Traditional public chains can’t keep up with the changes of the times? Why does NFT “escape” Ethereum

Today, the most watched public chain in the encryption industry should be Ethereum . However, as we all know, with the rise of decentralized finance, NFT and chain games, the block Size limitations, high gas fees, slow confirmation speeds, and network bandwidth have hurt some projects. Not only that, the Ethereum network can no longer even host a decentralized application that can quickly respond to user data on-chain requests. On the other hand, the second-tier solution (Lauer 2) did not solve the problem of low Ethereum contract execution efficiency. The EIP-1559 just deployed just set the Ethereum gas fee in a range to avoid violent fluctuations. In essence, Does not reduce the gas fee.

j0tLFV6YCyqaWz5HTY6esGhfbuwXhtZIB1N9lB9H.jpegIn addition, some people may think that the Layer 2 solution and the already launched Ethereum 2.0 may be an effective solution to help Ethereum get rid of the shackles, but the reality is not the case. Take decentralized finance-DeFi as an example. DeFi is called financial Lego. Composability is the basic feature. On the Ethereum network, the aggregation and interaction of different decentralized financial applications is very common, such as aggregate transactions and lightning loans. , Liquidity mining, and even NFT combined with the strategy of decentralized financial platforms, but because different Layer 2 solutions have very different implementation mechanisms, and practical applications have more stringent requirements for fund security, if due to the Layer 2 solution The incompatibility between them brings about the problem of financial security, then the meaning of the Layer 2 solution is lost, and it will not become a once-and-for-all method.

In fact, the current status of the Ethereum ecosystem is not satisfactory, and it is still a niche market so far. Just like the early Internet that had to use terminals and text-based tools, nowadays, because of the lack of infrastructure in the blockchain, many applications cannot be used by large-scale users.

On the whole, it is obviously not realistic to put all hopes on this public chain and expect Ethereum to independently carry the entire public chain track. From the current point of view, indeed more and more encryption projects are choosing to “escape” Ethereum.

Is it feasible to build a one-stop blockchain solution through cross-chain?

At this stage, individual public chains have proposed to use cross-chain and multi-level side chain structures to solve regional cross-chain performance problems. Through cross-chain to create a one-stop blockchain solution, use a new structure and ideas to solve Blockchain usage problems and performance bottlenecks.

In contrast, through this system based on main chain + multi-side chain and cross-chain protocol, it is easy to achieve homogeneous cross-chain. With the help of the oracle contract built on the main network, the oracle network can use relevant toolsets to generate any reliable report on off-chain data on the public chain. This report can be applied to all blockchains that contain smart contract functions, and finally Realize heterogeneous cross-chain interaction. Through the combination of cross-chain protocol + oracle, those leading public chains now have the ability to build blockchain interconnection networks, and build two-way interconnection networks between chains, chains and projects, and projects and projects. 

Not only that, this type of public chain also has the ability to expand the capacity of public chains whose TPS needs to be improved (such as Ethereum) to help them break through performance limitations, accelerate processing efficiency, and obtain higher scalability. Their demonstrated compatibility makes them Fully capable of becoming Layer 2 of public chains such as Ethereum and Polkadot . 

If application developers choose this type of public chain as the entry point for their application data on the chain, they can develop and deploy smart contracts and open oracle services through official tutorials, and the data on the chain can be regularly reported in the form of data reports outside the chain. Synchronize to Ethereum. In other words, Ethereum is only used as the final confirmation layer of data, and as Layer 2 of Ethereum, you can build a decentralized application with controllable cost and timely data uploading. 

In this way, the Layer 2 network architecture formed by the cross-chain mechanism can fully support more NFT scenarios, realize the mutual circulation of NFT between Ethereum and other public chains, and the overall performance of the decentralized application ecosystem It will grow exponentially. For example, some NFT game users will be able to enjoy a faster gaming experience at a lower cost without worrying about the dilemma of server crash when the number of players exceeds a certain amount.

In this type of public chain, a more efficient consensus mechanism has been adopted, which can ensure the stable generation of blocks at high frequencies and effectively improve the efficiency of block generation. In terms of architecture design, the design of multi-level side chains can achieve the “double parallel” effect of multi-chain parallel and parallel transactions within the chain. At the same time, because the contract is called through a special launch mechanism, the execution efficiency is much higher than that of Ethereum The efficiency of contract execution. Not only that, the handling fees on such public chains are also relatively low, and users can get a second-level interactive experience of smart contracts with ultra-low handling fees when using them.

Potential advantages of cross-chain solutions

Based on the cross-chain design, the decentralized applications of other public chains such as Ethereum and Polkadot can be accommodated into the new ecosystem, just like an app store, which aggregates various star projects to become a safe, efficient, autonomous, stable, and easy-to-use platform. Use a new transparent value financial system. There is no doubt that cross-chain design can make the entire ecosystem more effective and practical, and solve the interoperability issues between assets, decentralized applications, and users between multiple chains. There is no need to make any changes in stakeholders. Under the circumstances, allow them to use the existing infrastructure to achieve interoperability.

For developers, they can use the underlying blockchain development framework, which is equivalent to a simplified general blockchain development template, including consensus mechanisms, communication protocols, smart contracts and other modules, which is completely free and open source. Developers can quickly build a complete blockchain system and easily access the new ecosystem. For them, the operation is simple and the functions are comprehensive, which greatly reduces the cost of learning and time. 

Of course, there are other cross-chain ecological solutions in the crypto world, such as the use of asset bridging to realize transactions across multiple blockchains, but the use cases are relatively narrow, and developers cannot build more general applications.

Summarize

From Bitcoin since birth, it has passed 12 years. However, after Bitcoin officially became the legal tender of El Salvador recently, the crypto market did not seem to give this Central American country much face. Bitcoin prices fell in a cascade-like manner, and the entire industry fell into a downturn again. However, when the market was sorrowful, the public chain network supporting cross-chain bucked the trend. The underlying infrastructure of this new type of public chain network is very complete, and developers can continue to participate in its ecological construction, create side chains and develop a wealth of decentralized applications to realize the ecological value of the chain. In the future, any user can directly use various decentralized applications in the blockchain network without any obstacles.

It can be said that the new public chain effectively solves the problem of blockchain users being segmented on different chains. Compared with Ethereum’s focus on the “TOKEN ecology”, the new public chain focuses on the more macro-level “Blockchain ecology”. Not only can it connect to existing chains (such as Ethereum, etc.), but its multi-level side chain itself will give birth to many new applications. In the next ecological construction, the development potential is huge. We are about to usher in a multi-chain interconnected Web 3.0 world, which will be a brand new decentralized Internet. Traditional public chains like Ethereum seem to have been unable to keep up with the changes of the times. I believe there will be more and more new public chains to change the future encryption industry.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/traditional-public-chains-cant-keep-up-with-the-changes-of-the-times-why-does-nft-escape-ethereum/
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