A Greek philosopher once said, “The only constant in life is change.” However, we as human beings, are often resistant to change. When Galileo argued for the sun as the centre of our solar system, not the earth, he was ridiculed at great length and his ideas were called foolish and absurd. It took at least a couple of decades, if not centuries, for the truth to eventually become obvious. It’s only when the change is right at our face, we realise that in retrospect, the change was inevitable and so obvious.
Today, in our web3 journey, we’re setting up a new path, a change. A change in how we interact with the web3 world.
Long before the public internet came into being, there were various enterprise networking solutions. All isolated and locked within their own ecosystems. That’s where blockchains currently are. Obvious fixes this as we head towards mass adoption of web3.
Obvious empowers you to break the shackles of isolated chain ecosystems and experience the interoperable web3 world.
We see web3 as a world where you can seamlessly move tokens, interact with smart-contracts, pay a friend for lunch, buy a piece of art, or donate to a charity across chains without sweating about the technicalities.
Why so Obvious?
Over the last few years, we have seen a spurt in the launch of several L1 chains and L2 scaling solutions. With the launch of Polygon Supernet & Avax Subnet initiative, we are now dawning on an era where applications launch their own chains. This has already started seeing traction with the latest being Bored Ape metaverse launching on their own Avax subnet.
All of these chains have specific properties making them suitable for specific types of applications. Bitcoin with proof of work and decentralisation fits well as a store of value, Ethereum with its smart contract capability lends well to a generic programmable value network, Cosmos with its IBC hub and tender-mint core encourages custom built chains for specific applications and so on.
These blockchains have their own address formats, transaction formats, signature algorithms, security properties, etc. Thus limiting the interoperability and resulting in siloed ecosystems with their own set of protocols, token standards, and liquidity barriers.
While the evolution of a multi-chain universe is essential to scale web3 for a global adoption, it also presents a few challenges, such as:
- Developers are forced to deploy and maintain their apps on multiple chains to attract liquidity from users native to a particular chain
- Users are stuck in a messy tangle of multiple wallets managing their private keys to separate blockchains
- Keeping track of assets across various chains and protocols is turning out to be a tricky and complex exercise to the user, everyone has come up with their own ways of how to stay on top of their positions
Given the sudden emergence of a multi-chain universe, today the onus of tracking and arranging the liquidity across different chains lies on the user. There are several solutions to solving the multi-chain liquidity problem, but most are stop-gap technical solutions and aren’t optimised for end user experience.
Some of the popular solutions being attempted are:
- DApps integrating with bridges
- Switching multiple chains in wallets
These solutions instead of offering an elegant and seamless user-experience, often lead to additional pain-points for users. They also go into excruciating details to let the user know the payload being sent across the network, signature scheme being used, gas being spent etc.
In addition to moving value from one chain to another, the user has to be aware of which bridges to use, what technology is powering these bridges, what kind of tokens does the user receive on the other end, how to convert these wrapped-tokens to native-tokens and whatnot.
Here’s how at Obvious, we solve these problems:
The wallet is where you manage your funds and that is where we believe the solution for the multi-chain puzzle should be. With wallet being your entry point, this is where we can step in and abstract away the complexities of various exchanges, chains, tokens, and transactions.
Furthermore, we can then orchestrate the various infrastructure pieces like exchanges, dex’s, bridges, cross-chain messaging to get you what you want. Obvious is taking a first principles approach to a self-custody multi-chain wallet that makes it really easy for you tap into opportunities across the blockchains out there.
We would love to have you on this journey. So come along and talk to us. We are incredibly excited about this piece of technology and looking forward to being your Obvious choice. Join the waitlist today!