Looking at the future of platform public chains through Ethernet Scaling 2.0

On May 28th, Layer2 network Arbitrum opened its mainnet to developers and became a hot spot and focus for a while. Plasma, which has not yet been officially launched, together with Polygon, which has been previously launched with recent explosive growth, Layer2 has once again become the biggest attraction of the year. Of course, all of this presupposes that the Ether2.0 expansion has really landed.

Looking at the future of platform public chains through Ethernet Scaling 2.0

Ethereum, an open source public blockchain platform with smart contract functionality, provides people with decentralized virtual machines to handle peer-to-peer contracts. With the increasing improvement of blockchain technology and people’s trust in decentralized trustworthiness and transparency functions, there has been an explosive growth of various applications with public chains such as Ethereum as the platform. Since this year, both defi and NFT, innovative applications built on top of public chains, have become new hot spots and technical breakthrough points, and all signs show that the development and application of new blockchain technologies are gradually and The development and application of new blockchain technology is gradually approaching the real economy, especially with the uniqueness and uniqueness of non-homogeneous passwords like NFT to build a bridge between the chain and the outside of the chain. At present, the technical support point of NFT is still only in the game, artwork, etc., but its tentacles have begun to extend to the entity, and constantly try to map the entity products to the internal blockchain through NFT technology.

Of course, the premise of all the beauty must be a large platform that can carry the century-level technology should be. But in fact, we found that the public blockchain platform with smart contract function represented by Ethernet has a lot of shortcomings, which is often referred to as pain points. Simply put, the GAS fee for Ethernet transactions alone, for example, is no longer just a pain point, but a great pain in the ass! Although there are numerous smart contract function public chains imitating Ethernet, and even claiming public chain 2.0, 3.0, beyond the TPS of Ethernet, so far, people still have to build applications on the Ethernet platform, no matter how much they criticize, even if they are shouting about the meat pain.

In fact, people have several views, one is to start over and build a new public chain altogether. Since the birth of these old chains represented by Ether, the POW proof of workload consumes a lot of energy due to the limitation of technical conditions, and at the same time, the efficiency is relatively low, which causes the public chains such as Ether to be congested from time to time and the transaction fee GAS to remain high. In this reality, platform public chains claiming to be able to replace Ether are mushrooming, but the reality is cruel, most of these public chains dissipate or linger on, even Yuzu, which had a high reputation at that time, is half dead now. Yuzu’s so-called innovation to improve TPS is based on 21 super nodes, which is the key to people’s criticism and greatly diminishes the role of decentralization. Of course, the wave after the Yangtze River pushes the wave before it, and the wave before it slaps on the beach. Whenever the congestion of Ether is unbearable, a whole bunch of new public chains will emerge. Of course, we hope that with the innovative development of blockchain technology, disruptive technology can be born, and on the basis of decentralization and security, there will be microsecond or even higher TPS, and the emergence of such new technology will certainly promote the birth of phenomenal applications.

Secondly, it is based on the original public chain technology for continuous upgrading and expansion. With the rapid development of blockchain technology and applications, Ethereum, despite being one of the most popular blockchain networks, has its version 1.0 in terms of transaction speed, it still cannot compete with its mainstream competitors. In comparison, the Ethereum network can currently process 3,000 transactions per second, while Visa can process 15,000 transactions per second, a transaction frequency that we often talk about as TPS. with the launch of ETH 2.0, its transaction speed will grow exponentially. ethereum’s Vitalik Buterin, in his introduction to Eth 2.0 But we know that although 2.0 is a shift from POW proof-of-work to POS proof-of-equity, the increase in transaction speed is necessarily an improvement based on the loss of security and decentralized performance. At the same time, the expansion and upgrade time of Ether 2.0 is long and the process is difficult, and it has not really been fully implemented by now.

Third, it is off the public chain technology to create a new blockchain technology platform. For example, DFINITY, which is currently a big hit, is working on building decentralized Internet computers. In the words of Dominic Williams, founder and chief scientist of the DFINITY Foundation, the blockchain Internet computer is the third great innovation in blockchain. The first one was of course Bitcoin; the second innovation was Ether, which built the smart contract platform and also drove the revolution of decentralized financial DeFi; this third major innovation is the Blockchain Internet Computer. Because DFINITY has just been established, its scalability and application performance will have to be verified by people and time.

Of course, we have reasons to believe that the continuous development and upgrading of blockchain technology and the outbreak of blockchain public chain platform again will be a great integration of real economy and blockchain technology.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/looking-at-the-future-of-platform-public-chains-through-ethernet-scaling-2-0/
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