The public chain becomes the “embellishment” of some blockchain projects with code plagiarism
The public chain is a blockchain that anyone in the world can access the system to read data, to send transactions and to obtain valid confirmations, and participate in the consensus process. It is under such influence that the current blockchain project basically erects the banner of “public chain”.
As far as the blockchain technology is concerned, some insiders pointed out that there are no more than ten enterprises that can truly do public chains in China.
As the market has been cold since February this year, the digital currency seems to have a trend of “million coins returning to zero”. In this case, some investors began to pay attention to the technical nature of the blockchain, and to explore whether the “public chain” is the embellishment of the blockchain project, or the technical barriers of each enterprise.
Different public chain systems are the product of technology updates
The so-called public chain is relative to the private chain or the alliance chain. It is a completely open data management and runtime system based on the consensus of non-specific participants. Different public chains have different operating systems, just like Windows, and each upgrade comes with new features and requirements.
The most typical and original public chain is Bitcoin, which satisfies the needs of various payments, and it also becomes the most important root gene of blockchain ecology as asset attribute. At that time, the application direction of all blockchains was almost aimed at value transfer, including the need for rapid asset transfer across the globe.
After Bitcoin, Ethereum’s public chain 2.0 era has arrived. Compared to Bitcoin, Ethereum’s biggest innovation is the inclusion of the “smart contract” feature in the blockchain system. It is the existence of the “smart contract” function that makes “currency” an extremely simple matter.
“The introduction of a new public chain is technically advanced to solve certain problems,” said Themis founder Meng Hongwei, “For example, a blockchain project needs a new function, but the existing public chain cannot embed such a functional component, then a new public chain is needed.”
“In the past, some blockchain projects were placed on the public chain of Ethereum, but the cost was too high, the efficiency was relatively slow, and many aspects could not meet the demand, so they decided to re-do the public chain.” The founder of Ifoods Chain, Karon, also holds the same view.
The biggest problem of Ethereum is that it is too slow. Then came a series of blockchain systems represented by EOS that improved efficiency from the bottom of the technology. It is also during this period that most projects want to do a public chain of their own.
The public chain for financing has become a part of the project “embellishment”
Hundreds of blockchain projects have been launched, and most of them have launched their own “public chain”. Is the development of blockchain technology so fast? “There is no doubt that everyone is launching a public chain, but how many are writing code?” Meng Hongwei is also skeptical.
“The blockchain is an open source community. The public chain code is there. To make a project can draw on the existing code, but the changes are valuable.”Meng Hongwei explained, “The core logic and optimization points, such as consensus algorithms, communication protocols, data structures, etc., only make innovation in these areas, the public chain makes sense.”
Karon said that there are many companies on the market that claim to be able to do public chains, but there are not many teams that are truly capable of doing that. “The biggest threshold for public chain development is security, because blockchain is a value network, and every token on the public chain has value. Maybe those companies can really develop a public chain, but if there are too many bugs, then it is possible to zero the value instantly. ”
For example, Karon said that in 2016, the famous The DAO incident, Ethereum was attacked, the $60 million worth of Ethereum was stolen, and later forced to fork, causing great controversy. So for blockchain technology, security is the most important issue. The other is performance. If the performance is the same as that of Ethereum, why don’t we choose Ethereum?
“Now many blockchain projects are doing their own public chain for financing. The public chain has certain technical barriers, and makes the project have more imagination, which is conducive to financing and valuation.” Meng Hongwei said, “This is actually related to investors. Even some projects that investors think are not public chains are not blockchain projects. Even some investors believe that the blockchain project must be a public chain. Such misunderstandings have led many projects to forcibly rely on the public chain. ”
Good public chain is difficult to distinguish, depending on the technical endorsement of the project team
Since some blockchain projects pretend to be “public chains”, how do we distinguish good public chains? “For ordinary investors, this job is highly professional and difficult.” Meng Hongwei regretted, “many investors only look at the technical endorsement of the project team to confirm whether they have sufficient technical capabilities.”
“There is no credibility without actually doing the public chain, even if the background is Facebook, Twitter or Google, and it is best to have people in the team who have entered the blockchain industry before 2016.” Karon said, “My friends in the industry have discussed, and they believe that there are currently no more than 20,000 blockchain development technicians global.”
Even so, don’t be too anxious. In Caron’s view: “The blockchain is strategically important and has been recognized by everyone. The future direction of development is unquestionable, but there is only one matter: speed.”
Meng Hongwei also said, “With the improvement of investors’ ability to identify and benign investor education, it is believed that the ecological pattern of the current public chain will be reversed in the future. Moreover, with the survival of the fittest, the public chain with excellent technology will attract good application-level projects and win.”
