The advent of a new era: Ethereum confirms the king of the public chain
On July 13, a small change occurred in the market capitalization ranking of the digital currency market:
EOS, which has been ranked in the top ten for a long time, fell out of the top ten for the first time, and the oracle project LINK, which has never been in the top ten, broke into the top ten for the first time.
In the eyes of many investors in the currency circle, this small change is just a market feedback of EOS’s recent unsatisfactory performance, but in my opinion, it is a symbolic change in the blockchain field, which is the essence of the blockchain. The first intuitive reflection of the currency price marks another reshuffle and elimination in the blockchain field, and it marks that Ethereum has officially established its status as the king of public chains.
In the current digital currency field,The older generation of digital currencies with simple functions, such as Bitcoin, Litecoin, Ripple, etc., only rely on consensus to support their value; they have no future in terms of technological iteration and development. The future of the blockchain lies in the smart contract public chain, which not only represents the future development direction but also brings together almost all the technical essence in the field, and will become the basic platform for the future blockchain field.
Therefore, when we look at the future of the blockchain, we must grasp the smart contract public chain.
After the market value of EOS fell out of the top ten, only Ethereum and ADA remained among the top ten smart contract public chains. For ADA, the recent surge in currency prices seems to me to be purely a brilliant return to the project on its way to zero.
From its brilliant debut in 2017 to now, after nearly three years of development and market baptism, ADA is completely unable to match Ethereum, EOS, or even TRON in terms of team strength, project progress, and ecology. . Therefore, as a long-term investment, we don't need to pay attention to such a currency, and don't be fooled by the illusion of returning to the light, it will be eliminated by the market sooner or later.
Aside from ADA, the only one worth mentioning among all smart contract public chains that was once placed high hopes by a considerable number of investors is EOS. Even at the beginning of the project, EOS was expected to surpass Ethereum because of the high TPS it claimed. EOS has considerable strength in terms of team strength, financial strength, and ecological development.
In terms of team strength, BM has created three public chains in this field by itself: BTS, Steem and EOS. Such a brilliant record undoubtedly left a strong mark in the history of blockchain development. His talent and technical strength must not be underestimated, and he can be compared with many geniuses in this field such as Vitalik and Gavid Wood.
In terms of financial strength, EOS’s ICO lasted for a year and raised more than 4 billion US dollars in tokens. Its financial strength surpassed the current Ethereum Foundation, and it is probably unique in the entire circle.
The only weakness of EOS is ecology. In terms of ecological development, although EOS has been sparing no effort to promote and develop, it has always been in a position of incomparable. It is not as good as Spinach, Tron is not as good as DeFi, and Ethereum is not as good as DeFi. Get the big killer.
So why has EOS not been able to develop ecologically? Various articles have discussed this and that, and in my opinion, none of these discussions have captured the core of the problem.The fundamental reason why EOS cannot grow ecologically is that it has lost the essence of the blockchain - decentralization.
Without the guarantee of decentralization, no matter how high the TPS is, it is meaningless. What EOS is doing is sacrificing the fork in the pursuit of TPS.
The fundamental and essence of blockchain technology that distinguishes it from all IT technologies is decentralization.Satoshi Nakamoto has written very clearly in the Bitcoin white paper that what Bitcoin needs to solve is to realize the problem of point-to-point transfer without the existence of a centralized institution.
Therefore, decentralization is the gene of the blockchain. Because of this gene, all real blockchain applications can run without trust, participate without permission, and bring countless cypherpunks The freedom, fairness, justice and openness that the predecessors pursued throughout their lives.
Vitalik perfectly inherited the essence of Satoshi Nakamoto's thoughts, and deeply implanted decentralization in Ethereum to make Ethereum move forward all the way to today.
We can't imagine a DAPP with hundreds of millions of dollars, an ecology of billions or even tens of billions of dollars will run on EOS controlled by only 21 nodes. If you believe in these 21 nodes, it is better to believe in the traditional cloud computing platform ----The trust relationship will not be worse than 21 nodes, and the performance is better than this platform, so what's the point of blockchain?
It is the transparency, openness, and decentralization of Ethereum that make all kinds of DeFi applications without threshold, free and open, bloom everywhere on Ethereum. Even if the transaction fee of Ethereum has skyrocketed by 3-4 times, it will not stop the development of DeFi at all. Prosper and emerge.
If it is said that 3 years ago, people were entangled in the TPS of Ethereum, thinking that TPS is a deadlock in the development of the blockchain, it is understandable; but now, the ecology of Ethereum has developed to the current state, and this fundamental problem has not yet been seen , that will definitely miss the historic opportunity brought by the next wave of Ethereum.
To recognize this problem, the entire industry has paid a considerable price. It didn't come easily but it didn't come too late.
