# Abstract > Abstract is an Ethereum Layer 2 blockchain utilizing ZK rollups for scalable, low-fee transactions, enhancing user-friendly, consumer-focused applications. - Canonical URL: https://iq.wiki/wiki/abstract - Categories: Organizations - Tags: Layer 1 - Created: 2024-10-27T15:17:29.785Z - Last updated: 2024-10-29T04:31:17.508Z - Source: IQ.wiki — the world's largest blockchain and crypto encyclopedia (https://iq.wiki) --- **Abstract** is a [Layer 2](https://iq.wiki/wiki/layer-2) [blockchain](https://iq.wiki/wiki/blockchain) on [Ethereum](https://iq.wiki/wiki/ethereum) that aims to support consumer-focused [blockchain](https://iq.wiki/wiki/blockchain) applications by providing secure, efficient transactions and lower fees.[\[1\]](#cite-id-p8xauexs34)[\[2\]](#cite-id-z8586fxpmb) # Overview Abstract is a [Layer 2](https://iq.wiki/wiki/layer-2) network built on [Ethereum](https://iq.wiki/wiki/ethereum), designed to provide a secure platform for consumer-oriented blockchain applications with low fees and fast transaction speeds. It utilizes [zero-knowledge (ZK) rollup](https://iq.wiki/wiki/zk-rollup) technology to achieve scalability by executing transactions off-chain, batching them, and verifying these batches on [Ethereum](https://iq.wiki/wiki/ethereum) using [ZK proofs](https://iq.wiki/wiki/zero-knowledge-proofs-zkps). Abstract aims to enhance the user experience through seamless onboarding, improved app discoverability, and a cohesive ecosystem. It is developed through collaboration between Cube Labs, the [Pudgy Penguins](https://iq.wiki/wiki/pudgy-penguins) team, and Frame. Co-invented by [blockchain](https://iq.wiki/wiki/blockchain) entrepreneurs Michael Lee, [Luca Netz](https://iq.wiki/wiki/luca-netz), and Lorenzo Melendez, Abstract is engineered by [web3](https://iq.wiki/wiki/web3) developers Cygaar, 0xbeans, and stinkypablo. The network emphasizes community and cultural relevance, seeking to bridge the gap between [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) and mainstream adoption. By prioritizing user-friendly experiences and leveraging cutting-edge ZK cryptography, Abstract plans to create an accessible environment for a broader audience, while being fully [EVM](https://iq.wiki/wiki/ethereum-virtual-machine-evm)-compatible to facilitate the integration of existing [Ethereum](https://iq.wiki/wiki/ethereum) applications.[\[1\]](#cite-id-p8xauexs34)[\[3\]](#cite-id-w2wjhudsbcc)[\[4\]](#cite-id-dmjjzq91dpm)[\[14\]](#cite-id-bpdsfzpj6f)[\[15\]](#cite-id-9cwthjt78i4) # Products ## Panoramic Governance Abstract Chain features [Panoramic Governance (PG)](https://iq.wiki/wiki/panoramic-governance-pg), a mechanism designed to align the interests of users, applications, and chain operators. PG addresses the misalignment often found in [Layer 2](https://iq.wiki/wiki/layer-2) [blockchains](https://iq.wiki/wiki/blockchain) through two interconnected systems: one that rewards governance participants and another that incentivizes app builders. The first system aims to distribute sequencer fees to governance participants based on user engagement, while the second allows them to allocate token emissions to applications that provide value. PG seeks to enhance collaboration within the ecosystem and applies to any [L2](https://iq.wiki/wiki/layer-2) [blockchain](https://iq.wiki/wiki/blockchain) incorporating a [governance token](https://iq.wiki/wiki/governance-tokens) and sequencing capabilities.[\[10\]](#cite-id-6x57qnu82u9)[\[11\]](#cite-id-3izswrtxvma) ![GaMWQ7qWEAAnmKw.jpeg](https://ipfs.everipedia.org/ipfs/QmVotRAcUnJv1GAdYLBBbDYibyVj58AuUZkod5UZRTUofW) ## Abstract Global Wallet Abstract Chain offers the Abstract Global Wallet (AGW), which aims to facilitate cross-application interaction through native account abstraction. Users can create an account using methods such as email or social accounts. The AGW creation process involves generating an externally owned account (EOA) during sign-up, followed by deploying a [smart contract ](https://iq.wiki/wiki/smart-contract)wallet that includes the EOA as an authorized signer. Key features include support for multiple signers, account recovery options, and transaction fee sponsorship. The wallet employs Shamir’s Secret Sharing, requiring two out of three key shards for access, thereby aiming to enhance security and flexibility within the ecosystem.[\[12\]](#cite-id-ybrrcdvm7b8)[\[13\]](#cite-id-yuf378o03u) # Architecture ## Layer 2 Abstract Chain functions as a [Layer 2](https://iq.wiki/wiki/layer-2) [blockchain](https://iq.wiki/wiki/blockchain) on [Ethereum](https://iq.wiki/wiki/ethereum), aiming to improve transaction speed and reduce costs by leveraging [Ethereum’s](https://iq.wiki/wiki/ethereum) security framework. As a[ ZK Rollup](https://iq.wiki/wiki/zk-rollup) built with the ZK Stack, it batches and verifies transactions on [Ethereum](https://iq.wiki/wiki/ethereum) using [zero-knowledge proofs](https://iq.wiki/wiki/zero-knowledge-proofs-zkps), which seeks to enhance efficiency while maintaining security.