Throughout 2019, the field of public chain is surging. With the small spring of currency price in the first half of the year, IEO projects have sprung up like new shoots after the rain. At the same time, Star Public chain projects that received 100 million yuan of investment in 2017 and 2018 are also gradually launched and landed, such as cosmos, nervos, Boca, etc. At that time, the concept and currency price soared together, the stars were new and cutting-edge, and the public chain circle was lively.

In the second half of 2019, as the digital money market gradually calmed down and even fell into a trough, the activities of the public chain gradually cooled down. With the country publicly crowning the name of blockchain technology at the end of October, the trend of “blockchain +” and industrial implementation has become popular all over the country. For a time, the alliance chain seized the limelight of the public chain. Many teams that originally focused on the development of the public chain quietly turned into alliance chain services for enterprises. The popularity of the public chain has decreased sharply and the limelight is no longer.

Today, the public chain has gone through 11 spring, summer, autumn and winter. Having experienced the collapse of concepts, the ups and downs of currency prices and the departure of developers, what should we look at the public chain from the starting point of 2020? In 2019, what breakthroughs have we made in the public chain and what problems will we encounter next? Carbon chain value has collected the views of 7 senior practitioners. I hope you can harvest your own answers.

Vitalik (founder of Ethereum)

Vitalik published a ten thousand word long article at the end of November 2019, describing 16 key problems encountered by the public chain (cryptocurrency) in the past five years from three aspects: cryptography, consensus theory and economics.

Vitalik believes that the common chain has made considerable progress in technical issues such as scalability and arbitrary computing proof, but it has made slow progress in code fuzziness. In terms of consensus mechanism, although the industry has tried its best to achieve anti ASIC pow, vitalik still believes that the defects of pow are inevitable, and emerging storage certificates may also fall into centralization dominated by mine owners. In the long run, POS is the road that the public chain should explore. In addition, he also affirmed the attempts in the economic direction of the industry, such as stable value encryption assets and decentralized public goods incentives.

More important than the summary of achievements is the new problems summarized by vitalik for the current public chain industry. These problems include: ongoing post quantum cryptography work (in mid-2019, the public chain circle was once surprised by the possible devastating blow of Quantum Computing), anti collusion infrastructure, Oracle, homomorphic encryption and multi-party computing, decentralized governance mechanism, formal response to POS 51% attack, more sources of public goods funds, etc.

How about the battle of public chain life and death

Vitalik summed up the current public chain situation in one sentence: Although the basic layer problems are slow, they will certainly decrease, but the application layer problems have just begun.

LV Guoning (co-founder of nervos)

1. How to view the development of public chain in 2019? What do you think is the most noteworthy technological breakthrough? Is there any mechanism design or theory that makes you refreshing?

In 2019, the public chain lacks a breakthrough in the underlying infrastructure, and there is nothing to say, but new ideas and technologies on the application layer emerge one after another. For example, the rollup series capacity expansion scheme initiated by Ethereum community can make up for the insufficient performance of Ethereum in layer 1 from the perspective of application layer. In fact, the continuous research and development of rollup program can be extended to more next-generation public chains with better capabilities.

For another example, a set of privacy protocols introduced by the mimblewimble protocol can be implemented with smart contracts at the level of fully functional virtual machines. This brings new challenges to the expansion of virtual machines and smart contract capabilities of the previous generation public chain, and also brings new benchmarks to the smart contract capability level of the next generation public chain.

In addition, Facebook put forward the concept of resource-oriented programming in Libra, which is similar to the FCA concept first proposed by nervos CKB. This is enough to prove that for asset programming, the intelligent programmable ability of assets is regarded as the first priority support, rather than the smart contract as the first priority support. This change of application layer programming paradigm has been paid more attention, recognized and supported.

2. What do you think will happen to the public chain in 2020? (is it gradually broken as a lie, or is it gradually falling to the ground, which is verified as a concept? If it is the latter, what do you think is the most important landing scenario of the public chain?)

