Unlocking the Future of Blockchain Imagine you’re there and have a list of things to buy. But the market is so big and needs to be clarified. You need to figure out where to start. Now, think if you had a friend who knows the market well. You give him your list, and he gets everything for you. Easy, right? In the world of blockchains, we have something similar coming up. It’s called “ ”. Have you ever been to a busy market? intents Just like giving your shopping list to a friend, you tell the computer what you want, and it does the hard work for you. This will change how we use blockchain, making it simpler for everyone. Let’s dive in and see how! What are Intents? Imagine you’re at a restaurant. You order a dish from the menu instead of telling the chef every step of cooking your meal. The chef knows what to do. In the digital world, “ ” work similarly. Instead of giving step-by-step instructions to a computer, you tell it what you want. For example, instead of saying: “ ”, you say: “ .” intents I want to send money from this account to this account using this method I want to send 50 USDC to John The system understands your “ ” and takes the necessary steps. This idea of “intents” simplifies things and is poised to revolutionize blockchain and Web3. intent Why are Intents Important? are set to transform the blockchain experience from a manual, step-by-step process to a more intuitive, . They promise , , and a more . Intents outcome-focused approach smoother transactions faster execution user-centric experience The Technical Magic Behind Intents Have you ever wondered how voice assistants like or understand what you want? It’s a bit like that with intents in the blockchain world. When you express an intent, you tell the system, “ ” But how does the system understand and act on it? Siri Alexa Hey, this is what I want to do. Enter the “ .” Think of them as smart assistants. When you express an intent, these solvers jump into action. They look at your intent, determine the best way to achieve it, and then do the necessary tasks. It’s like telling a friend, “ ,” and they immediately order your favorite pizza for you. The solvers are there to ensure your intent is carried out in the best possible way. solvers I’m hungry For those who love , think of it this way: Instead of navigating multiple protocols, setting approvals, and managing gas fees, you express your intent. Maybe you want to swap a token or earn the best yield. Just state it, and the solvers make it happen with the help of . It’s like having a personal assistant in the DeFi world! DeFi smart contracts Tackling MEV Issues with SUAVE and Anoma is a challenge in , where users can sometimes get less favorable outcomes due to opportunistic behaviors in the ecosystem. Think about when you want to exchange tokens on Uniswap. You think you’ll get a certain amount, but right before it’s done, someone else jumps in, affecting the price. The price changes, and you get less than you thought. This is in action, where miners or traders exploit their position to benefit at the expense of regular users. MEV (Miner Extractable Value) DeFi MEV Contrary to popular belief, is not Ethereum-centric. It’s designed for a environment, ensuring users’ intents are executed favorably across various chains, minimizing MEV’s impact. SUAVE “multi-domain” (multi-chain) , while often mistaken as a blockchain, is a . It’s anticipated to leverage the security of established blockchains like Ethereum. Anoma’s design prioritizes user intents, ensuring a harmonious ecosystem where . Anoma network MEV exploits become obsolete While MEV is challenging, innovations like and are turning the tables. They’re ensuring that in the world of swaps, staking, and other DeFi activities, the user’s desire isn’t just heard and fulfilled in the best possible manner. SUAVE Anoma The Benefits of an Intent-Centric Model In the DeFi world, imagine wanting to swap a token for the best possible price. Instead of browsing multiple platforms, checking rates, and manually making the swap, you express your desire. Platforms like or are intent-centric. They take your “ ” to swap and find the best route for you, saving time and hassle. Enhanced User Experience: 1inch Chainge intent With intent, transactions can be optimized. Instead of multiple individual transactions, one optimized transaction can fulfill the intent, potentially reducing fees. Think of it as It can be cheaper when you group your needs. Potential for Reduced Transaction Fees: bulk buying in DeFi. Using an intent-centric model, users only share their end goal rather than the detailed steps to achieve it. This means less exposure to one’s strategies or preferences, enhancing privacy. Plus, by relying on established pathways, transactions are safer. Increased Privacy and Security: Potential Challenges and Downsides While it’s excellent that solvers can find the best way to fulfill an intent, there’s a balance to strike. The more information solvers have, the better they can work. But this could mean users need to share more, affecting their privacy. Balance Between Solver Efficiency and User Privacy: Building a genuinely intent-centric model isn’t easy. It’s about understanding what a user wants and navigating the vast DeFi landscape to fulfill that intent efficiently. This requires advanced algorithms and a deep understanding of the DeFi space. Technical Challenges in Implementation: If only a few big players become the main “ ” of intents, it could lead to centralization. This goes against the decentralized spirit of blockchain. There’s also a risk that these dominant players could influence or control the intent-solving process, which might not always be in the user’s best interest. Concerns About Centralization and Control: solvers Types of Intents Defined : Direct desires without conditions. Simple Intents Example: Wanting to buy 100 USDT worth of ETH. : Specific desires with conditions on execution. Searcher Intents Example: Wanting to swap tokens when gas fees are below a certain threshold. : Complex desires with multiple conditions. Arbitrary Intents Example: Wanting to maximize yield over a month, requiring the platform to move funds between various DeFi opportunities. A Glimpse into Account Abstraction and Intents While diving deeper into blockchain technology at Biconomy, I realized the potential of combining Intents with Account Abstraction. Account Abstraction is about simplifying user experiences. Think of it as a behind-the-scenes magic that makes blockchain tasks smoother. Traditionally, blockchain interactions are bulky, requiring users to manage everything from wallets to gas fees. simplifies this, offering a more streamlined experience reminiscent of graphical user interfaces. Account Abstraction When we think of Intents, which we’ve discussed throughout this article, integrating them with Account Abstraction can be a game-changer. It’s like telling your system, “I want this done,” and the combination ensures it’s done in the simplest way possible without you needing to worry about the complexities. This synergy between Intents and Account Abstraction is something we’re keenly exploring. It’s about taking the power of blockchain and making it as user-friendly as possible for everyone. Account Abstraction Intents simplify what users want to achieve, while streamlines how it’s done. Conclusion The concept of “ ” is a breath of fresh air in blockchain world. By focusing on outcomes rather than processes, intents promise a more user-friendly and efficient blockchain experience. As the industry evolves, embracing an intent-centric approach could be the key to mainstream blockchain adoption. intents Sources: Followin.io Paradigm YouTube Video 1 YouTube Video 2 Biconomy Medium — MetaWeb VC

Too Long; Didn't Read

Making security fun one episode at a time

Why Intent-Centric Is Blockchain's Next Big Thing

Too Long; Didn't Read

Adam Boudjemaa

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

Why Intent-Centric Is Blockchain's Next Big Thing

Too Long; Didn't Read

Adam Boudjemaa

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

RELATED STORIES