This article is from Coindesk, compiled by Odaily
Can we have a decentralized Internet? What are the obstacles?
Transitioning from Web2 to Web3 is not just a technical upgrade, it promises a new era for the internet - a future driven not by a few tech giants but by various blockchain-based solutions.
The crypto market has made significant progress. New modular Layer 1 participants have emerged. And with mature Layer 2 solutions, the regulatory environment has become clearer.
However, this new frontier still faces a major challenge: user experience. Web3 applications are not user-friendly like Web2 applications, which is widely considered a barrier to mass adoption. Users need more intuitive interfaces and simplified workflows to make Web3 more accessible to the general public.
Most decentralized applications (dapps) require crypto wallets, which increases the entry barrier for Web3 beginners. Although Account Abstraction (AA) wallets are making it easier for users to interact with Web3 applications. But because each program has its own unique way of interacting with AA wallets, integrating them into other platforms can be difficult. Users then need to learn how to use each platform, which is both difficult to get started with and time-consuming.
How to overcome these challenges and make Web3 more user-friendly?
Let's meet Yubo Ruan: he is the driving force behind ParaX - a platform that aims to simplify Web3 for ordinary users (more details will be provided later).
Yubo started his tech career early, selling his first company in high school. But his journey into the crypto field is even more interesting. At the age of 20, he became a co-founder of Skylight Investment, a company backed by big players like New Oriental Education (NYSE: EDU).
Later, he dropped out of school and managed Bawei Capital, a crypto fund with $60 million in assets under management. What we know him for is his project Parallel Finance, founded in 2021, which aims to bring DeFi to 1 billion users. It quickly became an important player in the Polkadot ecosystem, attracting leading venture capital firms such as Polychain, Coinbase, Founders Fund, and Sequoia. Additionally, Parallel incubated ParaSpace and entered the NFT world.
Today, with the combined team from Parallel and ParaSpace, Yubo is looking towards a Web3 future that is user-friendly for the masses.
Combining Past Success with Future Ambitions
ParaX is the next step in Yubo's journey. ParaX is a Web3 super app designed to empower users, with an ecosystem driven by multi-chain account abstraction, meta-user interfaces, zkVM, cross-domain intent-based LLM, and more. It is the result of the merger and rebranding of ParaSpace and Parallel Finance. ParaX is a broader cross-chain platform with a total value locked (TVL) of over $250 million and over 300,000 users.
Let's explore the core elements of ParaX:
Multi-Chain Account Abstraction (MAA)
MAA integrates the attributes of multiple accounts on multiple chains, similar to a centralized exchange (CEX). This simplified approach brings several benefits:
Unified Identity: Allows for identity verification and authorization of a single identity across a wide range of DeFi, streamlining processes and giving users more control over their data.
Simplified Management: ParaX deploys smart contracts to collect on-chain transactions and asset data from various target chains.
Meta User Interface (MUI)
The Meta User Interface (MUI) is an all-in-one dashboard where users can interact with all their favorite applications without getting bogged down in the details of the chains or applications.
Key Features:
User-Centric Design: The platform offers a "simplified" version that removes any intermediary processes and only presents necessary content.
Users who prefer a more customized experience can choose "professional" interfaces within dapps.
Cross-Domain Intent-Based LLM
The cross-domain intent-based large language model transforms intent into executable requests, encapsulating and hiding blockchain technology details to lower the entry barriers for users into Web3.
The goal is to understand the user's intent through natural language and translate it into desired goals and constraints, generating a corresponding series of transactions. These transactions are then executed on the multi-chain contract accounts, enabling transaction patterns in various application scenarios.
For example, if a user has a trading requirement on Uniswap and needs to borrow on Maker, they can use this approach to combine these needs.
Even without a systematic understanding of Web3, ParaX's LLM can help users automatically execute these operations and fulfill their requirements.
Infrastructure: ParaVM
Support & nbsp; ParaX's ambitious vision is the & nbsp; ParaVM - a & nbsp; zkVM & nbsp; infrastructure built for complex & nbsp; ParaX & nbsp; applications. ParaVM & nbsp; aims to improve and establish existing & nbsp; zkVM & nbsp; projects such as & nbsp; Risc Zero, Axiom & nbsp; and & nbsp; Hyper Oracle. Soon, ParaX & nbsp; will create an environment that encourages developers to create "mini-applications" that add unique value to the ParaX & nbsp; ecosystem.
ParaX: Changing the Game & nbsp;
If we look back at the changes that have occurred on the Internet over time, we can understand where it is headed in the future.
For example, WeChat, which was initially a basic messaging app, has added many features and services over time, forming an application platform formed by mini-programs. But even in all of this growth, WeChat and other Web2 platforms have limitations in terms of data sharing and & nbsp; APIs, which makes it difficult to have a unified entry point. Web3, on the other hand, is different and not limited by a company-centric model.
Instead, it can form an application platform by integrating multi-chain & nbsp; dapps. It is designed to be open and connected, not limited by the platform.
In conclusion, ParaX & nbsp; is in a powerful position and will have a significant impact in Web3. They are leveraging the advantages of being open and connected in Web3 and are building tools and services that are user-friendly and mainstream.
If you are curious about the future of the Internet, pay attention to & nbsp; ParaX. They are paving the way for shaping the future of Web3, making it user-friendly and mainstream.
