2018 is the first year of the application of public chain projects, but three years later, “Applications Landing” has fallen from a hot topic discussed in the industry to today’s secretive. The market environment lacks funds, technological progress is blocked by tigers, and practitioners are cautious. Is the “fourth industrial revolution” of the chain really die?
What is a public chain?
The biggest difference between the public chain and the private chain is that everyone can access and view the data on the nodes of the public chain. All data is open, transparent and non-tamperable, forming a decentralized or multi-centralized operating mechanism. On the chain, different nodes can communicate with each other
The public chain can be simply understood as the underlying infrastructure of the blockchain, like the foundation of a house or a road in the city. On a solid foundation, architects can freely develop their creativity and build various shapes and functions. house. Once the highway is built, things can flow smoothly, driving the city’s economic development and building various possibilities. The current blockchain world is like a virgin land that has not yet been explored. The entire industry does not yet have the most perfect infrastructure construction plan for developers to develop various applications. Whoever can master the infrastructure has the greatest opportunity to circle the most complete and rich ecosystem. system.
It’s better to think of the blockchain as the Internet that was just about to sprout in the 1990s. No one knew that O2O, video websites and even food delivery services could grow on the Internet. The same is true for the current blockchain. On the blockchain, what disruptive services or applications can grow in the future, but what is certain is that mastering the public chain is like mastering the entrance to the blockchain. There is no People like to miss it.
The predecessor of the public chain is the most widely known Bitcoin. The underlying blockchain technology of Bitcoin was designed by Satoshi Nakamoto and determined the basic operation logic of the blockchain. However, in a strict sense, Bitcoin cannot be regarded as a public chain. Based on security reasons, Satoshi wrote the underlying protocol of Bitcoin in scripting language. This basically makes transactions on the Bitcoin chain relatively simple, but also limits the possibility of other applications developing their own ecology on the blockchain.
The real establishment of the concept of the public chain is Ethereum, which appeared in 2014. The smart contract design of Ethereum allows almost everyone to issue tokens and develop their own applications on Ethereum. This allows Ethereum It has become the most famous blockchain community with the largest number of active users. The number of active users is as high as 35 million, which is better than Bitcoin. For example, all kinds of blockchain games and industry application chains are built on Ethereum.
However, although Ethereum has reduced the difficulty of development and increased community participation, it has sacrificed efficiency and scalability. For example, on November 28 last year, a pet cat game called CryptoKitties was registered on the Ethereum blockchain. Popularity, almost paralyzed the Ethereum network.
Although Ethereum, known as Blockchain 2.0, has carried a lot of expectations, it has also exposed many shortcomings. This has made other public chain developers gearing up and hoping to replace it.
Why we are investing the public chain?
At present, there are only dozens of public chain systems with original technologies in the world. It is an extremely difficult challenge to design a public chain with high performance, low latency, high scalability and low cost. At present, there are no more than Ten.
In terms of the underlying public chain, the TORO Network, known as the technological leader in the new era of the public chain, is one of the most promising public chain systems. TORO uses the PoW+POS dual consensus mechanism as the core algorithm to ensure that the public chain While being highly decentralized, it still effectively prevents double-spending attacks. Through the original sharding technology and block generation design, the block generation speed, success rate, latency, server cost and scalability cost of the TORO mainnet have broken the past technical barriers.
TORO draws on the advantages of Bitcoin, Ripple, Bitcoin, Ethereum, and Hyperledger, and incorporates a number of innovative technologies to form a new blockchain network architecture. On the one hand, the performance of the public chain can exceed 10,000 transactions. /Sec. On the other hand, the public chain and the permission chain can realize information interconnection and value exchange. It not only has the decentralized characteristics of the public chain, but also takes into account the performance and privacy requirements of the permission chain.
Therefore, TORO can provide a more flexible, easier-to-use, more efficient, and lower-cost blockchain infrastructure that surpasses the existing public chains, thus supporting TORO’s realization of massive blockchain business application scenarios in various industries.
What are the characteristics of TORO public chain?
- Very fast transaction processing speed
Through original sharding technology and block generation design, TORO’s advanced hierarchical group chain system is 100 times faster than Ethereum in overall transaction processing speed, and the block generation speed, success rate, delay and server of the entire TORO main network Performance such as cost and scalability cost have been greatly improved.
2) The cost and difficulty of double-spending attacks are greatly increased
TORO’s unique HWD-PoW innovative consensus mechanism greatly increases the cost of successful double-spend attacks and 51% attacks. Experimental results in three real Ethereum mainnet scenarios prove that the use of the HWD-PoW scheme will increase the attack cost by more than 100 times.
3) Smart contracts realized in the form of sub-chains
Provide a customized sub-chain blockchain solution for each smart contract, which is more efficient and more scalable than existing smart contract execution solutions. By providing customized sub-chains for each smart contract, developers can freely choose the consensus algorithm that is most suitable for their use scenario, and determine the number of nodes allocated to the smart contract, which can support more use scenarios.
4) Realize cross-chain
TORO implements cross-chain technology with reference to the FOGS system, and proposes two blockchain cross-chain transaction architectures-FOGS Orbits and FOGS Canal, to achieve interconnection between independent blockchains , And guarantee the validity of cross-chain transactions and the security of user privacy data.
5) SCS fragmentation technology
TORO public chain also provides block chain sharding function, which can divide data horizontally across multiple block chains and nodes. One of the reasons for the inefficiency of existing blockchain solutions is that all nodes need to process the same task multiple times. Fragmentation technology provides more powerful processing capabilities proportional to the number of nodes in the network by dividing nodes into fragments.
This public chain war will be the biggest highlight of the blockchain industry in 2020. At this stage, EOS is currently a very popular player, but considering the special situation of the domestic market, domestic companies are more inclined to use public chains developed by domestic companies than public chains developed in Europe and America, which also makes the domestic public chain market As the game is getting more and more fierce, various underlying public chains and industry application chains have emerged this year. At present, it is difficult to determine who will be the winner, but it is certain that whoever can trap the most developers will win the public. The beachhead of the chain war.
TORO Network, as the technological leader of the new era of the underlying technology of the public chain, is the underlying core of the next-generation blockchain, driving the commercial implementation of blockchain technology, further promoting the prosperity and development of the ecology, and leading the public chain technology to a new level. It is understood that the TORO public chain will be officially launched at the end of August 2020, and it is very likely to cause a panic buying in the currency circle, and the overall market value will move to the next peak, becoming the biggest hot spot in the second half of 2020. Grasp the hot spots, catch up with the wave, and a hundredfold gain is just around the corner.