Comparison of popular public chains (1-10)
Comparative analysis of global public chains
1.BTC（Bitcoin）
1)Introduction
Bitcoin is a decentralized digital asset. The Bitcoin network adopts the form of proof of work (POW, Proof of Work), which is the behavior of computer "mining", to carry out the ledger accounting of Bitcoin network transactions. Decentralization means that the Bitcoin network distributes servers in countless nodes around the world, instead of relying on centralized servers that are uniformly owned and managed by institutions and companies like the traditional financial system to process transaction data. The issuance of Bitcoin is realized through mining, and the issuance is halved every four years, with a total cap of 21 million, and there will be no inflation.
The difficulty of generating each Bitcoin block is dynamically adjusted by the algorithm to ensure that a block is generated every ten minutes. Each block is connected to the previous block to form a chain in sequence, that is, a blockchain. The content recorded in each block includes the number of the previous block, the time when the block was produced, the number of transactions and other information.
2)Cause
A system that uses a proof-of-work mechanism to add value to data and enables peer-to-peer exchange. Bitcoin will realize price discovery in the balance of market supply and demand, and eventually become a digital asset owned by everyone, traded by everyone, and decentralized governance. Record the ledger through mining behavior
3)Value
The value of an asset is determined by supply and demand, and the price fluctuates around the value. The essence of Bitcoin’s price rise, like any other asset, is due to the inflow of funds. Consensus (Baotuan) - As the first application of blockchain, the market chooses to think that Bitcoin is the best target for storing value. The more funds that flow into Bitcoin, the greater its market value, the more the relative risk is shared by the huge market value, and the more it strengthens its mainstream status.
4)Public chain comparison
Compared with other public chains, Bitcoin is just a ledger, and the transaction speed of Bitcoin is very slow, with a 24-hour transaction rate of 7 transactions per second. Bitcoin's slow processing volume of transactions per second is mainly limited by the speed of block generation and block size.
It eventually evolved into a Bitcoin similar to gold, with attributes such as anti-risk, anti-inflation, and store of value.
2. ETH（Ethereum）
1)Introduction
Ethereum (English) is an open source public blockchain platform with smart contract functions. It provides a decentralized Ethereum Virtual Machine (Ethereum Virtual Machine) through its dedicated cryptocurrency Ether (Ether, referred to as "ETH"). Peer-to-peer contracts. The concept of Ethereum was first proposed by programmer Vitalik Buterin in 2013 and 2014 after being inspired by Bitcoin. As of February 2018, Ethereum was the second most valuable cryptocurrency by market capitalization, after Bitcoin. Ethereum is blockchain technology + smart contracts.
2)Cause
Bitcoin is not perfect, and the scalability of the protocol is a shortcoming. For example, there is only one symbol in the Bitcoin network - Bitcoin, and users cannot customize other symbols. These symbols can represent company stocks or debts. Credentials, etc., which loses some functionality. In addition, a stack-based scripting language is used in the Bitcoin protocol. Although this language is flexible enough to enable functions such as multi-signature, it is not sufficient to build more advanced applications, such as decentralized exchanges. Wait. Ethereum was designed to solve Bitcoin’s lack of scalability.
It allows developers to build any type of decentralized application. To achieve this, on Ethereum, developers can easily create smart contracts.
3)Value
Since the birth of Ethereum, its low transaction speed has been criticized by the community, especially Ethereum has become the public chain with the most ecology, and more and more Dapps (decentralized applications) are deployed on Ethereum. , making the transaction processing speed of Ethereum slower. Therefore, Ethereum officially started to promote ETH2.0-related matters from 2019, and until 2020, the official plan of ETH2.0 has a relatively clear explanation, the expansion of Ethereum (which can be simply understood as improving transaction speed and reducing transaction costs) ) has been the most urgent work for Ethereum. Based on the background of "expansion is imperative + ETH2.0 landing", the Layer2 solution came into being, and Buterin has been promoting the Layer2 solution in the community.
4)Public chain comparison
The difference between Ethereum and Bitcoin technology: (original comparison)
A. It absorbs smart contracts based on the solidity language, and regards smart contracts as a special account, so that specific methods can also be implemented on smart contracts.
B. Realize the EVM (Ethereum virtual machine) that can execute smart contracts on the ground. Through the Ethereum virtual machine, the JS-like code such as solidity is turned into encrypted code that can be executed in the blockchain.
