Taking the Arduous Path of Public Chain
Guests：
Larry Liu
Genaro Network Founder，Jiluo Tech CEO
Larry Liu, founder of the Genaro Network and CEO of Jiluo Tech, is a post-90s entrepreneur with an engineering background and a blockchain pioneer. He was a security engineer at Hewlett-Packard in Silicon Valley. He then became interested in entrepreneurship and investment in the blockchain field.
Meng Cui, founder of Achain, also founded Beijing Guorenbao Technology Co., Ltd. Meng graduated from Beijing University of Aeronautics and Astronautics, he is an early participant in the blockchain field who has accumulated rich experience in blockchain technology theory and practice, and is committed to providing leading digital asset services to users around the world.
Xinshu Dong is a scientist and practitioner in building secure systems, ranging from blockchains to web browsers and applications. He was a technical lead for several national cybersecurity projects. The outcome of his research has been published at top international conferences. He is currently leading the Zilliqa team for developing a new public blockchain Zilliqa for high-throughput applications.
The following is an interview record
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What do you think is the main challenge the public chain is facing?
Cui: I think one major problem is concurrency. Under the logic of decentralization, concurrency has always been a problem, and it hasn’t reached a relatively high concurrency.
Then there is interoperability. In fact, this kind of communication and data exchange between different blockchains is actually very difficult, and there is no good solution yet.
Another problem is the question of development environment. The public chain can be a good tool for such development. In fact, it is still insufficient, or there are some restrictions on the development of blockchain applications.
Dong: I’d like to add that the bridge between the public chain and the users needs to be built better. Many of the current wallets are good enough, but the average user who doesn’t understand the blockchain may still find it’s difficult to get started.
In fact, multi-chain and cross-chain are very important subjects. In the foreseeable future, there will be more than a chain or two. If we can’t find a good cross-chain approach, it’s hard to really improve the blockchain efficiency.
Larry: As far as this issue is concerned, I have done a series of articles on ‘The Seven Challenges of the Public Chain and Its Solutions’, including Designing a Sustainable Consensus Mechanism, Establishing a Peer-to-Peer Sharing Network, Increasing Blockchain Transactions Per Second (TPS), Establishing Data Channels between Blockchains and the Real Word, Storing DApps’ Data Securely in a Decentralized Way, Designing a Sustainable Token Model and Designing On-chain Governance.
Some of these areas have achieved good development, while others are in the early stages of exploration, such as multi-chain, cross-chain and the problem of linking blockchain. In this regard, Genaro adopts a storage network that is deeply coupled with the blockchain, giving the blockchain system a native storage space, and the GSIOP (Genaro Streaming IO Protocol) cross-chain protocol to connect different public chains.
Larry: Regarding to the throughput problem just mentioned, do you believe it’s a matter of the faster the better? And what’s your take on the latest test results released by ALEF, which claim 10,000+?
Cui: It is not necessarily the faster the better, being practical is the most important.
Dong: I think that it is “the faster the better” when certain decentralization and security are ensured. If you sacrifice decentralization, this may affect the application because the spirit of blockchain is decentralization. I think scalability is more important. That is to say, the current public chain may not need a particularly high TPS, but it needs to retain the space and ability that can be further improved in the future.
Larry: To put it simply, on the one hand, the data itself exists on the peer-to-peer network, and the pointers are stored on the chain. Each time the data updating is recorded on the chain. Not only will Genaro’s public chain use the storage network, other public-chain DApps can call Genaro’s storage network by token locking automatic interchange. This provides a unified storage network for all DApp ecosystems, rather than an isolated data island for each public chain.
Larry: In addition to efficiency and safety, what is the problem of the additional energy consumption brought by the consensus of today’s blockchain? According to reports, the energy consumption of Bitcoin mining in 2017 has exceeded the energy consumption of 150 countries.
Dong: This is really a matter of benevolence and wisdom. PBFT itself has low-energy consumption and PoW’s consensus energy consumption is quite high, but it is not useless. Because many people think that PoW is relatively fair, such as the college entrance examination, as long as you put effort there’s an opportunity to get enrolled. Our design is to combine these two aspects, use PoW to solve security problems and use PBFT to improve consensus efficiency and reduce energy consumption.
Cui: I oppose extra high-energy consumption and hope to see an alternative and more efficient way.
Dong: Yep, so our PoW is done once in a while. Someone told me today that people in the blockchain field don’t know that the chip industry has made a lot of progress. Energy consumption can be greatly reduced by chip design.
Larry: However, even if the calculation of PoW is reduced, it is invalid. If you want to develop in the long run, you need to measure the input-output ratio. For this problem, in the design of the consensus algorithm, the Genaro Network adopts the SPoR + PoS hybrid consensus mechanism, which is also the concept of our “Sustainable Consensus Mechanism”. The main purpose is to use effective calculation (SPoR = Sentinel Proof of Retriviebility ) to replace invalid calculations. PoW calculation solves random math problems — except for the security of the defense chain data structure there’s no practical effect. Ours is mainly based on PoS (after all, PoS efficiency is high), with SPoR to protect PoS. I expect that in addition to introducing storage into computing, other forms of efficient computing can be introduced into consensus computing in the future.
