Entering the Public Chain 3.0 Era! AIVerse Focuses on Building Metaverse Infrastructure
1.Public chain is back in the spotlight
2021 was the year for blockchain insiders to learn like crazy and reach new heights.
With the advent of popular concepts related to the Metaverse (such as DeFi, NFT, GameFi, and SocialFi), the public chain has rejuvenated and once again is back in the spolight. Ethereum still accounts for more than 50% of the market share, but its network struggles to carry large-scale transaction volume, and the transaction there tend to result in sky-high gas fees, so expansion plan (layer2) had to be built.
Given these facts, some new public chains that achieve low GAS and high throughput now occupy the top 10 list of the entire network. The most prominent being Terra, Avalanche, Solana, Fantom, and Polygon. Their total market shares in the top 10 public chains are 7.3%, 5%, 4.3%, 3.8%, and 2.2% respectively, accounting for more than 22% of the entire network.
This phenomenon shows that in addition to Ethereum and BSC, other emerging public chains have begun to compete fiercely, with a subtle size difference between each chain.
In other words, the market has begun to have new thoughts on the underlying infrastructure services provided by the public chain.
CoinGecko released the annual increase of MATIC (10146.2%), SOL (6907.9%), AVAX (2905.1%), and NEAR (1119.1%) in 2021, this shows that the emerging public chain brings more excitement, compared with the 272.1% increase of Ethereum and the 152.4% increase of TRON in the era of public chain 2.0. (data taken at 15:00 on January 05, 2022)
2.The debut of the Metaverse
It is believed that the real public chain battle is over, and the status of Ethereum cannot be shaken. There are too many blockchain insiders with similar ideas: this is a winner-takes-all situation, these “winners” already seized the market opportunity back in 2017–18, the monopoly makes it extremely difficult for latecomers who wish to take the lead.
Ever since Mark Zuckerberg changed Facebook Inc.’s name to “ Meta Platforms, Inc.” (more commonly known as Meta), the concept of the Metaverse came to light. The Bloomberg industry research report predicts that the Metaverse will reach a market size of US$800 billion in 2024, and PricewaterhouseCoopers predicts that the market size of the Metaverse will reach US$1.5 trillion in 2030. With these figures, of course many worldwide renowned consulting companies are optimistic about the future of the Metaverse.
In the Metaverse, the various ways to play DeFi are more interactive and new concepts with higher network throughput are emerging. There is now an interesting migration trend for both projects initiators and users.
Many GameFi player said that the GAS fee of Ethereum is too high, and would prefer to choose more economical public chains such as BSC.
The editor believes that the public chain battle is endless, and as long as the dream of the Metaverse remains, the battle will continue around it. The digital world is not only a virtual world for an immersive experience, but also a global racetrack, if the underlying facilities and services achieve a long-term and steady development, then this new digital world will take the crown from the current internet industry, no matter if it is a Metaverse for social/entertainment or for commerce.
If Ethereum was the winner in the last round of the public chain battle , then the public chain that provides the underlying infrastructure services for the Metaverse will have a certain advantage in the next public chain innovation.
3.Public chain 3.0’s ecology rules
In 2021, the emergence of the new public chain sent a signal to the industry that the market not only focused on decentralization, security and efficiency, but also the standard of commercial ecology. The ecological diversification layout has now become a key link.
Take Solana for example, whose goal is to become the “Nasdaq” on the blockchain.
(Solana Ecological layout）
This data shows that there are currently 960 validators in the network, mainly distributed in North America and Europe. SOL’s Active Stake has exceeded 308 million , with a pledge rate of over 75.5%, and a real-time TPS of 200,000,000 . Solana has over 300 projects in their ecosystem, and during the past three hackathon events, the number of developer registrations and project submissions has continued to increase.
Another example is Avalanche, which expects to bring traditional and non-traditional finance together in one channel. Avalanche adopts three chains to achieve high-throughput, parallelization, and developer-friendly interoperability protocols.