[\[5\]](#cite-id-amo28axuqqs) ## Transaction Lifecycle Abstract Chain processes transactions in four phases, utilizing off-chain components and smart contracts on [Layer 1 (L1)](https://iq.wiki/wiki/layer-1) and [Layer 2 (L2)](https://iq.wiki/wiki/layer-2) to ensure security: 1. **Execution**: The transaction is executed, and the sequencer aims to create a batch. 2. **Commitment**: Batches are committed to [Ethereum](https://iq.wiki/wiki/ethereum) as a state diff through the commitBatches function. 3. **Validation**: A [zero-knowledge proof](https://iq.wiki/wiki/zero-knowledge-proofs-zkps) is generated off-chain and aims to be verified on the [L1](https://iq.wiki/wiki/layer-1) rollup contract. 4. **Finalization**: The state is finalized on [Ethereum](https://iq.wiki/wiki/ethereum) by executing the executeBatches function, which saves the Merkle tree with [L2](https://iq.wiki/wiki/layer-2) logs.[\[6\]](#cite-id-33yf7ipcruo) ## Sequencer The sequencer in Abstract aims to manage [Layer 2](https://iq.wiki/wiki/layer-2) transactions by receiving, processing, and organizing them into batches for submission to [Ethereum](https://iq.wiki/wiki/ethereum). It features an RPC that provides an [API](https://iq.wiki/wiki/apis) for client interactions through HTTP and WebSocket for real-time updates. Furthermore, the [ETH](https://iq.wiki/wiki/ether-eth) Operator monitors [Layer 1](https://iq.wiki/wiki/layer-1) for events and batches multiple [Layer 2](https://iq.wiki/wiki/layer-2) transactions for dispatch to [Layer 1](https://iq.wiki/wiki/layer-1), ensuring secure and efficient processing.[\[7\]](#cite-id-3jfpu0x6ktf) ## Prover and Verifier The prover and verifier components of Abstract use [zero-knowledge (ZK) proofs](https://iq.wiki/wiki/zero-knowledge-proofs-zkps) to validate transaction batches. An off-chain prover generates a[ ZK proof](https://iq.wiki/wiki/zero-knowledge-proofs-zkps), which is then verified by an on-chain verifier in the [Layer 1 (L1)](https://iq.wiki/wiki/layer-1) rollup contract. The process includes collecting witness data, executing circuits to create the proof, and compressing it into a [ZK-SNARK](https://iq.wiki/wiki/zk-snark) for efficient verification on [Ethereum](https://iq.wiki/wiki/ethereum). This ensures transaction validity while leveraging [Ethereum's](https://iq.wiki/wiki/ethereum) security.[\[8\]](#cite-id-45hslpqm2io) ## L1 Rollup Contracts The [L1](https://iq.wiki/wiki/layer-1) rollup contracts of Abstract Chain consist of [smart contracts](https://iq.wiki/wiki/smart-contract) deployed on [Ethereum](https://iq.wiki/wiki/ethereum) that aim to secure and verify the state of the [Layer 2 (L2)](https://iq.wiki/wiki/layer-2) network. They inherit [Ethereum's](https://iq.wiki/wiki/ethereum) security properties by storing state diffs, verifying validity proofs submitted by the [L2](https://iq.wiki/wiki/layer-2), and facilitating communication between [Layer 1](https://iq.wiki/wiki/layer-1) and [Layer 2](https://iq.wiki/wiki/layer-2) for cross-chain messaging and bridging.[\[9\]](#cite-id-zst3porqp) # Funding In July 2024, Igloo Inc., the parent company of [Pudgy Penguins](https://iq.wiki/wiki/pudgy-penguins), secured over $11 million in funding, primarily from Founders Fund, with additional contributions from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. This funding aims to support the establishment of Cube Labs, which will focus on [blockchain](https://iq.wiki/wiki/blockchain) research and development, especially Abstract.[\[14\]](#cite-id-bpdsfzpj6f) # Partnerships ## Abstract x Pyth Abstract aims to integrate with [Pyth Network](https://iq.wiki/wiki/pyth-network) to supply real-time financial market data for its [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) applications. This partnership is intended to improve the accuracy and security of pricing information for more than 500 assets within protocols on Abstract, contributing to the functionality of its ecosystem.[\[16\]](#cite-id-mxygox5gi1e) ## Abstract x Quicknode Abstract integrates with QuickNode to establish a stable and scalable [blockchain](https://iq.wiki/wiki/blockchain) infrastructure. This collaboration seeks to improve the performance and reliability of applications on the Abstract platform.[\[17\]](#cite-id-lqkxwtkeato) ## Abstract x Reservoir Abstract aims to collaborate with Reservoir and its Relay Protocol to facilitate low-cost, instant bridging and swapping. This partnership also seeks to aggregate [NFT](https://iq.wiki/wiki/non-fungible-token-nft) liquidity and marketplaces, which may enhance user access to [NFT](https://iq.wiki/wiki/non-fungible-token-nft) resources.[\[18\]](#cite-id-op66iynsfm) ## Abstract x Dune Abstract seeks to integrate with Dune Analytics to offer real-time, customizable insights into on-chain activity, which may assist developers and users in visualizing and analyzing data within the platform.[\[19\]](#cite-id-nslao4287xp) ## Abstract x Goldsky Abstract aims to integrate with Goldsky to enhance data indexing, which will facilitate efficient querying of blockchain data and support the development of advanced applications.[\[20\]](#cite-id-g6kueyqhquq)