Why Intent-Based Blockchains?
Have you ever tried swapping a token on a DEX, getting Flashloans, interacting with your target blockchain, getting stuck in the coding syntax, errors, gas limits, or paying extensive fees?
Imagine a future where interacting with blockchain is as simple as saying what you want in a human language instead of coding it in a complex structure and dealing with numerous limits and technical components!
Imagine just talking to your blockchain, and it gives you the best outcome possible, leaving the technical heavy lifting to the system. If this idea seems exciting to you, I will discuss a new solution to this old blockchain problem in this blog!
This solution is at the core of intent-based blockchains. As the blockchain space grows, a growing issue is accessibility — many users are intimidated by the technical complexities of traditional transaction-based systems. Intent-based models seem to be the solution, aiming to simplify user interaction, enhance efficiency, and broaden blockchain’s appeal to non-technical users.
Expanding on Intents vs. Transactions
In blockchain networks, transactions, and intents represent two fundamentally different approaches to enabling user interactions. A transaction, the traditional method, requires users to provide precise instructions detailing the step-by-step execution of a desired action. For instance, swapping Token A for Token B on a decentralized exchange (DEX) involves explicitly specifying the DEX, the parameters, and the sequence of actions. This approach demands technical knowledge and ties users to predefined paths that may not always result in optimal outcomes. Inaccessible to many, this method restricts broader participation in the blockchain ecosystem.
On the other hand, intent abstracts cast aside the technical complexity. Users simply declare what they want — such as acquiring Token B using Token A — without delving into how it should happen. The responsibility of determining the most efficient execution path falls to specialized entities, often referred to as solvers. These solvers analyze the user’s intent, assess the available options (e.g., aggregating liquidity from multiple DEXs), and execute the action to achieve the best possible result. By focusing on the desired outcome, intent-based systems enable more inclusive, user-friendly blockchain interactions, much like how modern navigation apps find the best route to your destination rather than requiring you to plan every turn.
Comparison of Intent-Based Blockchains
Intent-based systems are not exclusive to Essential Chain. Platforms like Anoma, StripChain, and others adopt similar paradigms to improve user experience. For example:
- Anoma enables expressive intents for multi-party, multi-step transactions, abstracting the complexities of execution for collaborative financial operations.
- StripChain leverages intent-based interactions to optimize cross-chain transactions using the Inter-Blockchain Communication (IBC) protocol, ensuring seamless interconnectivity.
These intent-based blockchains demonstrate the flexibility of intents by addressing different user needs, from simplifying decentralized finance (DeFi) to optimizing cross-chain functionality.
How Intent-Based Models Enhance User Experience?
An intent-based blockchain can transform interactions from rigid, technically intensive processes into fluid, user-friendly experiences by adopting an intent-based framework. This paradigm shift lowers barriers for non-technical users, enabling broader adoption of blockchain technologies. Moreover, the solver mechanism optimizes resource allocation and execution efficiency, potentially leading to better participant outcomes.
As the blockchain ecosystem matures, intent-based systems represent a critical evolution. They simplify blockchain interactions and redefine how users perceive and engage with decentralized systems, paving the way for a more inclusive and intuitive future.
References
- Anoma, 2023. Anoma: The intent-centric architecture for decentralized applications. [online] Available at: https://anoma.net/ [Accessed 19 Nov. 2024].
- Cointelegraph, 2023. Intent-based architectures and applications in blockchain. [online] Available at: https://cointelegraph.com/learn/intent-based-architectures-and-applications-in-blockchain [Accessed 19 Nov. 2024].
- Paradigm, 2023. Intents: Simplifying blockchain interactions. [online] Available at: https://www.paradigm.xyz/2023/06/intents [Accessed 19 Nov. 2024].
- Essential Builders, 2023. Introducing Essential: An intent-based blockchain solution. [online] Available at: https://blog.essential.builders/introducing-essential/ [Accessed 19 Nov. 2024].
- Crypto.com, 2023. Intent-centric design for blockchain interactions. [online] Available at: https://crypto.com/university/intent-centric-design-for-blockchain/ [Accessed 19 Nov. 2024].
