New domestic public chain
Search for "domestic public chain" on the Internet, and the key words that pop up are "embarrassed situation" and "quiet death". From 2018 to 2019, the media’s evaluation of the domestic public chain seems to have been like this, and the domestic public chain was once depressed.
However, as the central government clarified its attitude towards blockchain technology on October 24, 2019, coupled with the increasing demand for blockchain technology in various industries in society, many people think: "The spring of domestic public chains is here!"
A year later, PlatON, a public chain focused on privacy computing, officially released the meta-computing network Alaya, officially entering the application verification stage. Subsequently, Conflux went live on the mainnet amidst cheers. Many people sighed in the circle of friends: "The future of the domestic public chain has come!"
secondary title
Domestic public chain opens up new fields
The new public chain is actually a relative concept, just like how you define "rookie". Neo may be considered a "rookie" in 2016, but now he is also called a "veteran". Every year, the new public chain will open up new fields. Financial services, data storage, and open source communities have all made people look forward to it.
This year, a number of new domestic public chains have emerged in our field of vision. These public chains have outstanding performance in the two fields of privacy computing and cross-chain.
Privacy computing is a professional cryptography term, and it has a large application scenario in the financial field. Financial institutions can conduct customer portraits and product recommendations while protecting customer privacy. Both PlatON and Oasis are leaders in the field of private computing public chains.
PlatON proposes a scalable privacy computing solution, including privacy computing and verifiable computing. Using a variety of modern cryptographic algorithms, not only privacy can be protected, but calculation results can also be verified.
Sun Lilin, the founder of PlatON, said in an interview before: "PlatON has privacy computing capabilities in both Layer 1 and Layer 2: on Layer 1's smart contract, based on homomorphic encryption and zero-knowledge proof of the privacy of transaction amounts on the chain; on Layer 2 based on a variety of passwords The algorithm realizes off-chain privacy computing.”
In addition, PlatON uses multiple modern cryptographic algorithms to protect privacy computing. The algorithms used include but are not limited to zero-knowledge proof (ZKP), verifiable computing (VC), homomorphic encryption (HE), secure multi-party computing (MPC), and secret sharing (SS), improving the scalability of privacy computing.
Oasis Labs, a privacy cloud computing platform based on blockchain technology, uses its unique network architecture to improve the security and scalability of privacy computing.
The Oasis network is divided into a consensus layer and a computing layer. The computing layer uses the TEE trusted execution environment to run smart contracts. The unique network design allows the Oasis network to be better applied to machine learning and depth under the premise of ensuring scalability and privacy. fields of study.
Public chains have a long history of cross-chain research. Among domestic public chains, Neo cooperated with Ontology to build an open cross-chain platform in 2019. However, this year Conflux completed the first DEX assets cross-chain among domestic public chains.
On September 25, MoonSwap successfully migrated from Ethereum to Conflux, becoming the first decentralized exchange running on Layer 2.
secondary title
More application scenarios
The problem of lack of domestic public chain application scenarios has existed for a long time. The "2019 China Technical Team Public Chain Technology Development Report" produced by the Interchain Pulse Research Institute pointed out: From the perspective of application scenarios, the vast majority of domestic public chain Dapp applications are still relatively small. The vast majority of Dapps are concentrated in the three major areas of games, lottery and decentralized exchanges (DEX), lacking innovation.
The emergence of the new public chain will undoubtedly provide more application scenarios.
Although the Conflux ecosystem is still in the construction stage, DeFi and NFT in the current ecosystem have begun to take shape. Compared with other domestic public chains participating in the DeFi wave, Conflux is more systematic. In addition to DeFi tokens, there are also decentralized exchanges and DeFi lending agreements. Conflux also introduced NFT into MoonSwap to form an internal ecology of "DeFi+NFT+Game".
Conflux brand manager Li Ruihan told Beep News: The Conflux ecosystem is waiting for more developers to enter, and more new applications will be developed in the future.
The public chain that focuses on privacy computing has huge landing scenarios in the fields of privacy protection and data storage. Through privacy computing, the occurrence of privacy violations can be greatly reduced. At the same time, under the premise of protecting privacy, financial institutions can calculate the situation of customers and provide customers with better services. The blockchain locks data on the chain, and the supply chain has a huge demand for technology.
Bai Xiaole, president of Youhe Group, which is engaged in cold chain transportation, hopes to communicate with PlatON about cooperation. He said: "I think their technology is quite good. Whether it is privacy computing or data storage, it has an important impact on the supply chain."
secondary title
Or occupy a place in the global public chain circle
What is the level of technical capability of the domestic public chain in the world? The "2019 China Technical Team Public Chain Technology Development Report" pointed out that half of the 38 public chains in the statistics use a hybrid consensus mechanism, and over 60% of the public chains have a TPS performance of 1,000 and above, of which public The number of chains is 25. What is the concept of 300,000-level TPS? Ethereum founder Vitalik Buterin pointed out in June this year that Ethereum 2.0 can reach a maximum of 100,000 TPS. It can be seen that some domestic public chains have reached the processing capacity of Ethereum 2.0.
For public chain development issues, such as scalability, security, and cross-chain, domestic public chains also provide solutions.
PlatON does not simply use zero-knowledge proof, but strengthens the scalability of the network through multiple modern encryption algorithms, adopts verifiable calculations, and the results are traceable and traceable, ensuring the accuracy of calculations.
The problem of poor scalability on the Ethereum chain has been criticized, and Conflux adopts the mechanism of Proof of Work (PoW) and Directed Acyclic Graph (DAG) to break the "impossible triangle" of the blockchain while ensuring decentralization , security and scalability. Based on this, MoonSwap can achieve 0 gas fees and a maximum processing capacity of 6000TPS, which can be called an "upgraded version of Uniswap".
In terms of the global market, the domestic public chain market share will gradually increase in 2019. According to TokenInsight’s 2019 third quarter underlying public chain report, 4 of the top 10 public chains by market capitalization are domestic public chains, namely Tron, Neo, Ontology Chain and VeChain. The 4 public chains accounted for 8% of the market. Although domestic public chains are not very important in the global public chain market, they still have a certain weight.
Although domestic public chains have made great achievements, compared with relatively mature public chains such as Ethereum and Polkadot, the ecology of most domestic public chains still needs to be improved, and the number of developers in the ecology is relatively small. Relying on several well-known applications is difficult to play a combined role. In addition, the valuation model and measurement standards of the public chain are not yet clear, and technology updates are slow, which are also factors that restrict the development of domestic public chains.
Although the domestic public chain still has a long way to go, we are delighted to see that the new domestic public chain is running towards the future.
