Original Compilation: Karen, Foresight News
Account abstraction is expected to drive the singularity moment when Web3 is widely adopted. With absolute advantages such as convenience of operation, gas-free experience, fee payment, social login, and social recovery, account abstraction was mentioned by Vitalik again at the recent Ethereum Community Conference (EthCC) in Paris. He said, “If successful, managing encrypted wallets will become as simple as managing email accounts.”
Not only wallets, but also Web3 social networks have begun to use account abstraction to enhance the convenience and usability of their social accounts and the interoperability across multiple chains.
In the upcoming version 3 of the CyberConnect protocol, the new multi-chain account system is compatible with ERC-4337, which can eliminate the complexity of gas payment for C-end users and improve the smoothness of social experience, while enhancing the multi-chain interoperability of CyberConnect identity accounts. Looking at the iterative history of CyberConnect, it is clear that it has been pursuing practical decentralized social experience and scalability from the beginning. The V3 upgrade is a firm step forward on the multi-chain path and universal identity system it has been exploring since its inception. The differences between different mainstream social protocols are becoming more and more noticeable and worth paying attention to.
What are the highlights of CyberConnect V3 upgrade?
CyberConnect is one of the largest Web3 decentralized social networks, aiming to break down the social barriers between different platforms and chains, allowing users to truly dominate their social identities, relationships, content, and monetization methods.
The upcoming CyberConnect V3 has the following highlights:
Expansion to more EVM-compatible chains;
Compatibility with ERC-4337, using account abstraction to eliminate the complexity of network switching and reduce user barriers;
Providing a Web2 mnemonic-free experience, allowing registration of smart contract wallets using methods such as email or phone numbers;
Empowering the utility and governance token CYBER, allowing users to deposit gas on one chain and use it on other chains. In the future, CYBER will be used as the gas token for the entire protocol.
CyberConnect V3 Framework
Understanding the overall framework of CyberConnect V3 helps to understand the highlighted features after the upgrade. CyberConnect V3 has three core components:
CyberAccount: Identity infrastructure compatible with ERC-4337;
CyberGraph: Censorship-resistant database for recording user content and social relationships;
CyberNetwork: Low-cost and scalable network.
CyberAccount: Enhancing the Web3 experience with account abstraction
From the perspective of the CyberAccount framework, as the account infrastructure of CyberConnect, CyberAccount is a set of smart contracts that collectively represent users’ self-sovereign digital identities. It mainly includes four key components:
One is identity verification and authorization, responsible for defining the user identity verification and authorization workflow of the CyberConnect protocol. Users will be able to register and log in using traditional social accounts, phone numbers, and emails, and perform social recovery when needed. This part is implemented in collaboration with ZeroDev.
The second is compatibility with ERC-4337, which is also the most anticipated upgrade. Specifically, CyberConnect has deployed an internal Bundler and LianGuaiymaster solution through cooperation with the account abstraction platform Stackup and Pimilico.
Bundler and LianGuaiymaster are both key roles in ERC-4337. Bundler packages user operations from the Mempool pool and submits them to the entry contract on Ethereum for execution. LianGuaiymaster is a smart contract that can pay Gas on behalf of users, significantly improving the CyberConnect protocol and allowing any DApp to pay Gas on behalf of users.
As mentioned earlier, on CyberConnect, users will also be able to recharge their Gas balance from the network they choose and use this balance on other chains. The native token CYBER, which will be released in April, will ultimately be used as the Gas token for the entire protocol. The CYBER TGE is expected to be completed in the fourth quarter of 2023.
Next is CyberID, which is similar to a Twitter username. CyberID is designed as an ERC-721 token, representing a unique account handle in the CyberConnect network. CyberID does not imply permanent ownership but operates on a demand-based fee model. If a user forgets to renew, their CyberID will be auctioned off.
Finally, there are organizational accounts. CyberConnect social networking is not only for individual users but also allows teams, organizations, and brands to connect with their audiences.