（Avalanche Ecological layout）
Anyone in the Avalanche ecosystem can customize their own dedicated blockchain. For example, if you want an Apple A14 chip and a Huawei camera at the same time, you could completely customize the lens, memory, processor, and screen. Similarly, Avalanche supports multiple custom virtual machines, such as EVM, WASM, Bitcoin VM, and Privacy VM. This virtual machine can then be placed in a customized blockchain network (subnet) consisting of a set of dynamic validators working together to agree on the state of many blockchains, in which complex rules can be deployed to meet regulatory compliance requirements.
In addition to solving throughput, decentralization, and security issues, another core standard for emerging public chains is to quickly capture the market, discover new hot trends and tracks, and adjust the business logic to quickly adapt.
Looking at the development of the public chain from 2017–2018 to 2021–2022 from a global perspective, the overall layout has begun to approach diversification. Rather than simply focusing on technological development, it is more about implementing technology iterations according to the market demand. The iterations in liquidity mining, language machines, and Layer 2 expansion solutions( to solve token circulation), code logic, and transaction scalability, also reflect the change in the blockchain field: the technology does not limit the market development anymore, the market development stimulates the technology iteration instead.
Relevant investment institutions have said that the Metaverse is the next generation of Internet with a huge market potential, in addition to Facebook , many other Internet giants have entered the game, such as: NVIDIA, Epic, Unity, Tesla, Tencent, ByteDance, Mihayou, Facebook, Apple, Microsoft, Amazon, Google, Alibaba, Roblox, Baidu, Xiaomi, etc.
There will be other exciting opportunities as well to spice things up. For example, the emerging public chain AIVerse is committed to building the underlying technical facilities and services for the Metaverse business ecosystem. AIVerse aimed at the Metaverse field a long time ago, and launched a series of underlying infrastructures such as the animation engine Beyond Me, virtual IP Aiv, NFT open world, and Outerverse, this provides third parties with excellent platform and application paradigm to accelerate the implementation of Metaverse applications.
In addition to providing excellent application facilities for the implementation of the Metaverse, AIVerse is also a financial facility. Through the features of blockchain such as decentralization, encryption, and privacy security, AIVerse creates functions such as transactions, pledges, reception, governance, stablecoins and other assets, in order to create a Metaverse with no boundaries, no borders, and perfect business formats.
4.Business first, rooted in technology
There is a famous saying in software science: “Don’t optimize at will when the bottleneck is not reached”
At present, asset security protection,the governance mechanism, the application scenario and the scalable line has all reached the stage where optimization needs to take place.
From the sky-high gas fees caused by the Ethereum network transaction congestion (which happens frequently), to thesecurity loopholes and hacker attacks in exchanges, well-known projects, wallets, etc., the development of blockchain technology undoubtedly faces multiple bottlenecks, and optimization is crucial.
Both old and new public chains have made their sacrifices in expanding solutions, throughput, gas fees, security, decentralization, and efficiency. A balanced process is required, which depends on the stage of ecological development, as well as ecological governance and the will of community members.
（Source：AIVerse’s new and old chain performance）
In general,users could not enter or exit freely in most of the public chain due to limited performance, cost, or other factors of the chain itself, and in the final analysis, it is because the commercial needs was not given priority. AIVerse, on the other hand, adopts a completely different application path: It let technology assist business , and it achieves business goals with technology.
The value of Ethertum comes from users, yet, is also limited by users. AIVerse aims at a greater blueprint, lowering the application threshold by adopting a dual-chain architecture, which allows various third parties (such as decentralized organizations and centralized enterprises) to establish application scenarios that meet their respective needs. For example, Ethereum seems to pay more attention to financial applications, while other applications will be relatively limited, resulting in the inability to develop rapidly. For AIVerse, any application is equal, the user just needs to choose the right chain according to their own needs.