C. Different from Bitcoin technology, gas is required for transation in Ethereum. The gas of a contract or transaction is fixed (depending on the size and complexity of the code), and the price of gas depends on the oracle in Ethereum. Decide.
D. At the same time, Ethereum has also built a relatively complete and open source ecosystem, not only the underlying geth, programming solidity, contract online browser browser-solidity, contract wallet Mist/wallet, Ethereum's front-end development framework Truffle, various Various open source DApps.
Other public chains compare EOS, TRON, Byyuan, IOST, and the recently launched Polkadot and FIL. It's just that there are some problems with these projects, either because the number of users is not enough, the penetration rate is not high, or the team is weak.
a. Ethereum has experienced the baptism of time.
b. The ecological construction is relatively complete, such as smart contracts, finance, insurance, decentralized exchanges, oracles, chain games, etc. The core ecology cannot be developed in a short time.
c. The number of users is large enough. At present, the pledged funds on Ethereum DeFi are still far ahead of other public chains.
d. Perfectly transitioned the entire stage of Ethereum 1.0, and then proceeded to transform and upgrade to 2.0. This is especially important. It is not easy to upgrade and optimize POW in four stages.
e. Among the blockchains in the entire currency circle, the expectations for Ethereum 2.0 are high, and the consensus group is high.
3. BSC（Binance Smart Chain）
1) Introduction
Binance Chain for Binance Coin (BNB), which is optimized for fast transactions. In order to achieve speed, it has to make certain trade-offs – on the one hand, it sacrifices the flexibility of other blockchains from a programmability perspective.
But Binance Smart Chain changed that. Binance Smart Chain is a new blockchain with a mature environment for developing high-performance decentralized applications. It is designed for cross-chain compatibility with Binance Chain to ensure users get the best of both worlds. Binance Smart Chain (BSC) can be described as a blockchain parallel to Binance Chain. Unlike Binance Chain, BSC has smart contract functionality and is compatible with the Ethereum Virtual Machine (EVM). The design goal here is to maintain the high throughput of the full Binance Chain while introducing smart contracts into its ecosystem.
2)Cause
Challenging Ethereum’s position, scalability remains one of the most challenging hurdles in blockchain development. It is the entry point for Binance Smart Chain to enter the market. Since BSC is EVM compatible, it supports Ethereum tools and DApps. This theoretically allows developers to easily port their projects from Ethereum. For users, this means that they can easily configure applications such as MetaMask to work with BSC, just by tweaking a few settings. Check out Binance Smart Chain with MetaMask to get started.
More and more developers and users have a clearer and clearer understanding of the nature of blockchain and DeFi, and they are pinning their hopes on Ethereum 2.0 and layer 2. The solution of layer 2 needs time to integrate, and the encryption community There is a need for an alternative smart contract blockchain platform with high scalability, and the sooner the better. BSC is an excellent choice.
3) Value
Note that unlike many protocols, there is no block subsidy for newly minted BNB as BNB does not cause inflation. Conversely, the Binance team conducts token burns on a regular basis, so the supply of BNB decreases over time.
Binance Smart Chain is envisioned as a separate but complementary system to the existing Binance Chain. The dual-chain architecture is used in the hope that users can seamlessly transfer assets from one blockchain to another, thus enjoying fast transactions on Binance Chain, while powerful decentralized applications are built on BSC. Through this interoperability, users have access to a vast ecosystem that addresses a large number of use cases.
4)Public chain comparison
Compare with Ethereum:
a. Shorten confirmation time and lower fees
b. In terms of decentralized finance, due to the compatibility of blockchains, there are a large number of DApp cross-products between BSC and Ethereum. Developers can easily port applications from Ethereum to BSC, and new BSC projects often reuse open source code from Ethereum just by changing its name.
c. BSC is highly centralized. The PoSA algorithm of Binance Smart Chain does not require miners to continuously operate physical equipment to solve complex mathematical puzzles, so it is extremely efficient. Instead, BSC requires only 21 validators, vetted by Binance, to reach consensus by staking the project’s native BNB token. While using such a limited number of validators to validate blocks makes the network highly scalable and fast throughput, it also means that the blockchain is becoming more centralized. It's a bit like EOS's 21 supernodes.