CyberGraph: Deepen social graph and provide middleware architecture customization logic
CyberGraph smart contracts can be understood as social graphs that connect user identities (CyberAccounts) with their content and social relationships. It also records these massive social data to multiple EVM-compatible chains.
CyberConnect is also empowering the creator economy, providing artists and creators with a new monetizable experience. Their fans or users can collect their content. In addition, every time a user comments on a piece of content on the CyberConnect network, a connection to the original content is established on the smart contract, ensuring content sovereignty and attribution.
The Web3 Status Token (W3ST) is a popular feature in CyberConnect V2. Projects, DAOs, organizations, etc., can launch activities, and users can participate in these activities to earn W3ST tokens, which record their participation status and digital reputation in activities such as Twitter spaces and Discord channels. CyberConnect states that “in V3, W3ST will save more Gas and be easier to discover activities.”
CyberConnect believes that creators can not only monetize their content but also generate revenue from their accumulated social relationships. In V3, when users enable the subscription feature, they must set up subscription logic and set a monthly subscription fee. When their fans subscribe to them, they need to prepay at least one month’s subscription fee.
In addition, CyberGraph also provides developers with space for customizable logic through middleware architecture. For example, if a DApp wants to establish a social network for the BAYC community, it can set that only BAYC holders can mint their specific content NFT (ContentNFT).
CyberNetwork: Low-cost and Scalable Network
The specific details of CyberNetwork are yet to be announced. However, it is worth noting that CyberConnect combined on-chain and off-chain data solutions in V2, indicating that it always considers the practical user experience and scalability required for high-frequency social interactions. The team stated, “In the coming months, CyberConnect will introduce additional upgrades to lower the cost of all social interactions or transactions.”
Comparison and Advantages over Lens
Last week, Lens, a social networking protocol that is highly comparable to CyberConnect, also released a new version, V2, which mainly upgraded in areas such as composable social networks, shared value models, and empowering Profile as a wallet using ERC-6551.
However, compared to Lens, CyberConnect focuses more on continuously refining openness, multi-chain support, account universality, and usability. CyberConnect firmly believes that Web3 social interactions and Web3 as a whole will definitely be multi-chain in the future. In previous versions, it has already explored multi-chain support, and V3 will also prioritize usability and multi-chain universality of accounts and Gas tokens through account abstraction. The core component of V3, the ERC-4337-compatible CyberAccount, greatly lowers the entry barrier for users into Web3 and allows for easier creation and ownership of multi-chain identity accounts. Daily experiences do not need to be aware of the existence of multi-chains or even Gas, approaching Web2. Perhaps this will be an important step towards the popularization of decentralized social interactions and even the entire Web3.
In addition, CyberConnect’s data performance continues to be strong, with a relatively large user base. As of the time of writing, CyberConnect has accumulated nearly 1.25 million registered Profiles on its network, more than ten times that of Lens, which is still in closed testing, and reached a peak of 730,000 monthly active users (UAW) in March. It is worth noting that CyberConnect’s flagship product, Link 3, is also outstanding in terms of data and influence, contributing significantly to the CyberConnect ecosystem with about 800,000 monthly active users, and is expected to lead and support the development of other DApps in the ecosystem. User volume and active data may not be the only indicators of protocol development, but they also demonstrate the level of attention different protocol products receive from the general public.
Unlike products and protocols that are filled with Web3 social interactions and overly emphasize putting data on the chain, CyberConnect is starting from the actual needs of users and applications such as usability, multi-chain account universality, convenient interactions, and monetization of creators. It seeks breakthroughs on a solid foundation, attempting to create a more open, user-friendly, and decentralized social product through account abstraction, multi-chain sharing of Gas balances, token utility, and monetization of content and social relationships.
In the face of the overall volume of the Internet social media, Web3 social networking still has great room for growth. However, the CyberConnect V3 upgrade is expected to take a crucial step towards a more popular future of decentralized social networking targeting real users.
The social networking track currently demonstrates increasingly diverse development paths and the cognitive thinking behind the teams. We will continue to follow the upcoming developments.