A detailed study of the scalability of the world from the development path of Ethereum
Recently, the continuous rise of Bitcoin has led to a large bull market. Based on this, many altcoins have begun to pull up the market and gradually show their prominence under this bull market.
As the second largest giant, Ethereum can be said to have formed its own ecosystem, and now all newly issued or issued projects cannot avoid the ecosystem of Ethereum. As Vitalik said at the Wanxiang Summit last year, Ethereum is not just a public chain, but an ecology.
However, from the perspective of the general environment, this belongs to the recycling of natural ecology. 2.0 The increase in the number of pledges will affect the number of Ethereum in circulation on the market, which will lead to a continuous rise in currency prices. It can be seen from the non-small data that the current number of pledges is about 2.38 million, with an annual interest rate of 10.3%. The total circulation of ETH The volume is around 114 million.
Although there are conditions for additional issuance, it cannot be ignored that as the price continues to increase, the cost doubles. The higher the pledge cost of 32 ETH, the lower the income. a paradoxical relationship.
But from the perspective of Layer 2 and the essence of PoS, the transformation of ETH from 1.0 to 2.0 provides more scalability for the entire blockchain world. PoW mining adopts a system similar to the distribution of workers according to their work. This system is mainly applicable to the 20th century. There is no problem in any country or any unit adopting this model. However, with the continuous improvement of living standards, that is, people Not satisfied with the form of only using mining machines to obtain tokens, more scalable forms such as DeFi and NFT have emerged.
I also emphasized in the article before that PoS is not the best consensus mechanism, but it is the most feasible way at this stage, because it produces a model of equity ratio distribution, which is precisely the transformation of the 20th century to the 21st century in terms of enterprise management. The most important breakthrough, so it has become the object of competition. But just like the problems that enterprises are facing now, it makes the major shareholders have too much decision-making power, and the change of this system cannot be completed in a short period of time.
The scalability of Layer 2 itself is also a necessary process for Layer 1. ETH 2.0 emphasizes the sharding model, which solves the problem of high gas fees as prices rise, and allows ETH 2.0 to better carry high throughput. Greatly improve user experience. Moving to the real world, taking mobile phones as an example, the change from the Symbian system to the Android system has also increased people's sense of experience, and thus derived more business ecology, so that we can use a mobile phone today to achieve more Multiple scene applications.
Do you want to say that mobile phones will change to other ecology? I think it is also possible. There may be better alternative products in the future. As for what it is, we have no way of knowing. Just as we are now in the process of vertical extension from layer 1 to layer 2, it is believed that the usage scenarios of layer 2 will continue to increase, and related projects and business scenarios will gradually emerge.
What took decades to complete in the real world is completed in such a short period of time in the blockchain world, so we have to feel its strength, but its scalability is not limited to this. The creation of Ethereum 2.0 provides us with a good template, and it is no exaggeration to me to say that it claims to be ecological.
The emergence of smart contracts has indeed led to the biggest change in the blockchain ecology in the past five years, and this time, what will be its surprise? We may need another 5 years to witness its greatness.
