What did the public chain experience in 2019? Of the 20,000 public chains, only 200 survived, with a 1% survival rate. From competing for millions of TPS, to competing with the DApp ecosystem, to the now-defensive Defi. In waves of torrents, launching the mainnet, building a developer community, and building DApps seem to have become a unified story template for the public chain. The old problem has always existed. The industry has a long history of declining public chains. How should the story of public chains be told in 2020?
With the continuous deepening of the market and the continuous exploration of technology, the concepts have gradually been enriched, but the public chain is still facing many tests. First and foremost is the dual protection of security and TPS. For blockchain assets to go online, performance and transaction rate are important, but how to ensure financial-level security is still an important problem. Second, scalability has always been an obstacle to large-scale commercial use of blockchains, which cannot meet the daily small amount of high Frequent payment scenarios. Although projects such as Zil, Ethereum 2.0, and NERA are using sharding to solve scalability issues, how to implement interoperability between cross-chains has become a major dilemma; finally, compatibility affects the public chain Sustainable development, however, development and migration costs, ease of use, and handling fees have become obstacles to the public chain's ecological development.
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The public chain has always been regarded as the underlying support for the value of blockchain applications. Only with the efficient operation of the public chain can the development and implementation of commercial applications be possible. Since the public chain circuit broke out in 2016, it has always attracted much attention and there is no shortage of challengers. And some challengers such as Near Protocol, Solana, Lava, etc. are trying to solve the problems of the current public chain, but there are also many people who use this muddy water to find fish. We all know that blockchains like BTC or Ethereum are completely open source code, and everyone can become a download and run node. There are many projects in the name of the public chain, but in fact they are working on traditional cloud platforms clad in smart contracts. The open source code on GitHub cannot be compiled.
Blockchain has similarities with the Internet industry, whether it is a chaotic bubble or a fleeting concept. The Internet wave, such as big data, new retail, and AR / VR, has a short-term breaking point, but it has no persistence. But this does not prove that they have no value and meaning. Nowadays, such concepts as Defi, Web3.0, and Staking are all new attempts made by blockchain practitioners. Although there are not a few bad voices about the public chain in the industry, or the core members of the star public chain project leave, the public chain is turned into the alliance chain, or the public chain project team is turned to outsourcing, which is more fascinating for public business. No doubt, in the current technological development and market conditions, the bubble will always be squeezed out. Only in this way can the public chain be able to obtain sufficient funds and resources for development. After all, the current state of the market has only a limited number of investors and limited funds, but it is facing thousands of blockchain projects.
At the same time, major Internet companies have quietly entered the market, and Tencent, Ali, Baidu, and Xunlei have launched the blockchain BaaS platform. It is reported that Tencent's blockchain application has issued 14 million blockchain electronic invoices in 2019, while the 2.1 billion pieces of certificated data of the Internet Court in Hangzhou have been uploaded and are playing an important role.
In addition, on December 4, Bitfinex officially supported Lightning Network deposits and withdrawals; Cosmos has released large projects such as IRIS Betwork, Binance DEX, Kava, Aragon, etc .; Nervos released the benchmark Substrate blockchain development framework muta last month QuarkChain is trying to access old coins through the underlying structure of the root chain + shard chain; Lava is developing the atomic exchange technology with the PoC mechanism as the core to achieve the global storage consensus. Lava wants to integrate PoC into Lava's ecology by consolidating global consensus and value on the basis of the high-security and low-energy consensus mechanism. For the party that contributes capacity computing power, Lava uses two-way anchoring (2-way peg) cross-chain asset transactions, script-based cross-chain atomic exchanges, and off-chain expansion schemes, payment channels, and status channels through the binding of computing power. And other technologies to condense global storage and call it the "root of trust."
What is the story of the public chain in 2020? I think it may be the trend of Wanchain interoperability, and the Dapp ecosystem that depends on the public chain may gradually drift away. The development of the public chain is inseparable from the process of continuous trial and error and finding directions. In the future, through the combination of various industries, the development of technology, and the continuous expansion of the application layer, the public chain will eventually promote the further evolution and landing of the public chain. .