There is no doubt that AIVerse has a lower threshold for application development without sacrificing the characteristics of the blockchain. This leads to the development of more commercial applications and targets the most potential Metaverse business in the future, this covers games, NFTs, transactions, lending and other scenarios that can bring a huge number of users to the entire industry, forming an ecological moat.
5.To create the ecological base for Metaverse
We discovered an interesting phenomenon- projects will obviously achieve some market trends through the vertical subdivision of public chain, yet the current public chain track is only a universal underlying facility which tends to create a grand bottom layer to adapt to most applications.
Facts have proven that it is obviously impossible for a public chain to meet all needs.
The following data is a market volume demonstration of the DeFi, NFT, and GameFi sections. Defi is a type of decentralized lending, the financial market is essentially a lending market, and the scale of the lending business can be imagined. NFT is a digital definition of non-standard commodities, and its value is maximized through the binding of blockchain technology attributes. GameFi is used to empower gamers with value from one of the most potential game tracks.
（The global market transaction volume of DeFi sector from December 12 to January 2）
（The global monthly transaction volume of NFT section in December）
（Top 10 GameFi Global Transaction Volumes）
These three fields will occupy a long-term blue ocean position in the future economic world. A public chain that provides underlying technical services for subdivided fields will also occupy a place.
AIVerse focuses on building Metaverse infrastructure and is the first decentralized protocol for Metaverse services with high performance, high scalability, and development-friendly features.
The AIVerse platform is the first one to create a double-chain network structure and set up the C chain and the E chain respectively. This unique double-chain network structure, of which C-chain is compatible with EVM, is completely decentralized; And the E-chain supports common language development, TPS can reach more than 20,000, and by expanding sub-chains, theoretically, TPS can reach hundreds of thousands of levels.
（Source: AIVerse’s double-chain network structure）
To achieve true decentralization and high throughput, AIVerse has also improved the POS consensus mechanism. The C chain adopts APOS (an improved version of the proof of stake), and the node is only responsible for verifying transactions and packaging blocks. A single 24 hour online equipment can complete this, so the development and decentralization of the C chain is very high.
AIVerse’s APOS consensus and split liquidity solutions can stimulate a positive spiral upward trend in the number of ecological users. The network has set up three tokens- namely AIV, AIOU, and iUSD.
AIV is a native token, a scarce asset with a cap, which is used to pay GAS and to protect the network through staking, as well as participate in governance, etc. AIOU is the exchange certificate of AIV, the holder can improve the mining efficiency of miners (node verification) and Staking users. iUSD is a stable currency, it is obtained by staking the mainstream currency issuance, and the total amount is unlimited. It will be burned when it contacts the pledge, iUSD can be put into the liquidity pool to mine the corresponding AIV.
AIVerse’s three token set up is based on the consideration of long-term growth, stability, and risk-controllable liquidity supply. By splitting the liquidity’s full responsibility attribute, miners can participate in mining as long as they have equipment, and the rewarded AIOU can improve the mining efficiency of AIV, which directly affects the rewards of users who provide liquidity. In this way, one party is responsible for mining efficiency and the other is responsible for liquidity provision and ownership split, this effectively forms a positive circulation.
（Source: AIVerse’s innovative solution of liquidity-split）
E-chain adopts PBFT (Practical Byzantine fault tolerance ) in order to meet the high-performance demands of Metaverse applications, it can support the configuration of customized nodes, even different consensus protocols (the sub-chain can customize consensus algorithm), so as to meet the hash power requirements of different Metaverse applications.
AIVerse was created for the Metaverse, and is committed to providing players with useful tools, allowing them to create in the Metaverse, with a unique identity, an avatar, an exclusive currency trading system, and game rules to start a second or a virtual life. At the same time, it builds a moat with the Metaverse ecology as its core, and is committed to radiating the power of the block from the inside to the outside of the circle, bringing benefits to the combination of virtual and real economic industries.
While some think that the public chain battle is already over, the editor thinks that everything has just begun, AIVerse obviously holds the same opinion.