Community Observation publishes insightful opinions and interesting thoughts collected from the SimpleChain community. If you have any thoughts/opinions about blockchain/crypto that you’d like to share, feel free to contact us through our Telegram group.
In a recent Ethereum AMA, Vitalik and ETH 2.0 researchers explained how ETH will evolve from 1.0 to 2.0. One of the reasons is to reduce the complexity of Ethereum, and remove the useless and redundant parts and norms. This is actually similar to how when SimpleChain inherited codes of Ethereum, it modified and took away part of the codes and norms.
Also, when it comes to storage, according to SimpleChain whitepaper, it adopts something like ring signature to compress data. In ETH 2.0, they chose to use methods similar to SNARK technology used in ZCash.
In terms of performance improvement, ETH 2.0 adopts sharding solutions. In SimpleChain, the sub-chains are actually like the shards in ETH 2.0. In fact, the management of anchored miners in SimpleChain is also similar to the way how ETH 2.0 manages verifiers.
Perhaps the biggest difference in the overall design of SimpleChain and ETH 2.0 is the consensus algorithm. Vitalik mentioned that, compared to PoW, PoS will allow newbies to join at a lower cost. At the same time, Beek believes that it is elegant to deal with malicious attacks through community hard forks. However, I think that if you can easily handle malicious attacks through hard forks, you can also think that it is easy to protect interests through hard forks.
Therefore, I’m more leaning towards PoW, because at least it’s more fair in principle. DeFi derived from the PoS-based staking model still feels like an online version of centralized financial service systems to me. For a chain lacking practical application scenarios, any inflation rewards are meaningless. At least on SimpleChain, we have seen that the team and the community are working to reduce the cost for newbies to become PoW miners. This could be a good way to enhance fairness.
SimpleChain is a PoW main chain with flexible sub-chains. Different sub-chains can adopt different kinds of consensus and block data structure as needed, to support a variety of applications and use cases on blockchain. Sub-chains also support sharding to improve performance. This double-layered structure of one main chain and multiple sub-chains can fuel various applications while ensuring the consistency of the network.
Built on Baoquan Chain, SimpleChain’s first sub-chain, Baoquan.com provides electronic data services including electronic evidence service, online evidence gathering service, and copyright protection platform. Based on the non-traceable and non-tamperable features of the blockchain, the advantages of Baoquan.com is that user data can be permanently stored on the blockchain, independent of corporations.
In June 2018, Hangzhou Internet Court of China judged a case of a dispute over information network communication rights. For the first time, the court confirmed the legal effect of the electronic data stored on Baoquan blockchain, and clarified review methods of electronic evidence on blockcahin.
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