4. SOL（Solana）
1 )Introduction
The Solana public chain was first developed in 2017, and it is committed to improving the scalability of the public chain while ensuring decentralization and security, that is, all three aspects of the impossible triangle are required. Solana is a high-speed and secure blockchain network. The highest TPS currently measured is 65,000, which is more than 3,000 times that of Ethereum, and the average transaction fee is less than $0.0001. The block time is only 0.4 seconds, which is currently the fastest 's public chain. Compared with several other Ethereum competitors, polkadot and cardano, Solana's ecology is more complete. Since the rise of the DeFi boom in 2020, FTX (one of the largest contract exchanges) has chosen Solana as the underlying public chain to support its decentralized financial ecosystem, and other mature projects have continued to integrate Solana, such as the public chain Terra, Prophecy Chainlink, the bulk economic protocol Oxygen Protocol, the data retrieval tool The Graph, etc.
2)Cause
The challenge is to achieve all three aspects of the trilemma: decentralization, security, and scalability. While some projects have successfully built networks that address one or two aspects of the problem, few have come close to implementing all three.
3)Value
There are many types of native projects on Solana, which can be mainly divided into trading, synthetic assets, lending, IDO platform, asset management, derivatives, infrastructure and tools, and NFT sectors, among which the trading sector has the largest number of projects and is relatively mature. At present, the core projects on Solana are FTX, Serum, Raydium, and Bonfida. Solana is a fourth-generation blockchain network and one of the only web-scale blockchain networks that has successfully achieved a throughput of 50,000 TPS through a testnet, solving the scalability problem without a layer 2 solution. Additionally, Solana combines Proof of Stake (PoS) mechanism with 8-core technologies such as PoH (Proof of History), Tower BFT, Turbine, Gulf Stream, Sealevel, Pipeline, Cloud break and Achievers to ensure unparalleled decentralization within the network and security. Solana's core innovation is PoH, which provides a way to cryptographically verify the passage of time between two events, using a special cryptographic function as input, so that the input cannot be deduced from the output, and the output must be fully executed. This is a lot like a zero-knowledge proof. The function runs sequentially on a single core, with the output of the previous hash as the input to the next function, periodically recording the current output, and the number of times it was called. The output can then be recomputed and verified in parallel by an external computer by examining each sequence segment on a separate core. Data time stamps can be appended to this sequence by appending data to the function's state. Records are attached to the state, indexes and data in the sequence providing a timestamp that guarantees that the data was created sometime before the next hash in the sequence. Solana is a real public chain that can carry a Web3.0-level ecology. Through ingenious innovation, it improves performance to the extreme, reduces transaction costs to a negligible level, and can take into account both security and stability. It's just that the compatibility and ease of use need to be improved in the future, lowering the threshold for ordinary users, and at the same time expanding the ecological territory more.
4)Public chain comparison
Compare with BSC and ETH:
a. TPS: Solana>>BSC>ETH
b. Transaction fee: Solana<<BSC<ETH, where Solana's transaction fee reaches 6 decimal places, which is almost negligible
c. Number of nodes: ETH>>Solana>BSC;
d. Block time: Solana<<BSC<ETH
e. Solana quickly detonated the entire public chain market due to its ultra-high performance, and it has indeed solved the impossible triangle problem to a large extent, and the future can be expected. At the same time, the eight fields of DeFi, tools, infrastructure, NFT, games, wallets, DApp applications, and development are fully ecological
f. Solana does not support the Ethereum Virtual Machine (EVM), and cannot make it easy for developers to migrate like BSC and Heco
5. ADA（Cardano）
1 )Introduction
Cardano is one of the fastest growing projects in the cryptocurrency space. The team behind its open-source blockchain conducts extensive research and regularly publishes its results in peer-reviewed academic papers. Their research focuses on building scalable, secure and efficient decentralized networks by taking a systems approach to blockchain research and development.
The Cardano blockchain is written in a universally recognized and secure programming language called Haskell. It uses a Proof of Stake (PoS) consensus mechanism, but it is slightly different. Using a permissioned version of the Ouroboros PoS consensus protocol family (Ouroboros-BFT), Cardano aims to provide a higher level of security than PoW chains at a fraction of the energy cost.
2)Cause
As far as smart contract platforms are concerned, Ethereum currently dominates the space. However, issues such as network congestion, high transaction fees, and difficulty in scaling the network have hindered the platform’s potential over the years, which is why third-generation blockchains like Cardano are gaining traction.
