Ethereum’s mission and the multi-chain era

Ethereum L1 will no longer be suitable for direct interaction with ordinary users; Ethereum L1 will mainly interact with various DAOs, cross-chain and cross-layer protocols.

People will no longer focus on the expansion of Ethereum L1, nor will they imagine hosting tens of millions of users on Ethereum L1. There is no need, because this is not the mission of Ethereum L1.

Ethereum will no longer be obsessed with the super scalability of its L1 in the future. This is not its true direction. It is the essence of Ethereum’s existence to provide the lowest level of security in the encrypted world.

The multi-chain era has arrived and will continue to progress. Solana, BSC, Avalanche, Oasis, Polkadot, Cosmos, Fantom…L1 has its living space.

Cross-layer is also part of the era of broad cross-chain. The future L2 will be a very important ecological network, which will carry a large-scale user group.

The Ethereum ecology not only refers to the Ethereum L1 and L1-based protocols, but also not only the L2 network, but also all EVM compatible chains, and even the btc that enters the Ethereum network.

Ethereum provides the lowest level of security for the entire encryption field. L2 and EVM compatible chains will continue to develop. In this process, Ethereum needs to provide matching security guarantees, so it will continue to increase its value. With the advent of the tens of trillions of value era, Ethereum may become one of the most important infrastructures in the web3 era. As Ethereum transforms into POS, what does this mean for ETH? It has to carry super large-scale security, and the size of its potential space will gradually match the scale of industry development.

Non-Ethereum public chains do not have to worry about no living space. After these three years of evolution, non-Ethereum public chains have found a foothold. The multi-chain era has been formed, and it is basically certain that it will play an important role in the future development of the industry.

With the development of encrypted games, Metaverse, DeFi, and Web3, the multi-chain structure will be further strengthened. The characteristics of the blockchain itself determine that it will develop into a multi-chain pattern, and Ethereum cannot unify all chains. Only one chain is not in line with the trend of the blockchain itself.

As the industry moves toward large-scale users, the multi-chain landscape and the development of Ethereum have become mutually beneficial, rather than competitive. Because each other needs to cope with the fast-growing needs of the industry. The industry pie is big, multi-chain will benefit, and Ethereum will also benefit.

The arrival of Web3 will also accelerate the development of the multi-chain era. At the same time, new infrastructure will also appear, and its importance will be no less than that of today’s public chain. The arrival of Web3 will promote more scientific and technological exploration, such as Truebit’s exploration of off-chain computing, Teaproject’s exploration of distributed computing, and realize the landing of web3 applications while taking into account scalability, privacy and trustlessness. In addition, in terms of storage and network, Arwearve, Filecoin, Helium, etc. are also continuing to explore, and there will be more new explorations in the future.

Encryption applications are moving towards the mainstream population to bring greater privacy computing needs. The current transparency cannot meet future privacy requirements. For example, the application of medical data on the blockchain, etc. How to achieve privacy while obtaining the desired results? Regardless of whether it is the Metaverse or others, there are needs in this regard. These are all issues that need to be considered and resolved in the future. Protocols such as Oasis try to bring privacy to smart contracts. This will also be an important direction of exploration in the future.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ethereums-mission-and-the-multi-chain-era/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2022-01-05 06:33
Next 2022-01-05 06:35

Related articles