First of all, it is a long-term task for a public chain to develop a mature and sound community and ecology from putting forward the concept, establishing a development team, launching the project, and the cold start of relevant ecological communities. Bitcoin community has developed for 11 years, and Ethereum community has also developed for nearly five years. The primary task of these public chain projects born from 2018 to 2019 is to accelerate the whole process of project, community and ecological development. In the short term, it depends on whether the implementation of the public chain project team and the community revolves around its core objectives and development strategies, while in the longer term, it depends on whether the public chain project team has long-term planning and implementation ability.

Throughout 2019, the whole public chain is facing low market sentiment. Most public chains choose to give up, transform and die, and a few public chains are still adhering to their own development and planning. From the perspective of one-year time dimension, whether the public chain can realize the landing is not enough. It is really far from large-scale landing. In addition to the complete development of infrastructure and solving performance problems, there are many other last kilometer problems to be solved, and more time and resource investment are needed.

At present, we can observe a trend: the combination of alliance chain, license chain and public chain will become the next generation of open financial platform, provide better financial products and services for a wider user base, and improve the existing financial infrastructure with higher efficiency and lower cost. In this direction, the blockchain field will develop faster.

3. Do you think the importance of China’s public chain has declined in the field of public chain? At the same time, with the rise of chain reform, the situation of public chain in China has been greatly impacted. Many people show that they will be committed to chain reform in 2020. What do you think of this?

The importance of China’s public chain may be a false proposition, but the Chinese market is the most important market that the public chain must strive for. First, the competition facing the development of the public chain is a global market competition, which requires the public chain project and the community behind it to gather the best resources in the world and attract the best developers and teams to build applications and services on the public chain platform. From this point, if China’s public chain is emphasized or only based on China, the competition for resources on a global scale will be at a disadvantage and will eventually be replaced by a stronger global public chain, which is a few of the uncertainties faced by the public chain in its development.

The rise of the concept of domestic chain reform has only shifted attention from the public chain to the concepts of alliance chain and license chain in a short time. However, the essence of this problem is to introduce more efficient flow of information and value through blockchain. From this point, the relationship between alliance chain, license chain and public chain is not competition but complementarity, Any restriction on the development of one party will affect the development of the other party. At present, the concepts of alliance chain, license chain and industrial reform have just sprung up. When formulating planning and development strategies, the public chain must consider that it can make necessary design and Implementation for the alliance chain in terms of technology and connection, so as to seize the opportunity of combined development and mutual promotion.

Cao Heng (founder of iris and head of cosmos China)

1. How to view the development of public chain in 2019? What do you think is the most noteworthy technological breakthrough? Is there any mechanism design or theory that makes you refreshing?

The most noteworthy technological breakthrough is the release of cosmos cross chain communication protocol IBC specification in September and the implementation of MVP demonstration in November. Let me be a little proud. The technical implementation of this demonstration comes from our Chinese development team.

To be honest, there is no mechanism design and theory that particularly refreshes me in 2019, but I think it’s nothing. The normal innovation iteration in the blockchain field has been going on. At this stage, the most important thing for our industry is the real implementation of technology application, which can serve the real economy as soon as possible.

2. What do you think will happen to the public chain in 2020?

Some people say that the public chain is going to be cold, but I’m not so pessimistic. The application status of the underlying public chain technology support has been relatively mature. In 2020, we will continue to explore the application implementation. I will attach great importance to the implementation scenarios of the public chain, such as DEX, mortgage, etc.

3. In 2020, which direction will the competition pattern of the public chain go? Which public chains may die and which public chains may stay until the end?

In 2020, the key factor affecting the competition pattern of the public chain mainly lies in whether the public chain can realize the application landing. That is, whether application projects can grasp the pain points of users and whether the underlying chain can well support applications, which is also the core competitiveness of the public chain. Taking the cross chain field where IrisNet is located as an example, we believe that the core competitiveness of the public chain in this field lies in how to better support the interconnection of applications and application chains, so as to help realize value transfer between applications (chains).

In addition to technical factors, whether the public chain can live to the end also depends on the project party’s own capital reserves, as well as whether it can implement rigorous capital management and prepare for the potentially harsh environment.

4. Do you think the importance of China’s public chain has declined in the field of public chain? At the same time, with the rise of chain reform, the situation of public chain in China has been greatly impacted. Many people show that they will be committed to chain reform in 2020. What do you think of this?