Cardano appears to be much stronger than Ethereum in terms of throughput. Ethereum in its current state can process 15 transactions per second (TPS), although its proposed sharding upgrade is expected to boost transaction speeds to nearly 100,000 TPS. By comparison, Cardano can already support hundreds of transactions per second, and with the development of its Layer 2 Hydra protocol, the throughput of the network could rise to over a million transactions per second.
3)Value
Cardano uses a unique architecture with a two-tier system, unlike most other blockchain platforms. Its Settlement Layer (CSL) allows ADA token holders to send and receive transactions almost instantly with low fees, while its Computation Layer (CCL) underlies the rest of Cardano’s functionality. This flexible layer consists of many protocols and operates separately from CSL. It supports the smooth operation of smart contracts while ensuring the security and performance of the network.
Ethereum is relatively less tolerant of bugs and bugs when it comes to smart contract functionality, ehreas Cardano's CCL provides more flexibility when changes need to be made to the deployed application. Additionally, Cardano allows users to customize transaction confirmation rules.
4)Public chain comparison
Compared with other public chains:
a. Adopt a layered ecosystem design to achieve high scalability. Divide the whole system into two layers: settlement layer (CSL) and computing layer (CCL), to solve the problems of currency and smart contracts respectively, and can be deployed and upgraded according to different layers.
b. Cardano fully considers the regulatory needs, and at the same time considers the privacy of users as much as possible, and tries to achieve the optimal balance between the two, and can choose to submit information such as KYC (customer identity) and AML (fund flow) in a targeted manner , to meet the most basic regulatory needs
c. The consideration of commonality and compatibility is very sufficient. At present, there are nearly 2,000 digital currencies in circulation, and a large number of new currencies are issued every day. However, basic public chains such as Ethereum and EOS are incompatible with other currencies. They only support token transactions in their own ecosystems. Cardano can become the glue of other digital currencies. can be circulated with each other through Cardano
d. The new proof-of-stake mechanism, Cardono uses the unique Ouroboros algorithm and claims to be the first "peer-reviewed" and "provably secure" proof-of-stake consensus algorithm.
6. XRP（Ripple）
1 )Introduction
The idea behind Ripple and its native token predates the crypto industry and Bitcoin itself. In 2004, John Fugger launched a peer-to-peer (P2P) financial network called RipplePay. The goal is to eliminate the need for banks by exploiting financial relationships between network participants. Essentially, if participant A trusts participant B, then B can act as a third party whenever A wants to transact with another participant that B trusts.
One of Ripple’s main use cases is to facilitate the cross-border transfer of funds. To achieve this, Ripple has formed a number of high-level partnerships with financial institutions that utilize its services. For example, Ripple and MoneyGram worked together (MoneyGram used Ripple’s cross-border payment and settlement products) before the partnership ended in March 2021.
2)Cause
The Ripple network is designed to seamlessly transfer any form of currency, whether it is USD, EUR, GBP, JPY or Bitcoin, the solution is provided.
3)Value
It is important to understand the difference between XRP, Ripple and RippleNet. As mentioned earlier, XRP is the native token of the ecosystem. On the other hand, RippleNet is a digital payment network running on a public distributed ledger called XRP Ledger. Ripple is a for-profit company that controls the development and marketing of RippleNet.
XRP is a cryptocurrency designed to replace Bitcoin with a focus on facilitating trustless, instant and cheap cross-border payments. Like Bitcoin, XRP relies on a public ledger called the XRP Ledger to store transaction details.
However, payment networks built on ledgers do not utilize mining to verify and record new transactions. Instead, the XRP Ledger requires trusted validating nodes to reach consensus and maintain the transaction ledger in record time — roughly every 3 to 5 seconds. These trusted nodes are collectively referred to as the Unique Node List or UNL.
Therefore, unlike Bitcoin and its proof-of-work consensus protocol, the XRP ledger uses a consensus mechanism based on the Federated Byzantine Agreement (FBA) model.
Since the XRP Ledger does not require mining, its native token, XRP, was pre-mined in the early stages of its development. A total of 100 billion XRP were pre-mined and launched in 2013. Today, there is a total supply of over 46 billion XRP in circulation. Note that in addition to XRP, it is possible to trade with other currencies in the Ripple ecosystem.
