is setting his sights on a Web3 future that's user-friendly for all.
Bridging past success with future ambitions
Enter ParaX, the next step in Yubo’s journey. A Web3 super app aiming to empower users with its ecosystem encompassing multi-chain account abstraction, meta user interface, zkVM, cross domain intent-based LLM and more. As a result of the merger and rebranding between ParaSpace and Parallel Finance, ParaX is a broader, omni-chain platform with over $250 million in Total Value Locked (TVL) and 300,000 users.
Let’s take a look at ParaX's core offerings:
Multi-Chain Account Abstraction (MAA)
Instead of juggling multiple account attributes across various chains, MAA unifies them similar to centralized exchanges (CEXes). This streamlined approach brings several benefits:
- Unified Identity: A single identity can be authenticated and authorized across a wide DeFi spectrum, streamlining the process and giving users more data control.
- Simplified Management: ParaX deploys smart contracts to gather on-chain transaction and asset data from various target chains.
Meta-User Interface (MUI)
The Meta-User Interface (MUI) is a one-stop dashboard where users can interact with all of their favorite apps without getting bogged down in chain or app details.
- User-Centric Design: The platform offers a 'Simplified' version, stripping away any intermediate processes to offer only the essentials.
Those who prefer a more customized experience can choose dapps from the 'Professional' interface.
Cross Domain Intent-based LLM
The Cross Domain Intent-based Large Language Model translates intentions into actionable requests, encapsulating and hiding blockchain technical details, thereby lowering the entry barriers for users into Web3.
The aim is to comprehend users' intentions through natural language, translate them into desired goals and constraints and subsequently generate corresponding series of transactions. These transactions are then executed on multi-chain contract accounts, enabling transaction patterns across various application scenarios.
For example, if a user has trading needs on Uniswap and borrowing needs on Maker, they can combine these requirements using this approach.
Even if users lack a clear understanding of Web3, ParaX’s LLM can assist users in automating the execution of these operations and requirements.
The bedrock supporting ParaX's ambitious vision is the ParaVM – a zkVM infrastructure built for complex ParaX applications. ParaVM aims to improve and build upon existing zkVM projects like Risc Zero, Axiom and Hyper Oracle. Soon, ParaX will create an environment that encourages developers to create "mini apps" that add unique value to the ParaX ecosystem.
ParaX: A game-changer in the making
If we look back at how the internet has changed over time, we can get a hint about where it might be going next. Consider WeChat. It started as a basic chat app but grew into much more, with loads of features and services added over time, forming an application platform through mini-programs.
But even with all its growth, WeChat and other Web2 platforms had some limitations with data sharing and APIs, making it difficult to have a unified entry point
Web3 is different, not restricted by traffic island limitations from company-centric models. Instead, it can form an application platform through integrating multi-chain dapps. It’s built to be open and connected without the barriers holding back previous online platforms.
To sum it up, ParaX is in a strong position to make a big difference in Web3. They're taking the best parts of the open and connected nature of Web3 and building tools and services that regular people will want to use.
If you're curious about where the internet is going, keep an eye on ParaX. They're on a path to shape Web3's future, making it user-friendly and mainstream.