The greatest value of the public chain lies in its open system, and the public chain should be global. China’s blockchain industry is still developing rapidly. Whether it is technological innovation or application, China’s influence and importance in the world will not decline.

Maybe our team has been doing industrial alliance chain application and cross chain service open network in parallel since its establishment. Anyway, I never think that public chain and chain change are contradictory. When the public chain is very popular, I have shared with you on many occasions. We don’t think that a big public chain can solve all problems. The future ecology must be full of flowers, especially the enterprise level business cooperation, governance and security need the support of the alliance chain. The public chain solves the problems of security, credibility and performance in a fully open distributed network, which is a great challenge. It also helps to verify and lay some technical cores of the alliance chain. The chain reform adopts alliance chain, and the open network adopts public chain technology, which has its significance in solving different problems and needs.

The agreement is developing steadily and the ecology is growing steadily… Personally, I feel that it is the hottest progress I can feel this winter.

Jiang Jiazhi (chief developer of coinex chain)

1. How to view the development of public chain in 2019? What do you think is the most noteworthy technological breakthrough? Which public chains may die and which public chains may stay until the end?

The most noteworthy is the progress in cross chain technology. Cosmos provides a set of solutions for public chain interconnection, which reduces the cost of developing public chains independently and connecting with each other. The technological breakthrough of a single public chain is not so obvious. At present, there is basically no possibility that a single public chain can support large-scale applications. Therefore, the research and development of private public chains is a good solution. After different private public chains are established, we can open up the assets on the private public chain through cross chain technology.

The development of the public chain is just the beginning. Many of the existing public chains may die in the future. Only those public chains with technological progress and exploration in different directions can go further.

2. Do you think the importance of China’s public chain has declined in the field of public chain? At the same time, with the rise of chain reform, the situation of public chain in China has been greatly impacted. Many people show that they will be committed to chain reform in 2020. What do you think of this? Is there any mechanism design or theory that makes you refreshing?

On the contrary, the strength of the Chinese team in public chain development should have made great progress than before. Chinese people have strong technical realization ability. Relatively speaking, their research ability is not as good as that of foreign countries, and there are few heavyweight papers.

I think if the chain reform wants to develop, it needs to rely on compliance, so that it can go faster. The current blockchain technology can meet the needs of many chain reform scenarios. The key is that the current laws and regulations are not enough to support the development of chain reform. However, I am personally optimistic about the regulation and compliance in 2020.

3. What do you think will happen to the public chain in 2020? (is it gradually broken as a lie, or is it gradually falling to the ground, which is verified as a concept? If it is the latter, what do you think is the most important landing scenario of the public chain?)

With the rise of each blockchain wave, blockchain technology will make a great leap. For example, bitcoin corresponds to POW protocol, Ethereum corresponds to smart contract, cosmos and Boca correspond to cross chain. We can see that the blockchain has explored many landing scenarios, and many can be landed. The use of these scenarios will use the public chain. With the development of landing scenarios, it will naturally be accompanied by the breakthrough of public chain technology.

I am still optimistic about the financial direction in the landing scenario of blockchain, so I pay more attention to defi, especially these four segments:

·Decentralized lending has been well applied

·Decentralized insurance services

·On the real asset chain

·Decentralized transaction is the core demand of finance

4. In 2020, which direction will the competition pattern of the public chain go? Which public chains may die and which public chains may stay until the end?

I’m not part of the cosmos team, but I have to praise them. The development of cosmos ecology has not only brought us unexpected surprises, but also will have a deep impact on the public chain ecology and competition in the future.

The most remarkable thing about cosmos is that they did not give priority to cross chain through their own main chain, but first developed the cosmos SDK. Cosmos SDK allows developers to easily create custom blockchains that can interoperate with other blockchains from scratch. It pre handles the functions required by a complete blockchain system, including P2P network layer, transaction and governance. Its significance is that developers can freely develop their own blockchain projects based on Cosmos SDK, such as its token atom, such as DEX.

It is worth mentioning that the blockchain project developed based on Cosmos SDK has its own independent consensus, rather than handing the consensus to a parent chain. This will greatly affect the development choices of those latecomers of the public chain. In this sense, Cosmos ecology will deeply affect the competitive pattern of the public chain.

