Some of the fundamental ideas of the iron-sulfur theory can be summarized in the following brief recipe for life: Boil water. Stir in iron sulfide and nickel sulfide. Bubble in carbon monoxide and hydrogen sulfide gas. Wait for peptides to form.
More technically, Wächtershäuser hypothesized the following steps for producing proteins:
In 1997, Wächtershäuser and Claudia Huber mixed carbon monoxide, hydrogen sulfide, nickel sulfide, and iron sulfide particles at 100°C and demonstrated that amino acids were converted into peptides. The following year, using the same ingredients, they were able to produce peptides.
In 2006 the same authors published results showing production of several amino acids such as glycine, alanine and serine from a similar mixture with potassium cyanide as a source of nitrogen.
This model locates the "last universal common ancestor" (LUCA) within the inorganically formed physical confines of an alkaline hydrothermal vent, rather than assuming the existence of a free-living form of LUCA. The last evolutionary step en rout to bona fide free-living cells would be the synthesis of a lipid membrane that finally allows the organisms to leave the microcavern system of the vent. This postulated late acquisition of the biosynthesis of lipids as directed by genetically encoded peptides is consistent with the presence of completely different types of membrane lipids in archaea and bacteria (plus eukaryotes). The kind of vent at the foreground of their suggestion is chemically more similar to the warm (ca. 100 °C) off rigde vents such as Lost City than to the more familiar black smoker type vents (ca. 350 °C).
In an abiotic world, a thermocline of temperatures and a chemocline in concentration is associated with the pre-biotic synthesis of organic molecules, hotter in proximity to the chemically rich vent, cooler but also less chemically rich at greater distances. The migration of synthesised compounds from areas of high concentration to areas of low concentration gives a directionality that provides both source and sink in a self-organising fashion, enabling a proto-metabolic process by which acetic acid production and its eventual oxidization can be spatially organised.
In this way many of the individual reactions that are today found in central metabolism could initially have occurred independent of any developing cell membrane. Each vent microcompartment is functionally equivalent to a single cell. Chemical communities having greater structural integrity and resilience to wildly fluctuating conditions are then selected for; their success would lead to local zones of depletion for important precursor chemicals. Progressive incorporation of these precursor components within a cell membrane would gradually increase metabolic complexity within the cell membrane, whilst leading to greater environmental simplicity in the external environment. In principle, this could lead to the development of complex catalytic sets capable of self-maintenance.
Russell adds a significant factor to these ideas, by pointing out that semi-permeable mackinawite (an iron sulfide mineral) and silicate membranes could naturally develop under these conditions and electrochemically link reactions separated in space, if not in time.
Despite this, it is not clear whether the proposed mechanism of abiogenetic life could actually work, or was how life did start.