Looking forward to the prospect of the future platform public chain through Ethereum expansion 2.0
On May 28, the Layer 2 network Arbitrum opened its mainnet to developers. Plasma, which has not yet been officially launched, coupled with the recent explosive growth of Polygon that has been launched before, Layer 2 has once again become the biggest attraction of the year. Of course, the premise of all this is that the expansion of Ethereum 2.0 has really landed.
Ethereum, as an open source public blockchain platform with smart contract functions, provides people with a decentralized virtual machine to process peer-to-peer contracts. With the increasing improvement of blockchain technology and people's trust in decentralized credibility and transparency functions, various applications based on public chains such as Ethereum have experienced explosive growth. The innovative application of defi or NFT built on the public chain has become a new hot spot and technological breakthrough point. There are indications that the development and application of new blockchain technologies are gradually approaching the real economy, especially with the help of NFT. The uniqueness and uniqueness of non-homogeneous tokens build bridges inside and outside the chain. At present, the technical support of NFT is only in games, artworks, etc., but its tentacles have begun to extend to entities, and it is constantly trying to map physical products to the blockchain through NFT technology.
Of course, the premise of all good things must be a large platform that can carry century-level technology. But in fact, we found that the public blockchain platform with smart contract function represented by Ethereum still has many deficiencies, which are the pain points that people often say. It's a pain point, but a very painful one! Although there are many public chains with smart contract functions that imitate Ethereum, and even claim that the public chain 2.0 and 3.0 surpass the TPS of Ethereum, but so far, no matter how much people criticize, even if they are crying, they still have to use it on the Ethereum platform. Build the application.
In fact, people have several opinions. One is to start from scratch and completely build a new public chain. Since the birth of these old chains represented by Ethereum, due to the limitation of technical conditions, the POW workload proof consumes a lot of energy. Not high enough. In this realistic situation, platform public chains claiming to be able to replace Ethereum have sprung up like mushrooms after rain, but the reality is cruel. Most of these public chains have dissipated or survived. Even the pomelo, which was very popular at the time, is still half-dead. Yuzu's so-called innovation, improving TPS, is based on 21 super nodes. This is the key point that people have criticized, which greatly weakens the role of decentralization. Of course, the back waves of the Yangtze River push the front waves, and the front waves hit the beach. Whenever the congestion of Ethereum is unbearable, a lot of new public chains will emerge. Of course, we hope that with the innovation and development of blockchain technology, disruptive technologies will be born, and on the basis of not changing decentralization and security, there will be microsecond-level or even higher TPS. The emergence of this new technology, It will inevitably promote the birth of phenomenon-level applications. By then, the whole world will be able to travel freely in the blockchain, and it will also promote the seamless connection between the real world and virtual reality.
The second is to continuously upgrade and expand capacity based on the original public chain technology. With the rapid development of technology and applications in the block, although Ethereum is one of the most popular blockchain networks, its 1.0 version still cannot compete with mainstream competitors in terms of transaction speed. In contrast, the current Ethereum network can process 3,000 transactions per second, while Visa can process 15,000 transactions per second. This transaction frequency is the TPS we often talk about. With the launch of ETH 2.0, its transaction speed will increase exponentially. In his introduction to Eth 2.0, Ethereum’s Vitalik Buterin mentioned that in the first phase of implementation, its transaction speed will increase to 100,000 TPS. But we know that although 2.0 is a transformation from POW workload proof to POS equity proof, while improving transaction speed, it must be improved on the basis of loss of security and decentralization performance. At the same time, the expansion and upgrade of Ethereum 2.0 takes a long time and the process is difficult, and it has not yet been fully implemented.
The third is to create a new blockchain technology platform based on public chain technology. For example, DFINITY, which is currently very popular, is working on building a decentralized Internet computer. In the words of Dominic Williams, founder and chief scientist of the DFINITY Foundation: The blockchain Internet computer is the third great innovation of the blockchain. The first is of course Bitcoin; the second innovation is Ethereum, which built a smart contract platform and also promoted the revolution of decentralized financial DeFi; the third major innovation is the blockchain Internet computer. Because DFINITY has just been established, its expansibility and application performance have to be verified by people and time.
Of course, we have reasons to believe that with the continuous development and upgrading of blockchain technology, the outbreak of the blockchain public chain platform will be a great integration of the real economy and blockchain technology. (The author of this article is the Alliance of Roast Boys Creators)
