Chang Hao: In the next three years, it is the last window of the public chain.

Not long ago, Ethereum founder V God " intended to let Ethereum marry BCH " to solve the expansion problem before Ethereum 2.0.

Changchun was the first person to raise the issue of " blockchain impossible triangle " in China. In " Dream becomes a rich man, but do not want to work hard? In the article "A Story of a Long Story " between Fantasy and Action , the vernacular blockchain introduces how Changyi has become a pioneer and preacher in the blockchain industry from a sci-fi writer.

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How does Nagase see this idea of ​​V God? In recent years, the very hot Layer 2 solution can really crack the "blockchain impossible triangle"? As an entrepreneur, what kind of experience does Changchun pursue?

With all the above questions, the vernacular blockchain recently interviewed Changchun. The following is the interview content:

 

01

Bottom infrastructure

Vernacular blockchain: Asset-winding is a huge system engineering. It is divided into four quadrants according to the original severable and interchangeable assets. If you want to link real assets (such as real estate and commodities), in addition to the perfection and application of blockchain technology. Development, what additional infrastructure is needed? Are you optimistic about how long it will take for these basic designs to be developed and scaled up?

Chang Hao: Before the actual assets were put on the chain, there was still a stage of virtual assets that was far from complete. 1C0 is just the tip of the iceberg of virtual finance, and DeFi is the iceberg itself. Financial innovations such as DAO, Stabilizing Coins, Bancor, Swap, DEX, Lending, Auctions, and Options are just beginning to show off, not to mention technological innovations such as cross-chain agreements and private transactions.

In addition, the original team also pays special attention to an infrastructure, which is based on the establishment of a credit evaluation system based on currency destruction. The value of credit on the chain is far from being taken seriously. Just as the value of Alipay as a payment instrument is huge, its value as a credit instrument is even more unimaginable, and the value of the blockchain as an asset trading instrument is much less than its value as a credit assessment tool.

The above infrastructure needs to be perfected for at least three years, but if the virtual assets in the chain are applied on a large scale, then the large-scale uplink of the assets under the chain is not far away, because this is no longer a technical issue, but a policy issue.

 

02

Hierarchical blockchain architecture

Vernacular blockchain: Eitafang founder Vitalik previously proposed a two-tier state plan and blockchain data layer cooperation concept on his blog, which caused some hot debates in the industry. Do you think that the hierarchical blockchain architecture has reached consensus in the industry? How is data storage and calculations better than the original chain?

Chang Wei: Vitalik said that using a low-cost public chain as a data layer is difficult to achieve, because storage overhead will grow in proportion to the increase in market users, and only independent sidechains are the solution.

The Bystack goal launched by the original chain is the data computing and value storage layered implementation. A main multi-side chain architecture realizes that “the main chain is responsible for the asset value cannot be tampered, side chain management business application and data storage”, all values ​​are in the main chain. Creation, through cross-chain technology to the side chain, for complex application scenarios. The multi-sided architecture allows anyone to run different sidechains without interfacing, so "side-side isolation" can guarantee the security and privacy of business data.

03

A main multi-sided architecture with Layer 2

Vernacular blockchain: You first proposed the "impossible triangle" theory of blockchain in China. According to the introduction, Bystack's “one main multi-sided architecture” is a solution for the impossible triangle. In your opinion, what is the fundamental and multi-layer architecture of the main layer and the Layer 2 optimized two-layer structure solution? What is the difference?

Chang Hao: The biggest difference comes from the top design. Many projects involve a bicycle first. This bicycle may be a ready-made public chain, Ethereum or other public chain, and then the engine is honed for this bicycle. Therefore, many Layer 2 projects do not have their own public chain. They are two-tier networks built on other public chains, like Plasma and Truebit.

We didn't want to make a bicycle from the beginning, and we went to build a car. So, in the first phase we implemented the Layer 1: Bytom public chain. The second phase implements the Layer 2: Vapor side chain. The two phases are layered, one layer is superimposed on the other layer, so there is a stack concept: Bystack.

Therefore, our development is much more difficult than the general public chain, and the cycle is much longer. In the first phase, we did not focus on the development chain application, because the application on Layer 1 is not our ultimate goal.

Another difference is that we emphasize one main side, Vapor may be just our first side chain, and there may be other side chains in the future. Different sidechains are accessed for different business needs. For example, virtual assets are a chain, and financial assets may be a chain. Their requirements for KYC, security, and anonymity are quite different. It is unrealistic to solve all scenes with one chain, or to solve all scenes with one main side.

 

04

"15 years of wandering plan"

Vernacular blockchain: After the release of the Bystack platform, the strategy of the “15-year Wandering Plan” is impressive. The plan is steadily advancing. What are the most important capabilities and conditions that you feel need to have?

Chang Hao: This requires the development team to have a very clear plan for the project vision, but not to swing around and chase hot spots.

Our initial positioning is asset-winding. The essence of blockchain is to reduce the cost of transactions and eliminate trusted third parties. Then, the field with value transfer attributes should be the focus of attention. The big goal of our white paper is almost unchanged, but the development details will be fine-tuned in due course.

The other one is more emphasis on long-term values ​​than the original team, and advocates delay satisfaction, so the stability of our team is ahead. Some projects in the circle will sometimes cut off the entire team on a certain line because of the big adjustment in the direction of the business. This kind of thing will hardly happen to us.

Although we have proposed a 15-year development plan, it does not mean that we have to wait for a long 15 years. In fact, the second stage (the next three years) should see the killer chain application. This is like a rocket pusher. The first, second and third levels are gradually advanced. If the second level fails, the third and fourth levels are meaningless. Therefore, we judge that the next three years will be the last window of the public chain.

 

05

DeFi under the PoS consensus mechanism

Vernacular blockchain: Based on your previous point of view, it seems that the security of the PoW consensus mechanism is more recognized. There are many exploration projects in the DeFi field, and these financial-related projects basically adopt the PoS consensus mechanism. In your opinion, is there any openness to the architecture of DeFi based on PoS consensus, and what impact will it have in extreme cases?

Nagase: Yes, this is a question on the top design. I have a point that only Layer 1 is a chain of Consensus (PoW), and Layer 2 with non-computing consensus (PoS, BFT) is needed. If the first layer network is non-computing consensus, there is no need to do Layer 2.

What is the essential difference between a BFT-based chain of 1000TPS and a BFT-based chain of 10000TPS? No, they are all accessions. Only a non-admission chain plus an access chain constitutes a "possible triangle" of decentralization and efficiency.

DeFi based on PoS consensus is obviously a hidden danger in security. Financial assets pay particular attention to the irreversibility of transactions and the non-returnability of data. If you only need ten or twenty-one nodes to agree to pass this chain, you can withdraw the transaction and roll back the data. You are willing to Is there a tens of billions of assets issued above?

06

Career transition

Vernacular blockchain: Science fiction writers and entrepreneurs who realize sci-fi are seen by many as two completely different life experiences. The former needs a strong scientific foundation and a logical self-consistent imagination. The latter must bury the reality and work hard; the former manages itself and the latter leads the team. What kind of experience are you pursuing in such a career transition?

Chang Yan: Entrepreneurship needs a basic quality is imagination. In the original team, my task is to draw a blueprint for everyone, telling everyone that the future is like this.

Every entrepreneur is actually a time traveler. He tells everyone that the future is like this, but most people just watched curiously. Only a few people believe him, and then they succeed and create the future.

No. 295: What do you think is the most important quality in blockchain entrepreneurship? Feel free to share your opinion in the message area.

Source: vernacular blockchain (hellobtc)