Ethernet Square London upgrade, more public chain of PoW turned PoS, increasing cross-chain trends in …… norms, environmental protection, and themes of integration, more and more blocks chain project in planning a new change. Under this trend, more and more attention has been paid to public chains that comply with regulations, trends, and market needs. Recently, Thujin Chain announced that it has successfully completed the V4 upgrade (the fourth system technology upgrade) from August 16th to 17th, successfully moving towards the public chain. This is a seriously underestimated public chain ecology!
Basic research on TOOL
According to the official website of TOOL, TOOL was founded in 2017, backed by the Singapore WOLOT Foundation, and has many cooperations with mainstream institutions such as the Singapore government, medical care, and digital encryption, and is committed to building a global enterprise to create data, A distributed blockchain network that shares data, solves the application of small and medium-sized enterprises, and shares value and benefits with users. According to data from the OLO blockchain browser, TOOL’s ecosystem has been developing for 4 years. TOOL’s transaction number has reached 36 million, its OLO wallet address has exceeded 1.2 million, and its market value has reached 82.1 million US dollars. The ecosystem has been decentralized. Ecological applications such as exchange OLO-Swap, BGS autonomous community, angel DAO club, etc., DeFi and NFT projects are involved.
According to official reports, TOOL has carried out 3 systematic upgrades in the past, optimized the underlying technical architecture of TOOL, and carried out the fourth technical upgrade this year (fourth year). The content mainly focuses on web3j technical support and EVM integration. , POS upgrade, application layer component layer optimization four major sections.
Current status of the technology sector
Open up EVM to realize asset cross-chain and application upgrade
This upgrade of TOOL has opened up the EVM large-scale application ecosystem, and digital currency madmen believe this is the most important aspect of TOOL’s upgrade.
EVM like Ethernet Square CPU, a program to ensure the smooth running of the contract on the intelligent, compatible EVM enables developers to achieve rapid migration contract DAPP of intelligent, common BSC, HECO and other compatible EVM chain is equivalent to an intersection portion of each chain of the public. Compatibility with EVM after the upgrade means that TOOL can quickly transplant DAPP developed based on EVM smart contracts, which allows TOOL’s application scenarios to rapidly expand in a short time. Ecological users have more application options and development tools, and development difficulties are reduced. TOOL’s ecosystem dedicated to supporting the transformation of SMEs is very good.
On the other hand, the number of public chains compatible with EVM is increasing (such as the recently announced Cosmo). From this perspective, TOOL’s access to the ecosystem and applications will continue to expand in the future. It is also worth noting that in the past, Binance, after supporting EVM compatibility, established the Binance Smart Chain to introduce smart contracts, quickly copied Ethereum applications, promoted the layout of DeFi, and achieved rapid ecological development. After TOOL’s compatibility with EVM this time, it has attracted many projects (such as the DeFi lending project Dones, Black Manba, which can be the preferred value application of the blockchain) to settle in, and the future development is worth looking forward to.
After the EVM is connected, TOOL’s assets will be transferred between different chains that are compatible with EVM through the cross-chain bridge. At present, Ethereum, Huobi, and Binance are all compatible with the EVM ecosystem, which allows TOOL to quickly integrate into the mainstream public chain ecosystem, allowing OLO to connect to more public domain traffic, and inject new vitality into TOOL. It is reported that after the upgrade, OLO assets have opened up mainstream wallets such as TokenPocket, imtoken, and MetaMask .
Governance mechanism is fully transferred to PoS: transparent and decentralized public chain governance
Another very important point of TOOL’s V4 upgrade is the announcement of a comprehensive transformation of PoS (Proof of Stake Mechanism) governance. An important step in the upgrade of Ethereum London is the launch of the beacon chain PoS, which can reduce the energy consumption, GAS fees and congestion of Ethereum mining, and increase transaction processing speed. Thujin Chain chose to fully switch to PoS in the V4 upgrade, which can also be more efficient and energy-saving. High efficiency is an essential element for the development of public chains.
Thujin Chain announced that it has started to operate the PoS governance model, implementing a management structure of physical nodes + verification nodes + user governance. The physical nodes are responsible for the underlying technical services, the verification nodes are responsible for the community, etc., and the users support the verification nodes to share the benefits through voting. Different nodes are responsible for different tasks, which ensures the decentralization of TOOL, and all transactions can be checked at the same time, making data open and transparent.
Thujin Chain also recently launched the Ecological Autonomy Committee. The Ecological Autonomous Committee is similar to the Decentralized Autonomous Organization (DAO). When facing an important turning point, users in the ecosystem can make joint and rapid decisions to achieve better ecological development. This is also a measure combined with PoS governance to once again strengthen the openness, transparency and decentralization of TOOL’s public chain governance, and help TOOL’s better operation as a public chain. Open autonomy is also the path that TOOL’s has always adhered to.
From the continuous upgrading of the underlying technical architecture, to the expansion of the application level, to the change of the governance layer, and to four years of persistence and iteration, this shows that TOOL is very factual and ambitious, and it seems that every step is fulfilling the solution. Commitment to the application of small and medium-sized enterprises.
Now TOOL’s V4 upgrade has made TOOL’s open, transparent, and autonomous public chain one step further. OLO tokens have increased the flow of public domain traffic, and TOOL’s application value, investment value and ecological value have been greatly improved. It is believed that in the future, Thujin Chain will enable blockchain applications to be truly implemented and help small and medium-sized enterprises chain reforms. At the same time, blockchain empowering entities is a very obvious trend at present. The major Internet giants are deploying their own blockchain industry. As such a forward-looking and very pragmatic public chain of the future industry, it’s The future is bound to be expected!
The above is a small view of the digital currency madman on the TOOLS project. You can also go to TOOL’s official website to evaluate this project that has been in the past four years.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/four-years-of-grinding-a-sword-a-well-developed-public-chain-ecology/
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