Ethereum 2.0 is here, what should other public chains do?

Editor's Note: This article comes fromCybtc Blockchain (ID: cybtc_com), Author: irishash, reproduced by Odaily with authorization.

Editor's Note: This article comes from

Cybtc Blockchain (ID: cybtc_com)

Cybtc Blockchain (ID: cybtc_com)

, Author: irishash, reproduced by Odaily with authorization.

On December 1st, the beacon chain of Ethereum 2.0 phase 0 was officially launched. This moment marked the official opening of Ethereum 2.0. For this behemoth, most people have unlimited expectations, but all this is just the beginning. Fang 2.0 still has a long way to go.

The reason why Ethereum 2.0 has attracted the attention of many people is actually the main reason is the current bottleneck faced by the blockchain. Many people think it is an impossible triangle problem. Of course, we can also think of it as the current blockchain transaction confirmation speed. This is also the reason why the blockchain system cannot face larger-scale applications.

As far as the existing public chains are concerned, EOS, which is relatively fast, is a typical representative. When the EOS network is busy, according to the design, users still face the situation of insufficient resources, and it often takes about one transaction to send a transaction. EOS resources of more than 100 yuan, this is also the place where the EOS system is criticized, and it may form an endless loop in many cases.

As for other public chains, many people may have experienced them, and they feel pretty good. On the one hand, there is no congestion, and on the other hand, the handling fee is very low, so they think this public chain is very powerful. In fact, this is just an illusion. When a certain public chain experience is very good, in fact, it is often because there are not many people using this public chain, so it will naturally be very smooth. When the number of users or the number of transactions suddenly increases, in fact, many public chains are still I can't hold on.

At this time, many factions have proposed multiple solutions, which can be roughly divided into several categories. The first category is capacity expansion, the second category is the two-layer network layer2, and the third category is the combination of sharding technology and other technologies that most people are familiar with now. body.

That is to say, in the past few years from 14 years to the present, in fact, at the technical level, they are basically discussing countermeasures for the transaction speed and transaction confirmation time of the blockchain. Decentralization is naturally the current goal of the blockchain project. Consensus is also a point of view that is difficult to change. Therefore, we can only improve the transaction speed of the blockchain as much as possible under the existing conditions. This is the core task of the development of the blockchain.

Of course, at present, the expansion and the second layer network layer2 actually have their limitations, which makes people focus on the technical level of sharding. Ethereum has determined its final transformation in the roadmap long ago. For POS, in fact, it is to deal with the contradiction between the needs of network transactions and the current network load.

In other words, if Ethereum 2.0 can be fully realized, it means that the future development of blockchain technology will be based on Ethereum, and other public chains will eventually run on the Ethereum network in some form. , In this way, Ethereum may really become the "world computer" in everyone's eyes.

Because the goal is too ambitious, the development of Ethereum 2.0 is of course facing great challenges. However, with the current overall market value of Ethereum and the strength of the Ethereum Foundation, they basically don’t have to worry about money to do this. , so generally speaking, to achieve the goal of Ethereum, the bull market must reach a new high, otherwise the huge expenses may put the Ethereum project in trouble. worry.

What needs to be noted here is that although there is no need to worry about the development of Ethereum 2.0, what will happen to other public chains in the future? This is what the public needs to pay attention to. After all, many people still have a bunch of altcoins in their hands.

As mentioned above, in the past few years, the technical level of the blockchain has always been to increase the transaction speed as the main solution. Because of this, the major public chains have continued to explore with their own technologies, and finally formed the current situation of flourishing. In other words, no one knows the future direction of technological development, so they can only explore it from multiple angles.

Multi-angle exploration is the same as our usual brainstorming. Different people stand at different angles, and then propose their own solutions to the same problem, and then use practical actions to prove whether they are right or wrong. At present, we have seen so many public chain projects in the currency circle, and the reason why they are still developing vigorously. But once Ethereum 2.0 is launched, these projects will face a direct problem, that is, what should they do with their own public chain?

To put it simply, Ethereum 2.0 will grab the jobs of other public chains, making them useless. The simplest example is that most people in the community have shopping needs, so some people open a lot of kiosks. To provide shopping convenience for everyone, but suddenly one day a small store got rich, and then expanded its territory to a large shopping mall. Then, in this way, the business of the previous small stores will naturally deteriorate a lot.

In this way, the natural public chain needs to seek its own development instead of sitting still. Although there may be fewer ways out at this time, it is not impossible. At present, there are two possible strategies.

The first is to join the Ethereum ecology, be a part of it, and then enable yourself to survive.

This is easy to understand. It’s like your small shop can’t compete with the cheap and affordable shopping malls, so you can contract a counter in the shopping mall and sell the goods yourself, so that you can survive.

This possibility naturally exists. For example, cross-chain representatives such as Polkadot and Cosmos can actually combine different public chains. The problem of slow transaction speed we mentioned before can actually be used to a large extent. chain to solve.

Summarize

The core of cross-chain is actually to create tokens of another public chain on one public chain, and then use smart contracts to connect them. The effect is actually that many layer2s have been established on the previous public chain. If this public chain reaches congestion, you can use smart contracts to exchange your own coins for coins on other public chains, then complete related transactions on other public chains, and finally exchange them back through cross-chains. The deal is done.