Illia Polosukhin, co-founder of Near, stated in an interview with "Block" magazine at the BUIDL Asia Conference in Seoul, South Korea that chain abstraction can promote the next transformation of the cryptocurrency field and Web3, which is necessary for mainstream applications. Chain abstraction refers to application developers fragmenting the complex technical layer of Web3 to improve the end-user experience. This concept abstracts blockchain from the user experience. For example, in blockchain networks like Near, users create and recover accounts using their email address instead of writing down complex seed phrases.