What else can you do besides DeFi blockchain?

“On July 22nd, at the recent EthCC conference in Paris, Ethereum co-founder Vitalik Buterin mentioned in his keynote speech that the current financial application (DeFi) dominates the Ethereum community, but in his opinion, Financial utilities are the most interesting part of the general blockchain vision.”

The above are recent news reports.

Seeing this news, a question immediately emerged in my mind, besides DeFi (distributed finance), what else can blockchain do? Not limited to ETH, but the entire blockchain field.

DeFi level

DeFi is currently still the primary application in the blockchain field. The biggest application of blockchain is still in the financial field, and no other field has such a big influence.

There are two underlying logics:

First, the payment (or transfer) and settlement of encrypted assets happen at the same time. In the traditional financial field, the speed of payment (or transfer) is extremely fast, and it can even cope with the super-large and super-intensive financial activities of China’s Spring Festival Gala-no kidding, this is almost the world’s most human activity that tests servers and payment systems. One out. However, the settlement cycle is relatively slow.

 

What else can you do besides DeFi blockchain?

After understanding the first article above, you can understand the underlying logic of encrypted assets. It is also easy to understand what Vitalik said, whether bank wire transfer or payment. The current traditional financial infrastructure is already very important for most developed countries. Perfect, the settlement system has reached the bottleneck, and there is no way to speed it up again. The emergence of blockchain directly solves the settlement problem. Although the current so-called TPS problem has plagued some application scenarios, this is a problem that can be solved slowly, such as ETH2.0, such as layer2, such as new public chain infrastructure.

Second, smart contracts, especially the perfection of the Ethereum ecological smart contract agreement, make finance “programmable” and “strong execution”, and open source code makes the entire process transparent -this does not mean that there will be no problems , Individuals will not do evil, but say that wherever the problem is, the source can be traced and the problem can be found.

In terms of influence, the influence of blockchain on the non-financial level is relatively small. Of course, you can cite various examples to refute this point of view: For example, the Tencent Blockchain Research Institute, which has a deep research in this area, has published the book “Industrial Blockchain”. However, the industrial blockchain is directly taken from the world. If it is erased, it has no substantial impact on the industry at present.

Distributed storage

In the field of distributed storage led by IPFS/Filecoin, there has not yet been a verified real business model. The head project Filecoin is far from the bottom of commercial use. The project is still in its early stage. When the node API interface is safely opened, the data can be Free docking, when the retrieval function becomes perfect, the commercial value of Filecoin will slowly manifest.

However, it should be noted that the biggest contribution of Protocol Labs to the industry is not necessarily the Filecoin project, but the two proof mechanisms of copy proof and space-time proof: it solves the proof problem of distributed storage for the first time. In the future, different projects will use proof of replication and proof of space and time to make different applied public chains or ecological projects. For example, the emerging public chain project EpiK uses proof of replication and proof of time and space to store knowledge graphs (or AI data). This is An interesting attempt.

Distributed Computing

Platon, Oasis Network, Phala, etc. are all a branch of distributed computing private computing, but it is still in the early stages. There is currently no unified standard low-cost solution to verify the correctness of “arbitrary computing tasks”. .

Logically speaking, the difficulty of distributed computing is several levels higher than that of distributed storage. If the computer foundation is not strong enough, you can understand it this way. Do you think it is more difficult to make a hard disk, or it is more difficult to make a CPU and GPU? The former is a storage component, and the latter is a computing component.

Of course, there is another project that can be counted as the number one player in the distributed computing project, it is Dfinity, and the token name is Internet Computing Protocol, but this hugely named project is currently under development, too early, and in terms of mechanism. It’s a bit centralized, depending on how it develops in the future.

The field of distributed computing is an important future direction. Combined with distributed storage, this is the “cloud system” of WEB3-a new type of cloud computing cloud storage.

Traceability

This is a general direction, divided into physical products and virtual products.

  • Physical product traceability: high probability not

The traceability of traditional physical products is a bug in the blockchain. Why is it a bug? Because the traceability of traditional fields such as food, agricultural products, luxury goods, etc., has a very developed system, it is not necessarily appropriate to force the use of blockchain to do it. For example, a group uses blockchain technology to transport bananas from Ecuador.

What else can you do besides DeFi blockchain?

I don’t know if this kind of banana is faster, safer and more delicious.

  • Virtual product traceability: huge advantages

What about the traceability of virtual products?

The situation will be much better because it is electronic, so it seamlessly connects with the blockchain, such as blockchain invoices, blockchain legal system forensics, various certificates such as graduation certificates, patent certificates, etc., and the recent hot NFT , Yes, you are not mistaken, the essence of NFT is to trace the source of virtual products.

The whole world seems to be talking about metaverse recently. NFT projects such as Axie, Decentraland, and Sandbox seem to be related to metaverse. I hereby declare that metaverse does not need to be too complicated to explain. Metaverse means “virtual reality”. “. Other conceptual explanations are only carried out on the basis of virtual reality. Metaverse is not necessarily related to blockchain and NFT, but blockchain NFT may be more suitable for the traceability of some virtual assets of Metaverse. The logic is so clear.

However, the above has made the concept clear. It does not mean that I do not support NFT. It does not mean that the blockchain is not good at traceability. At least at the level of virtual products and Digital Assets, the traceability function of the blockchain (especially the use of NFT) is very large. Advantage.

  • Social network

From the traceability as the foundation, the extended social attributes are also one of the recent hotspots. Why is the basis of social attributes “traceable”? The core of social networking lies in who you are? What are you doing? What can you do with me?

The first is traceability. Even if it is a virtual name, there is also a code and label. This is the basic element of social networks. For example, you must have an account on Facebook, Twitter, and WeChat. So many people are doing NFT social networking. The basic logic is that blockchain (such as NFT) can do the traceability of virtual products. Further, it involves governance, virtual assets, etc., so there is a “social token”. Concept, and traceability is the foundation of social networks.

It is estimated that no one on the whole network talks about “traceability” like this, but the underlying logic of the blockchain is the ledger system maintained globally. All servers in the project maintain the same set of ledger, which is a “state machine” structure. What is the ledger used for? Keep accounts and record historical data. Recording historical data cannot be tampered with, and to check and find it is “traceability”.

Of course, the characteristics of traceability applications include government blockchain, industrial blockchain, etc. If you want to have a deeper understanding of this field, it is recommended to read “Industrial Blockchain” written by Tencent Blockchain Research Institute. There is a very detailed description about the industrial blockchain and the alliance chain.

The above is what the blockchain can do at present. I have made a small summary and explanation. The blockchain is still in the early stage of development. Grasping its essence will help us see the future.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-else-can-you-do-besides-defi-blockchain/
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.

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