Original link: https://www.hellobtc.com/kp/du/07/3973.html
Author: Bob / Source: Vernacular Blockchain
Author | Bob
Produced | Vernacular Blockchain (ID: helloBTC)
In 2020, Xiao Feng, chairman of Wanxiang Blockchain, asserted that there will be trillion-dollar market value projects in the blockchain. At that time, the first reaction of most people was that the first to reach the market value of trillions of dollars must be the “public chain”.
To this day, the public chain track of the most important infrastructure (without one) in the encryption field has always been the focus of the market. In fact, the competition on the public chain track has already heated up, and some new public chains are still touted every once in a while. After all, the upper limit of the public chain track is extremely high, and the future must be a “sea of stars”…
01
The competition pattern of trillion-dollar public chain
When it comes to the upper limit of the public chain track, to give the simplest example, companies such as Microsoft, the “carrying handle” of the technology industry and even global listed companies, benefit from the huge share of the core “operating system” of their business expansion. The imagination brought by the public chain of the DApp application platform is immeasurable. It will be the cornerstone of Web 3.0 and the future of the Metaverse. Therefore, we can say that the market value of trillions is not an exaggeration.
It has been more than 7 years since the birth of Ethereum, and many “players” have gradually appeared on the public chain track, trying to compete through innovation. The chain is becoming more and more competitive on the shoulders of its predecessors. Today, we see that half of the TOP20 projects by market value are public chain projects, some benefit from the public chain BSC compatible with the EVM platform; some have passed the new consensus mechanism Innovative and highly scalable public chains such as Solana and Avalanche; and Polygon, an aggregator that focuses on Layer 2 solutions…
Image source: Kyros Ventures research report
Recently, a public chain ecological panorama of the blockchain head has been circulated in the community. The Kyros Ventures organization has carried out extensive research on the encryption ecology. At this stage, the public chain ecology is divided into EVM alliance public chain (compatible with ecological application deployment) and non- EVM public chain (some are planning to provide or convert to EVM solution).
Among them, EVM-compatible public chains are the most. They are close together and can be interconnected through solutions such as cross-chain bridges, forming a huge encrypted ecological island group.
In general, today, when the Ethereum 2.0 sharding solution is far from being implemented, more and more new public chains have attracted the entry of encrypted ecological projects with various solutions and have also been favored by many users. It can be said that A hundred flowers bloom.
02
What is the core competitiveness of the new public chain?
For a long time in the past, due to the “head effect” Ethereum has almost dominated, some new public chains have only started to shine in recent years. After observing many cases, we will find successful new public chains. The core competitiveness of the company mainly comes from the following points:
1. Innovative consensus mechanism
As the core of the core, the consensus mechanism determines the scalability, block generation mechanism, distribution mechanism and other aspects of the public chain. Therefore, optimizing the consensus mechanism is the most subversive, and many successful new public chains benefit from this .
Solana brings a solution that claims to provide scalability without compromising decentralization or security through the POH (Proof of History) consensus mechanism.
The consensus algorithm of the AVA blockchain platform developed by Avalanche enables distributed ledgers to achieve high decentralization, high concurrent processing and fast transaction confirmation, while achieving historical record deletion and on-chain governance.
Cardano uses a POS consensus algorithm called Ouroboros, which is mainly optimized for scalability.
2. Ecological development plan
The fastest ecological development plan of the new public chain is to be compatible with EVM, which has many benefits. Since most of the early encrypted ecological applications came from Ethereum and were supported by the Ethereum virtual machine EVM, it is the earliest and most resourceful one. Virtual machines are adopted by the most developers. The EVM-compatible public chain means that developers can reduce learning and migrate seamlessly, which is very friendly to developers; at the same time, it can directly use the Ethereum infrastructure solution to provide users with unchanged operations. The familiar wallet operation experience; in addition, the interconnection between EVM chains is easier, and there are already many ready-made solutions that can be transplanted.
In general, compatibility with EVM can have great advantages for the rapid development of the new public chain and attracting developers and users.
3. Other innovations
In order to serve as the infrastructure of the future Web3.0 and Metaverse, in addition to the core consensus mechanism, the public chain has many details that are also very important, such as the cooperation of community governance, fund allocation, etc. At the same time, continuous breakthroughs in technology are also required. .
03
Decred-Next:
New Opportunities for POW/POS Hybrid Consensus Mechanism
In the foreseeable future, new public chains are bound to spring up like bamboo shoots after a rain, dazzling. After we have observed many successful new public chains, it will be easier to sift through. No, the DCRN of Decred-Next, a new public chain of vernacular blockchain science popularization, was very popular as soon as it was launched last week, and its market value rapidly increased by nearly 6 times, which has surpassed the original community project Decred. At present, users can carry out POS staking and become POW block producers. At present, the POS staking APY is very high, and the POW income in the initial stage is also very considerable.
When a forked project exceeds the original community project, it means that the consensus is mostly attracted to the new forked community, and it also represents the success of the community fork (for the specific reasons for the fork, please refer to the previous related articles).
Decred-Next, as a new public chain, has a good start, mainly for the following reasons:
1. New opportunities for POW/POS hybrid consensus mechanism
As mentioned above, the consensus mechanism is the main source of core competitiveness of the new public chain. Decred-Next’s POW/POS hybrid consensus mechanism inherited from Derced has been tested for a long time, and there is almost no problem with reliability and security. This is a major advantage for new public chains such as Solana and Avalanche, which rely on consensus mechanism innovation to “start”. At least it will not crash like Solana.
Furthermore, many new public chains actually use a variant of the POS mechanism, and the POS mechanism is actually a double-edged sword, which was once questioned by “centralization”, such as EOS and other failed projects. Paradoxically, POW It is difficult to obtain scalability. Many people want the POS mechanism to be efficient, but they are more willing to believe in the reliability of the POW consensus mechanism. So why not bring out their advantages and mix them up? Don’t you get both the fish and the bear’s paw?
2. Compatible with EVM to embrace the largest encryption ecosystem
According to the roadmap announced by the Decred-Next community, it plans to implement EVM, sharding, OmniLayer and other functions in the future. Simply put, it is based on the protection of a strong consensus mechanism, and then brings a capacity expansion solution compatible with EVM, sharding, and layering. .
Compatibility with EVM is easy to understand. In the past, all public chains wanted to be “Ethereum killers”. Facts have proved that they cannot be killed, but they make it stronger. It is better to be its friend, compatible with its ecology, interconnected, and attract a large number of developers. Groups and users participate in co-construction together, but develop faster and more easily to achieve success . As for sharding and layering, it is a natural choice for scalability after ecological prosperity.
3. The new route of Decred-Next
In the past, Decred’s main goal was to be “better digital gold”, and it has indeed made certain achievements through hybrid consensus mechanisms and innovations in governance. Of course, we also saw later that due to the indestructible consensus of Bitcoin, Decred is almost very good. It is difficult to shake its status, so the project party and the community have been stagnant when they encountered a hard “south wall”.
Decred-Next has brought a turning point. In addition to having more ways of POS Staking and high APY income than POW, its new route is no longer limited to “digital gold”, but uses a richer and broader “digital oil” to bring more The infrastructure supported by a good consensus mechanism and better community governance bring Web3.0 and the Metaverse.
04
summary
Under the competition of trillion-dollar public chains, although the competition is very fierce, the track is still in its infancy, and there are still many problems to be solved. Naturally, there are still many opportunities for the new public chain. The new public chain that stands out in various core competition designs, especially the consensus mechanism, and the POW/POS hybrid consensus mechanism that Buterin has high hopes for may usher in a new wave of opportunities.
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