How does the new public chain of Libra create a new world in the multi-chain era

Although Libra is dead, blood is still flowing in its successor. The new public chains created by entrepreneurs from Libra, such as Aptos, Sui, and Linera, have become the focus of the market. Top venture capital institutions such as a16z and coinbase have made bets, developers are gearing up, and users are eager to participate in the test. What impact will the public chains created by these entrepreneurs from big Internet companies have on our public chain track today? Is it a good opportunity for entrepreneurs to participate in the layout?

On September 15th, the offline salon “Wuwen Xidong, Web3 Buidler” jointly organized by Maze, Web3 GO, and Hangzhou Timestamp Weilan Information Consulting Co., Ltd. was held in China (Hangzhou) Future Blockchain Innovation Center. The event invited Oasis China Ambassador Program Advisor Bill, Bool Network CPO Ronnie, Alibaba Cloud International Industry Solutions Architect Xiong Xin, and Mint Ventures Researcher Wang Ye to share with us the big changes in the public chain track.

How does the new public chain of Libra create a new world in the multi-chain era

The following is from The Conversation, edited by Babbitt.

Wang Jiajian: Libra has three blockchain projects. How do you see talents from traditional Internet companies entering the blockchain world?

Bill:

It can be considered from three dimensions.

From the perspective of talent, the members of these three public chains are all former employees of Meta, with Internet backgrounds. They previously participated in the development of the crypto wallet Novi as a core developer, indicating that they have cryptographic work experience. So from a talent point of view, they have dual work experience in the Internet and blockchain.

From a technical point of view, their language can be developed and programmable, they support the customization of needs, the Move virtual machine they use is easier to develop than solidity to a certain extent, and their security is relatively high, so overall speaking, the technology is suitable for commercialization.

From the perspective of capital, the three projects actually inherit the background of Libra and have a certain mature system. On the other hand, they have received financing including FTX, coinbase, and a16 z, and the capital has a strong background.

In conclusion, I think the mature system brought to them by some early experiences is conducive to subsequent development. This is also the development trend of future blockchain projects, from a single team to a mature system.

Ronnie:

From the macro perspective of the industry, they all came from Libra. The founders and developers are the core of the original team. There is no doubt in terms of technical strength and engineering strength, and they have also received a lot of VC investment. This kind of public chain for large-scale commercial applications may become a new trend.

From a technical point of view, the Move language is more secure and easier to use than the Rust language, which is a better direction for such large-scale public chain construction.

We are still looking forward to it. There are about 100 million users in the entire encryption market, but there are still many imperfections in the infrastructure, protocol layer, and middleware. The public chains that everyone has done before are all native public chains. Developers from big factories may better consider reducing friction and thresholds, which is a good thing for the industry.

What are the advantages of the Move language?

Ronnie:

Good for developers and good for commercialization.

From the developer’s point of view, the Move virtual machine is conducive to development, with simplicity, low cost, and fast speed.

From the perspective of commercialization, we mentioned earlier that the requirements can be customized, and the second is security. Their team used to be a national-level stable currency. To do these things at the national level, the security is definitely much higher than that of ordinary projects.

What business services will Alibaba Cloud provide to the public chain?

Yunobu:

Infrastructure is actually what we have been doing, because if you want to form large-scale applications, you need to rely on infrastructure. For the second piece, we are focusing on killer applications. The biggest killer application in the past was actually exchanges, but now many people are starting to play NFTs. These people and exchange users are not a group of people. We are also thinking about Web3 What industry solutions are needed to do infrastructure.

What impact will new public chains such as Aptos have on the current public chain landscape?

Wang Ye:

The public chain track has two basic backgrounds. The first is that after the launch of Ethereum in 2015, the public chain has always been a rigid demand in this industry.

Another big thing is that after the explosion of ICO and cryptokitties in 2017, everyone found that the capacity of Ethereum was not enough to complete large-scale applications, so expansion has become a rigid need in this industry.