Dong: What is SPoR?
Larry: The full name is Sentinel Proof of Retrievability data. We just talked about the specific technology. Let’s talk about the application scenario of the public chain.
Which of the application scenarios do you think can be achieved as soon as possible?
Dong: Financing is actually a proven application. Next, we are interested in games.
Larry: Gaming is actually a very rich scene. For applications that consume a lot of resources, for game applications, which operations should be on the chain, and which operations should be done by the client?
Dong: These involve user interactions which it would be better not to place onchain otherwise the user experience will be very bad.
Cui: The core data is on the chain. Nothing else is needed.
The key to the public chain is the community and ecosystem. In terms of ecosystem, the first point is to have a well-known wallet for support. This is very important and difficult in the early section of the public chain. Achain had the fortune of participating in Kcash and Biyong in the early days. The second point is the platform support in which we are making great efforts, and now we have developed some special zones. Thirdly, for developers, good interfaces, modules, development environments and tools are very important. The fourth is the control and the guidance of the capital. You should be influential then you can exchange, right? The public chain path is arduous, and one’s hair risks turning gray…
Talking about the community, let me add more. The essence of the block chain is the “Community Spirit”.
Larry: Cui, what do you think is the key for building public chain community, and will it be different from building the DApps-project community?
Cui: Fair, just and open, we have to follow our conscience. Achain community has formed a public chain project called “AOA” with a little marketing, however it is a really good community, so it has gained lots of support abroad, and it has maintained a good state in the current market. The domestic environment is relatively impetuous, and foreign countries are less so. But domestic technology development is not a big issue.
Larry: Many Internet companies want to make their business tokenized.
Cui: Recently, there are many new concepts, like: “Token reform (reform)”, “Chain Change (reform)”. Honestly, I really do not know about these terms. The development of things has its own pace, and we will wait and see.
Larry: Fcoin also set up a token reform committee. In fact, some former projects can also be called token reform, but there wasn’t such a word at that time.
Dong: This is almost the same as the “reverse ICO”?
Larry: Yes
Larry: I remember “reverse” is a word coined by Koreans? I shared a little bit about “Token reform” in the ‘BiBi News’ called “Genaro founder Larry’s views on token reform. Token reform is not subsidy. It is the key to clarifying the token reform business and the design of the token model.
Enterprise token reform is a hot topic recently and a big cake that many people value on. For blockchain believers, the general direction of token reform is a good thing. It can increase the efficiency of corporate capital circulation, create more application scenarios with incentives, and organically connect upstream and downstream partners with customers to shape trusted businesses. However, we must also be aware of the difficulties faced by corporate token reform, mainly in the design of the certificate model. A major premise is that token reform often means giving up vested interests. If you simply pass the points, it is actually killing chickens and taking eggs. You must create a closed loop of the pass, de-intermediate, and return profits to customers, thereby increasing the network, creating spontaneous and sustainable value. At present, the project side unilaterally formulates the rules of distribution and valuation of the certificate, which is suitable for crude, rapid growth, but in the long section, it still needs market rules and regulatory to establish.
Besides, when the token reform is going on, it is necessary to have a deep understanding of the underlying technology of the blockchain and the upper layer application, and make reasonable choices in the public chain coin or DApp token, and cannot confuse the user consumption subsidy with the public chain consensus mechanism. Finally, it is necessary to clarify the business of token reform. The business with sharing concept and multi-party incentive interaction is suitable for token reform. The business that has the same demand for data privacy and use is also suitable for token reform, such as the “smart data ecology” advocated by Genaro. In a word, token reform having a bright future also means giving up vested interests. Token reform is not the subsidy. It is the key to clarifying the token reform business and the design of the token model.
Dong: I feel that the main problem in this whether we can find a truly convincing application scenario and a token economy.
Larry: At present, we have seen a lot of token reform projects for the token reform and change, even the financing is not smooth and making the changes in the area of the design of the application scenario and the token model is the key.
Dong: This is actually a difficult point and an opportunity. If there are some good token reform application scenes, it will become an example, which can drive a larger blockchain application.
Larry: Yes, I agree. How to develop needs to be waited for. By the way, as I just added to the community, the public chain community has to develop cooperation among projects in addition to developing user communities.
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Genaro Eden — The first decentralized application on the Genaro Network, providing everyone with a trustworthy Internet and a sharing community:
Related Publications:
Genaro Eden: Five Core Features
How Does Genaro’s Technology Stand Out?
About Genaro Network
The Genaro Network is the first smart data ecosystem with a Dual-Strata Architecture, integrating a public blockchain with decentralized storage. Genaro pioneered the combination of SPoR (Sentinel Proof of Retrievability) with PoS (Proof of Stake) to form a new consensus mechanism, ensuring stronger performance, better security and a more sustainable blockchain infrastructure. Genaro provides developers with a one-stop platform to deploy smart contracts and store the data needed by DAPPs simultaneously. Genaro Network’s mission is to ensure the secure migration of the core Internet infrastructure to the blockchain.
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