"First Year of Public Chain": Beyond Ethereum, DApp Breakthrough and Public Chain Revaluation

"First Year of Public Chain": Beyond Ethereum, DApp Breakthrough and Public Chain Revaluation

Dec 17th 2018| Investment By:Mars Finance
Winter is still going on, but the bud of the next spring is about to blossom.

On Dec. 13, the first "Mars Chief Editor Moment" dialogue with the subject "Outbreak, Frustration, Breakthrough -- Public Chain 2018" took place in Mars communities. Eight guests, founder and CEO of Qtum Chu Shuai, founder of Nebulas & NEO Yiji Xu, founder and CEO of Bubi Dr Hai Jiang, initiator of PCHAIN Dr Feng Cao, founder and CEO of Quark Chain Dr Qi Zhou, co-founder of Origo Frank Fang, co-founder of ULTRAIN Emma Liao, co-founder of Oraclechain Wei Zhao, exchanged in-depth thougths on the subject.

In the first half of 2018, hundreds of public chain projects flooded the Chinese market, which was called "the first year of public chain" by the media. In addition, the so-called "blockchain 3.0" EOS successfully launched on the mainnet in the first half of 2018, but has yet to establish a more influential ecosystem. Public chain development is in a dilemma, public chain entrepreneurs need to face a series of challenges together.

Of the eight major projects, four have been launched on mainnet: Qtum Chain, Nebulas, BUMO, EOS; four have not: PCHAIN, QuarkChain, Origo and ULTRAIN. Among them, although the PCHAIN has not been launched on mainnet, PCHAIN Testnet 2.0 and the ULTRAIN public test network has been launched. From the perspective of code submission, eight projects have submitted more than 1,000 times of code each, with the minimum number of code lines of more than 10,000 and the maximum more than 900,000 (statistical method may different). The number of communities in the eight projects is more than 600,000 in total, with an average of 80,000 each. All eight projects have outstanding achievements, but there is still a significant gap between them and Ethereum and EOS.

The public chain project are seeking new breakthroughs

Targeting and surpassing ethereum has become the development target of most public chain projects worldwide. Today, however, only EOS seems to have done the job. Other public chains are hoping to find their own breakthroughs in subdivided directions. The perspective of protecting developers' privacy is also an opportunity that practitioners hope to seize. Zhiyu Liao, co-founder of ULTRAIN, agrees that "the core of all practitioners of public chain 3.0 is that they don't need to be compared to ethereum".

Will there be killer apps on blockchain? Is dApp a false proposition?

The views of the 8 major public chain project parties varied on the point "no killer app will appear on blockchain". Nebulas founder Yiji Xu believes that the ultimate goal of the public chain is to gather more users to use. While Chu Shuai, founder of Qtum, believes that dApp is a false proposition in the short term, but not necessarily in the long term. At present, the largest application in the industry is still the financial attribute of digital assets, and the development of dApp still needs time and more mature infrastructure.

How to revalue the public chain? Depending on Market or dApp?

Participants have different views on dApp, but they all agree that the value of public chain is mainly determined by dApp, public chain and dApp will be in a complementary relationship.

In general, the market decline cooled down the sentiment of public chain developers, Chinese public chain practitioners are liberating from challenging the development model of ethereum, In addition to TPS, they choose to achieve breakthroughs from the perspectives of sharding, privacy and business. They all agree that public chain and the dApp on it needs to meet users' needs in a more detailed way technically and create value for users. Users and user behavior determine the value of the public chain. And it is generally expected that the development of dApp can drive the public chain out of the dilemma. 

Winter is still going on, but the bud of the next spring is about to blossom.