Yashaswi Rao, Okto

Опубликовано: 23 Июль 2024
на канале: NEAR Protocol

Chain Abstraction Day at EthCC 2024 in Brussels on July 10th, bringing together NEAR and Agoric for our third installment in the year-long series.

Yashaswi Rao, Okto dives into the challenges and solutions for creating successful Web3 applications with a focus on chain abstraction. Discover how Okto is simplifying the development process, making decentralized apps more accessible and user-friendly, and driving the next wave of blockchain innovation.

Takeaways:
• Focus on Applications: The blockchain industry needs to prioritize building high-quality applications that provide real value to users rather than focusing solely on infrastructure and perfect decentralization.
• Challenges in Web3 Development: Building Web3 applications is difficult due to fragmentation, complexity, a lack of developers, and insufficient funding for consumer apps.
• Chain Abstraction as a Solution: Chain abstraction can bridge the gap, allowing developers to create applications without worrying about underlying blockchain complexities, similar to how HTTP works for web development.
• Okto's Approach: Okto provides a middleware chain that simplifies Web3 app development with pre-built intents and plugins, reducing the steps needed to perform transactions and improving user experience.
• Incentive Structures: Okto's token manages incentives by distributing transaction fees to creators of intents, destination chains, solvers, and users, ensuring a fair and sustainable ecosystem.

Timestamps:
0:00 - Introduction
Introduction to the topic of chain abstraction and its importance.
0:20 - The Importance of Great Applications
Discussion on the need for building valuable applications in the Web3 space.
0:52 - Challenges in Building Web3 Apps
Overview of the barriers to entry for Web3 app development.
1:26 - Web2 vs. Web3 Example (Amazon)
Comparison of building an application like Amazon in Web2 vs. Web3.
2:19 - Utilizing Existing Protocols
Encouragement to start using existing protocols to build decentralized applications.
2:56 - The Goal of Chain Abstraction
Explanation of chain abstraction and its benefits for developers.
3:32 - Okto's Role and Offerings
Introduction to Okto's middleware chain and its features for developers.
4:31 - Live Applications and User Experience
Description of Okto's current live applications and the seamless user experience they offer.
5:49 - Incentive Structures and Ecosystem
How Okto's token and incentive structures support a sustainable ecosystem.
6:36 - Network Architecture
Overview of Okto's network architecture and how it supports decentralized app development.
7:00 - Closing Remarks
Invitation to learn more about Okto and engage with the team.

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