We can divide scaling players into two categories, one is Ethereum.

Another type of player is the new public chain. They may not have much influence, but their advantage is that there are no obstacles. If the new public chain wants to do one thing, it can start over without any obstacles.

The positioning of Aptos is divided into two questions. The first question is whether Aptos can stand out among the players of the high-performance new public chain. The second question is whether Aptos can finally challenge Ethereum.

The answer to the first question is yes, we can do a review of Solana, Solana is telling two stories: high speed and cheap.

Higher recognition speed includes 10 times the block size and 1/30 the block time. Solana divides the newly produced block, and then sends each divided block to other different groups for verification, and then these subdivided groups may only have a part of the archive. A problem can be found here. Solana runs very fast because of the lack of a lot of redundant computing. Once a node fails, it is likely to cause a long-term downtime.

The story of parallel computing, Solana uses a very aggressive 4096-core CPU for running calculations. Normally, parallel computing will be faster, but the question is how do you know that transactions can be run. The obvious example is that when NFT initiates Mint activities, it is easy to cause system confusion.

The cheaper story actually comes from two aspects. The first aspect is the high-speed bonus that I just mentioned, and the other aspect may be the subsidy from the project side. In the early stage of rapid development, there is no problem in stimulating ecological prosperity through subsidies, but once it enters the bottleneck period, there will be a problem of unbalanced revenue and expenditure, and the ecology will stagnate.

Therefore, the current leader in the high-performance public chain is Solana, but it is obvious that its leading position will be replaced. Judging from the trend of management and talents, it is likely that Aptos will take over the position of Solana.

The second question is whether new public chains such as Aptos can surpass Ethereum. My thoughts are relatively pessimistic.

A lot of new public chains appeared in the last bull market, but new problems also appeared: liquidity fragmentation and cross-chain security. You can find that the cross-chain bridge is almost a hacker cash machine, because there is a basic consensus mechanism to control it on a single chain, but there is no consensus mechanism that can control cross-chain transactions on two blockchains. , so cross-chain is inherently risky and difficult to avoid.

Ethereum is no longer a single chain. The TVL of the two layer2 layers of Optimism and Arbitrum on Ethereum is already at a relatively high level, including Polygon zkEVM, zkSync, Scroll and other projects of the ZK Technology Department are also advancing, so I think in the context of security and modularity, the story of high performance and low cost Ethereum layer2 has been done, and the interaction between layer2 may be more secure, so I think Ethereum may have blocked the new public The chain challenges its attempts.

If you want to participate in these three chains, what advice do you have?

Bill:

As a developer, you can participate in the development, research or hackathon of some projects;

As an ordinary user, you can participate in some tasks of communityization;

As an entrepreneur, you can find out the unsolved problems on this public chain, and find out whether the core technology of this public chain can achieve the effect of 1+1>2 with the problem you want to solve, then you You can go to this market to cut.

Wang Ye:

I think Aptos does have a good unique advantage in security, and some options related to consensus mechanism and processing are also differentiated from Ethereum and Solana, so I do believe that many developers are The choice of Aptos is very suitable. As for the investment of ordinary users, Aptos’ valuation is relatively high now, but I believe there is still some room for it in the future. In addition, there may be some applications or other related activities in the process of community development, and everyone can participate.

Ronnie:

From the perspective of developers, you still have to figure out what you want to do first. Relatively speaking, there will be fewer competitors developing in Aptos than those on Ethereum or other new public chains, and it is easier to run away. Second, taking the initiative to participate in hackathons or other offline development activities is conducive to project exposure.

If you are an ordinary investor, you can do more ecological interaction.

Yunobu:

We should enter more communities or associations, familiarize ourselves with the gameplay in the circle, and pay attention to new things.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-does-the-new-public-chain-of-libra-create-a-new-world-in-the-multi-chain-era/
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