Lone arrow (founder of EOS force)

1. How to view the development of public chain in 2019? What do you think is the most noteworthy technological breakthrough? Is there any mechanism design or theory that makes you refreshing?

There is a gap between the public chain in 2019 and the public’s expectations, but the technological progress is still very obvious.

Cosmos IBC has really brought the blockchain into the 3.0 era

Version 2.0 of eosio and eos-vm have raised the development level of blockchain to a large level.

Libra’s move language gives a new development direction of smart contract,

Filecoin brings a real storage blockchain.

Eth2.0 will further deepen the application of smart contracts, which are the real contributions of developers in 2019.

What is more interesting is that Dash’s decentralized budget system has been practiced in their community for a long time, but our eosc community has learned from dash this year, and has more understanding of the importance of decentralized budget system in the process of practice.

In addition, our eosc community changed the traditional number of votes to the voting right based on time weight in POS voting. Although this matter has not received high attention compared with the above mentioned, we think it is very important. The voting mechanism of POS is the key to the survival of POS, and we will continue to invest in it.

2. What do you think will happen to the public chain in 2020? (is it gradually broken as a lie, or is it gradually falling to the ground, which is verified as a concept? If it is the latter, what do you think is the most important landing scenario of the public chain?)

The progress of the public chain will be the same as before. It will not break the lie or land quickly. To put it bluntly, the public chain is the most cutting-edge exploration of the blockchain. The whole community evolves around consensus, which is not efficient and normal. It is completely two directions from the centralized company operation mode.

As a public hash storage ledger with the lowest social cost and a public smart contract platform with the lowest social cost, the public chain has been verified many times. These two things can solve most problems.

3. In 2020, which direction will the competition pattern of the public chain go? Which public chains may die and which public chains may stay until the end?

Public chains are not competitive, and each community has its own goals. Since it is the will of the community, there is no competition.

The life or death of other public chains is irrelevant. I only care about two things. One is the life and death of bitcoin. The second is the consensus mechanism of POS.

Bitcoin halving is not an opportunity, but a crisis. In fact, although it has been halved several times, the proportion of handling fee income of bitcoin has not increased significantly. It can’t live all the time by system subsidies. The next four years are the most critical four years of bitcoin.

The vote of POS is part of the consensus mechanism, and stacking is also a topic that has been widely hyped in 2019. However, if the POS system does not work well, the POS public chain will still die on a large scale. The next year is also the most critical year for the POS consensus mechanism.

4. Do you think the importance of China’s public chain has declined in the field of public chain? At the same time, with the rise of chain reform, the situation of public chain in China has been greatly impacted. Many people show that they will be committed to chain reform in 2020. What do you think of this?

The public chain has always been a borderless thing. Practitioners in various countries are giving full play to what they are good at. For example, Chinese miners have never lagged behind.

In 2019, Chinese developers have a substantial rise, but it is not a climate yet. The main reason is not the difference in development level, but the insufficient understanding of a new economic concept. Back to my first answer just now, you will find that most of the public chain breakthroughs in the past 19 years are the contributions of foreign teams.

The so-called chain change is not important. There are only those blockchain capabilities that can be used in the alliance chain business, but more blockchain ideas. Whether it is a public chain or an alliance chain, it is ultimately a public chain.

Finally, the release of DCEP in 2020 will bring very significant changes to the trend of the whole blockchain, which is good for the application implementation.

Finally, I would like to add my long-standing Views:

Blockchain is neither a tuyere nor a simple database technology. It is a new era, and no amount of attention can be overemphasized.

Investment manager of a front-line public chain (anonymity required)

1. Under the current situation, will you invest in the public chain again?

We will also pay attention to the public chain, but we will certainly look at this direction more carefully. At present, except Ethereum, there is no oligarchic public chain. Projects such as Polkadot, cosmos and nervos have not been fully verified by the market. Ethereum is the first public chain to realize smart contracts. It also brings together the world’s largest and top developers on the Ethereum platform. However, according to the Ethereum team some time ago, Ethereum 2.0 needs 3-5 years to be developed, which is too long for the industry. There are too many uncertain factors in 3-5 years. Of course, we will also pay attention to some of the latest layer2 technologies represented by ZK rollup. If the performance problems of Ethereum can be solved through layer2, there will undoubtedly be greater resistance to other emerging public chains.

