Blocklike Binance Panel Recap
Compatibility: Towards a New World of Unified, Trusted Web3
An explosive era of public blockchains is upon us, with EVMs and cross-chain communication gradually becoming the infrastructure to realize the potential of Web3. However, there remain challenges. How to best exploit the underlying support and technical strength to achieve compatibility, unity, and credibility in a Web3 age? How to effectively deal with the challenges of security and efficiency? These are familiar problems that both builders of blockchain infrastructure and Web3 developers continue to face.
On April 7th, Blocklike held the Blocklike Binance Panel round-table discussion with the theme of, “Compatibility: Towards a New World of Unified, Trusted Web3”, and invited Cabin VC, Ontology, Unifi, Rocki, and other institutions to discuss the path to implementation of a Web3 decentralized system. The event was viewed by nearly 20,000 people. Below are some excerpts from the highlights of the panelists' speeches during the round-table discussion.
1. We are in the era of the explosion of public chains. There is much competition in solutions about chain expansion, cross-chain and lower gas fees. Users have more choices for dApps which reflect the chain they belong to. EVM, as an important environment for developers, has deployed a large number of mainstream projects on it. So, what makes the public chains choose EVM? And what impact/influence does the EVM integration have on the projects?
LI JUN, founder of Ontology: The EVM is an important environment because Ethereum is one of the major platforms, with a lot of dApps and applications based on the EVM and the Solidity programming language. The EVM infrastructure can help developers. They can build a product only once, and it can be used everywhere, deployed everywhere. You can think of public blockchains as being stage 1, but stage 2 will see dApps as the major application. In the future, dApps will be built and deployed across all kinds of platforms. Today, EVM is an important smart contract, maybe in the future other kinds like WasmVM will become more important, but I think EVM-based infrastructure is important for all development teams.
JULIUN BRABON, Unifi CEO and Co-Founder: In our opinion, EVM acts like a bridge, connecting resources. It allows us to do a lot of things and build them uniformly on multiple chains. Through EVM, we can reduce development costs and improve efficiency, which attracts developers. Users often have many platforms, and we need to develop various tools and apply cutting-edge technologies such as zero-knowledge proofs, the focus of which is to create a decentralized identity. I think this is the start of the boom of the blockchain industry.
BJORN NICLAS, Rocki CEO & Co-Founder: There are many copyright infringements on music and artwork platforms, which affects the development of the industry and reduces the income space of musicians. For us, this is an important issue for the music industry, we want to confirm the music copyright. By deploying and running EVM, we can facilitate the music distribution business. With NFT, copyright can be assigned to music creators, the identity of the musician can be verified, and users are more interested in purchasing NFT and the copyright behind it.
GLORIA WU, Chief Ecological Partner of Ontology: At present, many project teams are applying zero-knowledge technology for application development. It emphasizes a method of information disclosure and the inherent right to utilize structural certificates. Developers can build blocks through SDK. chain foundation. By strengthening community awareness, the blockchain infrastructure will be further utilized. In terms of regulation and privacy protection, in the Web3 world, we can use technical models to accurately verify user identities to help people protect their privacy, which requires building a unified decentralized identity system.
2. At present, the industry has not reached the stage of application explosion yet, but in the future, the application on-chain of Ethereum, a mature ecosystem, is bound to drive the booming of the overall blockchain industry. However, Ethereum isn’t perfect in user experience, especially with too much traffic and inefficient processing. What else needs to be done for the public chains to allow Web3 users to truly enjoy richer on-chain ecosystem services, in addition to EVM integration and interoperability? For the projects or platforms that need to make multi-chain deployment, how to unify the user experience across different platforms in effect?
LI JUN: Some people think you can develop scenarios and applications of various types on one platform, but it is impossible for all solutions to be built on the same underlying infrastructure, because different platforms support different scenarios. The ideal state of Web3 in the future is that the multi-chain architecture is built under the application layer, and users do not have to care whether the application uses blockchain technology or which blockchain is used, and the user experiences the product itself. I think the development team’s scenarios should depend on different blockchains, not just integrating EVM and building on the same application platform, it can have different versions and still interact.
HUMPTY CALDERON, Ontology Community Lead: Our focus is on the infrastructure of applications and how applications can be developed within these ecosystems. In addition, we also need to think about how to create a better user experience, attract more users, and provide them with an interconnected ecosystem.
GLORIA WU: In the future, Web3 will be built on a multi-chain basis. We can have a variety of solutions. Developers can create diverse applications on the platform. Users are not necessarily familiar with cryptocurrencies, but they can enjoy the value of blockchain.
BJORN NICLAS: For ordinary users of music platforms, user experience is very important. By establishing a unified authentication solution on the chain, users can easily upload music without complicated verification links.
JULIUN BRABON: Developers can build systems on multiple blockchains, develop adaptive solutions and public-facing APIs for users, and create a decentralized system. At present, people’s understanding of the on-chain solution system is insufficient, and there is still great development potential for the decentralized system in the future, which makes the user experience and operation easier.
3. In the future, what benefits will the development trend of trusted identity bring to users? Why do some people think that DID is the key technology for realizing Web3 native applications? How does it help the project?
LI JUN: I think the DID protocol is not only a function, but also a mechanism, especially in the case of network pressure, it will derive different mechanisms based on data identity and privacy management, and can also be used to measure users’ digital assets. credit, education, and almost all decentralized information. So, this use case is not just for wallets or some app plug-ins.
JULIUN BRABON: In the future, with the development of DID technology and trusted identities, users may no longer need wallets to interact. Anyone can interact without currency, and the data of this financial transaction technology is secure, irreplaceable, immutable, and of great value.
HUMPTY CALDERON: DID can bring new opportunities, it allows users to control their own identity and reputation. Users can interact with the various networks and ecological applications of the blockchain, and these interactions help users create unique identities. Each identity in the system is unique and can bring new opportunities. In addition, the DID use case also facilitates the active participation of user groups in community governance. Regarding the relationship between DID and NFT, in the on-chain ecosystem, the NFT platform authenticates market users to identify their authenticity in the real world. The platform can verify the user’s identity through DID, check the user’s experience and information in a certain period of time, and thus create a trusted purchase.
4. Recently, there have been many incidents of code loopholes, system security, and asset theft in cross-chain protocols. How do you view the security issues of cross-chain bridges? Will EVM integration, DID establishment, help solve security problems across the industry?
LI JUN: I think the key issue is cross-chain. At present, blockchain security problems emerge in an endless stream, including many cases of remote theft. Because the cross-chain bridge is in its infancy and the decentralization is not very good, this is a difficult task for most cross-chain bridges. Therefore, in the next step of technological upgrading, we will face more information processing in the public chain environment.
However, the industry already has sufficient coping mechanisms. For cross-chain bridges, we still need to collect more effective data to establish a decentralized response mechanism and secure processing process, which is the task of most cross-chain bridges. Another solution is that a centralized service model can be established. For some important organizations, building a strong security technology team is also an effective way. It can also ensure a certain degree of security by controlling cross-chain costs. In short, we should improve our risk response capabilities in different scenarios as soon as possible.
JULIUN BRABON: The role of cross-chain is often considered to be unreliable, but this is largely related to the application of technology and marketing practices in the industry, because for one network to be interconnected with another network, it must be cross-chain.
So, “trust” is one of the cross-chain topics, and many people don’t know it. In fact, this is the value of the application ecology of decentralized identity. Excellent smart contract deployment requires developers to try many times, and its value is reflected in the fact that it has not been attacked for many years after deployment, which is different from deploying 350 different smart contracts at one time. Therefore, safety is a very important value.
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