The cryptocurrency ecosystem has largely adopted a chain-centric perspective, driven by the perceived scarcity in the blockchain space, which reflects a trade-off between security and decentralization versus performance and scalability. In today’s multi-chain environment, the demand for cross-chain interaction is increasingly evident, while chain-centric designs lead to inefficiencies in transactions and fragmented user experiences. The concept of chain abstraction has been introduced to optimise cross-chain operations, abstracting the complexities of underlying chains for smoother interactions between different blockchains. Against this backdrop, researchers Stephane Gosselin and Ankit Chiplunkar from the independent research institution Frontier Research, which focuses on topics like MEV, proposed a new concept called “OneBalance,” aimed at achieving chain abstraction through the construction of an account-centric ecosystem.

Components and Functions of the OneBalance Framework

OneBalance is a framework for creating and managing so-called “Credible Accounts” to consolidate user operations and assets in a multi-chain environment. These accounts operate on credible commitment machines, managing state through resource locking and reliably requesting state transitions, thereby providing a safer and more efficient method for cross-chain interactions. OneBalance’s goal is to change the current state where any operation on the blockchain relies on user-initiated private key signatures

• Credible Accounts are the core component of the OneBalance framework, running on credible commitment machines to enable cross-chain functionality and high security. This type of account not only manages user assets and states across different blockchains but also ensures that requests for state changes are reliable and secure. Credible Accounts abstract the complexities of underlying blockchains, simplifying cross-chain transactions and asset management. Moreover, they also abstract transaction fees, such as gas fees across different chains, relieving users from the burden of different fee structures.
• Credible commitment machines are the underlying technological foundation for implementing Credible Account functionalities, usually referring to hardware or software environments that can execute and guarantee the security of complex operations, including Trusted Execution Environments (TEE), Multi-Party Computation (MPC), or smart contract accounts. Their primary responsibility is to ensure the security of accounts, issue resource locks, and validate the fulfillment of those locks. Through credible commitment machines, OneBalance ensures that all account operations occur within a highly secure and verified environment, enhancing the reliability and tamper-resistance of transactions.
• Resource locks are a mechanism used within Credible Accounts to lock user assets or states until specific conditions are met. The design of resource locks aims to ensure the security and consistency of assets during cross-chain operations, preventing users from engaging in double spending or other types of fraud during execution. For example, a user can lock specific tokens on one chain until an operation on another chain successfully completes, ensuring that these tokens are only transferred or released once all predetermined conditions are met. This locking mechanism enhances the security of cross-chain transactions but does not eliminate the need for bridges.

While OneBalance itself cannot guarantee complete execution atomicity, it can incentivize atomicity through locking mechanisms. Users can set trigger conditions for the locking mechanism: one is that specific conditions must be met to trigger the lock; the other is that the lock can only be released after completing specific transactions, meaning the fulfillment of the lock depends on a series of external events occurring. If certain operations between chains fail to execute as expected, the agent executing those operations will not gain any economic benefit, thereby economically ensuring the atomicity of the operations.

Comparison with Existing Account Types

The two main existing account types are External Owned Accounts (EOA) and Smart Contract Accounts (SCA). EOA is the most basic type of blockchain account, directly controlled by a public-private key pair and does not involve any smart contract logic. Since there is no mechanism on-chain to ensure that a user’s submitted transaction is their final decision, users can submit new transactions by changing the nonce, thereby canceling previous transactions. While EOA transactions are faster and cheaper, they cannot provide credible commitments. SCA, on the other hand, is managed and controlled through smart contracts, allowing for the execution of more complex logic and transactions. However, SCA cannot initiate transactions on its own and has higher costs.

Compared to these existing account types, OneBalance enhances the security and non-repudiation of transactions through resource locking and credible commitment machines, while maintaining speed and cost efficiency. By internally implementing resource locks in a trusted computing environment, it balances cost and efficiency without incurring high gas fees or waiting for on-chain finality. Additionally, OneBalance supports modern authentication methods such as session keys and multi-factor authentication (MFA), providing user experience improvements similar to those of smart contract accounts.

Furthermore, OneBalance can be compatible with the account system implemented by EIP-4337, leveraging the smart contract logic of EIP-4337 when needed to enhance its cross-chain account management capabilities. However, OneBalance is not limited to using account abstraction and the chain of EIP-4337; it is a universal framework with broader applications. OneBalance can be seen as an extension of the ideas presented in EIP-4337, adding cross-chain functionality.

By implementing the OneBalance framework, centralized management and operation of user accounts and assets in a multi-chain environment are expected to drive the Web3 ecosystem toward an account-centric perspective. OneBalance provides a unified account interface, enabling users to transact seamlessly across different blockchains without worrying about the differences between them. This centralized account management also offers users advanced security features and customizable settings, enhancing their control and protection over their assets.

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