2. Do you think China’s public chain industry investment is drying up? If so, why? (can’t see the prospect of landing, policy issues, or is the track full?)

As mentioned in the above question, there are still some opportunities for the public chain, but the size of this opportunity depends on the development of the existing public chain on the one hand, and the actual landing of the public chain on the other hand. As for the landing scene of the public chain, some people think it has been falsified, but I personally disagree with this view. After all, it is still in the early stage of industry development. Although blockchain technology is a “collection” of many existing technologies, it does not mean that it is a mature technology, nor does it mean that traditional models or ideas can be fully applicable in this field.

Fortunately, at present, I see that many teams at home and abroad are still constantly improving the infrastructure of the public chain and exploring the application scenarios of the public chain in the bear market. In China, the alliance chain has become the darling of development, but in fact, the alliance chain is more to B, while the public chain is usually to C, and the two cannot replace each other. The public chain still has the soil and necessity to survive in China.

For the investment in the public chain industry, the world is almost the same, not only in China, but also in foreign countries. After all, there are so many public chains now. We must let the existing public chains “show their hands” first, so that we can really determine whether they can do it or not and whether they want to continue to invest. When the public chain infrastructure is perfect enough, the upper application will have the opportunity to blossom. However, according to what I have learned so far, the road to be taken by the public chain may be longer than you think.

3. How to view the recovery of public chain investment in early 2019 and the depression at the end of the year? Do you think public chain investment may rise again?

Whether it is the recovery of public chain investment at the beginning of the year or the depression at the end of the year, it is not difficult to see that it is highly related to the trend of bitcoin. From the perspective of investment, the current public chain and other infrastructure are obviously not perfect. When the overall market goes up, the risk of application layer projects for investors is higher than that of the public chain. After all, applications should run on the public chain, so this also caused the rise of bitcoin at the beginning of the year and the market value investment focuses on the public chain. The depression at the end of the year is due to the decline of the overall market. This period is not only the public chain, but all investments are actually depressed.

Whether public chain investment will rise or not depends on the development of the existing public chain. From 2020 alone, I think there are still opportunities in the public chain. After all, we haven’t seen a perfect public chain verified by the market yet.

Red Army uncle (boundless community)

1. As the co-founder of limitless community, please talk about the public chain war situation and changes this year from the perspective of community knowledge and feelings.

The whole public chain is not as hot as before. First, there are more blockchain players. With public chain players + national team + giant team, the public chain is only a part of the middle, and the heat is diverted. Secondly, some things that the public chain originally talked about are a little old-fashioned. Most of them are still talking about TPS, which makes people feel a little boring. Although we have been talking about DAPP, it has not really developed up to now, but in the long run, it still depends on DAPP, and the public chain should sink to infrastructure.

In addition, although many projects are public chains, they are tob. Such projects are generally good at business and landing. I think this is a potential force in the future.

2. Is the public chain still an active topic in the community? What is the most discussed?

The most discussed is application. Among them, defi can be said to have sprung up, far exceeding the games and gambling we were optimistic about before.

Although cross chain occupies a certain topic range, it still needs time to prove before landing or proof of concept. Many people think that cross chain may be a pseudo demand.

I think topics like Libra and national digital currency are more like watching the news broadcast, or it is still a little far from everyone. However, I joked that Libra is the father of blockchain popularity. Whether it is successful or not is not so important. More than half of its mission has been completed.

IEO became popular for a while at the beginning of the year. I felt like a clown. I was not optimistic at the beginning, and the result was a sudden decline.

Back to the theme, the core of 2019 is defi.

3. Are you worried about the current public chain situation?

I don’t worry. If there is no public chain, the blockchain will not be called a blockchain. Some things are the emperor’s new clothes, which can’t stand the polishing of time and the puncture of innocent children. But on the contrary, in a healthy ecology, we should not let the public chain develop smoothly, which is not good for it. Constantly being challenged and evolving is the normal state of the public chain.

Responsible editor: CT

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