Chief Architect of CWV: Storage Will Be The Focus of Public Chain Development in the next 1–2 years
On August 6, at the site of “2020 cointelegraph Chinese Great Bay Area· International Blockchain Week”, CWV chief architect brew Tan attended the round table forum “The Technology Evolution Road of The Third Generation Public Chain”. Brew expressed his views on the second-generation public chain and the third-generation public chain. He believed that the difference between the two lies in TPS and CTPs. TPS and CTPs should reach more than tens of thousands, and the problems of transaction capacity and contract security should be solved. As for the significance of the popularity of Defi for the public chain, Brew thinks that only if the popularity of Defi lasts for a long time, can it have practical value to the public chain. In other words, the longer the industrial chain is, the longer the project will last. The development trend of the public chain plate in the next 1–2 years brew thinks that storage is the key to development.
The following are the contents of round table sorting:
1. Please take one minute to introduce yourself briefly, including name, project name, position, responsible direction and participation experience.
Good afternoon, everyone. I’m brew from CWV public chain. I’m mainly responsible for the core coding of the general technical architecture of the public chain. I’m very glad to attend this meeting. I feel that we are back in the era of public chain fire. I think this meeting is very good. Thank you very much.
2. Today, our theme is the evolution of the third generation public chain. The first generation public chain must be bitcoin, which is beyond doubt. Then we would like to hear, where is the dividing point between the second generation and the third generation public chain? What characteristics do you think the public chain with what characteristics can be called the third generation public chain?
In the second generation, we believe that eth, as a representative, is widely used in smart contracts. The difference with the third generation lies in the transaction speed, including the transaction carrying capacity and the falling speed of transaction confirmation. In other words, the cut-off point is whether TPS and CTPs can carry large concurrent and high-volume transactions. We believe that only when TPS reaches tens of thousands, single chain and single block transactions can reach more than 50000, and can support more secure and complex contract engine calls, can it become the third generation public chain in the true sense than the second generation public chain.
First of all, TPS is a test of the public chain’s ability to quickly accept transactions. If a transaction is submitted, it will take several minutes for the node to find out. This speed can not solve the actual problem. The second is CTPs. When a transaction is found by a node, it is always in the pending state, and it takes hours or even days to wait. Of course, what we need more is that the public chain can also carry tens of thousands of transactions per piece. At present, PayPal, Alipay and other trading speed basically are more than 50 thousand TPS, the public chain must also reach more than 30 thousand, so that we can meet the actual requirements.
Secondly, many people are concerned about the security of smart contracts. EVM has a large number of contract overflow attacks and thousands of contract loopholes in 2019, resulting in direct losses of tens of billions of dollars.The third generation public chain should solve the problem of security contract sandbox instead of simply relying on the coding ability of contract developers.
Therefore, the third generation public chain, summed up, is that TPS and CTPs need to reach tens of thousands or more, and solve the problems of transaction capacity and contract security.
3. Among the landing application scenarios of public chain, the performance of DeFi this year is particularly amazing. In July, the asset value peak of the staking position of the DeFi sector has exceeded US $5 billion, nearly 10 times higher than that at the beginning of the year, which has also led to the abnormal congestion of ETH in the near future. Under the hot market speculation, head public chains such as TRON and EOS have begun to follow up one after another. What do you think is the value point of the boom of DeFi for the development of the public chain itself?
In the case of so many contract loopholes in the second generation public chain, blind DeFi may lead to serious asset loss in contract attack. Especially, there are so many pending transactions on ETH, which is not conducive to the technology development of public chain. The current DeFi, strictly speaking, is no different from centralized P2P, which is just to change the data storage into a public chain storage. It has the same routine and can not be called DeFi.
Defi has not formed a closed-loop transaction, which is completely a P2P financing stage. There are so many Dao attacks such as running away, stealing wallets and so many Dao attacks, which is a great blow to the industry. I used to do financial IT system. What does finance rely on to make money? Deposit, loan, foreign exchange, intermediate business, etc. Blockchain is to solve the problem of financial disintermediation. In order to decentralize, the closed-loop relationship of the whole industrial chain must be considered.
The long-term popularity of DeFi will have practical value to the public chain, and the longer the industrial chain, the longer the DeFi project will last. At present, most of these systems are implemented through the alliance chain, so the real sense of DeFi on the public chain has not appeared or even promoted. That’s why many experts are not optimistic about the current popularity of DeFi.
4. This year, the ANT chain and BSN have attracted much attention in the process of industrialization. Because of the promotion of national policies or the need of industrialization, they directly use the alliance chain to solve the industrial problems. For example, the ANT chain is a very successful case for Alipay’s mutual treasure solution. Technology can only play its value in industrial application. In this way, in the process of industrialization, even if there is no public chain, it can also be promoted. My question is: is the public chain a necessary condition for the industrial application of blockchain? If not, where is the industrialization of public chain? As far as I know, some of you here also have solutions to promote industrialization technology. You can talk about your views in light of the actual situation.
In fact, the reason why the alliance chain is adopted is mainly due to performance and security issues. The emergence of the third generation public chain can solve the problem of industrial supply chain in a real sense. At present, most of the blockchain application projects we know are solved by a well-known software company through an unknown alliance chain, and there are blockchains for the sake of blockchain, even if only 3–5 nodes are called blockchain.
At present, what can be quickly implemented in the industrial chain must be the storage and evidence collection of documents, which is also the reason why Filecoin is so popular recently. However, the public chain should also consider the problem of node investment. Like Filecoin, it is also fatal for the development of public chain to increase the difficulty of algorithm and increase the cost of hardware. Finally, it is for the sake of currency to improve the difficulty, rather than to solve the problem of industry. For example, for smart contracts, the contracts of filecoin are too weak to burst. What can this public chain do in the end? It’s completely a game of mining machines.
5. This year, Ethereum 2.0 has outlined the second spring of the public chain market for us. Please predict the development trend of the public chain sector in the next 1–2 years?
In fact, the blockchain has also been set as a new infrastructure. Therefore, the development of public chain will turn to the marketization of cloud services, which is the so-called BaaS. Combined with other new infrastructure such as 5G and AI, a series of industry level public chains have been formed. As for the concept of defi, I think it is too early, because the blockchain will still be in the layout stage of new infrastructure in the next 1–2 years.
As for what is DeFi and how to do it, it depends on the properties of each public chain. The new infrastructure includes unstructured storage, evidence on chain, invoice and receipt on chain. And then we’re going to do the defi around this data. At present, we still think that storage is the most important development in 1–2 years.