4)Public chain comparison
Compared with BTC:
a. Like Bitcoin, Ripple is open source. Through P2P dissemination network, XRP can be transferred between accounts like Bitcoin without any third-party software.
b. Ripple, like Bitcoin, is sent over the Internet, the transaction is irreversible, and both provide digital currency's unique anti-counterfeiting certificate.
c. Ripple uses the same underlying encryption technology as Bitcoin
d. Ripple has multi-signature support (Ripple supports multi-signature authentication)
e. Very low transaction fees
f. Anyone can run the Ripple server
g. The Ripple network supports multiple currencies. In addition to its own Ripple coin, it also supports fiat currencies (e.g. USD, EUR, JPY, etc.) and intends to support Bitcoin in the near term, and possibly all virtual currencies in the future.
h. The Ripple network automatically performs exchange rate conversions. That is to say, users can use any type of currency to pay others any other type of currency, thus realizing the entire network circulation of all currencies.
i. Ripple's transaction confirmation process can be completed within seconds. Ripple has introduced a "Consensus" mechanism, through the voting of special nodes, transactions can be verified and confirmed in a very short period of time.
j. The Ripple client does not need to download the blockchain, it discards the verified ledger chain on ordinary nodes, and only retains the most recent verified ledger and a link to the historical ledger, thus synchronizing and The amount of work to download the general ledger is minimal. Unlike BTC
k. Ripple does not need and cannot mine.
l. The total amount of Ripple coins cannot be increased, and can only be decreased. The company has created 100 billion units of Ripple coins, plans to eventually issue 75% of the Ripple money supply, and promises never to issue more. Users spend a certain amount of Ripple coins (a very, very low amount, about 1/1000th of a cent) for each transaction. This transaction fee is not given to anyone and just disappears out of thin air. So Ripple coins will only get less and less, but the rate of decrease is very slow.
7. LUNA（Terra）
1)Introduction
Terra’s native token, LUNA, is used to stabilize the price of the protocol’s stablecoins. LUNA holders can also submit governance proposals and vote on them, making them function as governance tokens.
2)Cause
Terra is trying to differentiate itself by using stablecoins pegged to fiat currencies, saying it combines the borderless advantages of cryptocurrencies with the day-to-day price stability of fiat currencies.
3)Value
It maintains a one-to-one peg through an algorithm that automatically adjusts the stablecoin’s supply based on its demand. It expands or contracts the stablecoin supply to meet demand by incentivizing LUNA holders to exchange LUNA and stablecoins as needed at a profitable exchange rate.
The Terra blockchain is secured using a Tendermint-based Proof-of-Stake consensus algorithm, where LUNA token holders stake their tokens as collateral to validate transactions and receive rewards proportional to the amount of LUNA staked. Token holders can also delegate others to validate transactions on their behalf, sharing in any revenue generated. Terra also provides additional guidance for validating nodes on best practices to help keep the network secure.
4)Public chain comparison
Compared with other public chains:
a. Terra Stablecoin Algorithm Stablecoin track UST is the first one, and there is no real asset as collateral, so price fluctuations are prone to occur especially in extreme market conditions
b. At present, Terra's ecological layout is too concentrated in the DeFi field, and it is lacking in NFT and GameFi, which can bring more traffic, and has not produced well-known native applications, which will greatly limit subsequent user growth.
c. Although the financial payment application CHAI supported by Terra is friendly to supervision and develops rapidly, compared with other local payment giants, it is completely incapable of posing a threat in terms of scale and volume.
8. DOT（Polkadot）
1 ）Introduction
Polkadot is an open-source sharded multi-chain protocol that connects and secures private blockchain networks, facilitating cross-chain transfers of any data or asset type, not just tokens, allowing blockchains to interoperate with each other.
Polkadot is called a layer 0 meta-protocol because it is the foundation of a layer 1 blockchain network and describes a format called a parachain (parachain). As a meta-protocol, Polkadot is also able to autonomously and fork-free update its codebase through on-chain governance at the will of its community of token holders.
The Polkadot protocol can connect public and private chains, permissionless networks, oracles, and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
Polkadot has four core components:
Relay Chain: The "heart" of Polkadot, helping to build consensus, interoperability, and shared security between networks of different chains;
Parachains: independent chains that can have their own tokens and are optimized for specific use cases;
Parathreads: similar to parachains, but with flexible connections based on an economy-based pay-as-you-go model;
Bridge: Allows parachains and parathreads to connect and communicate with external blockchains like Ethereum.
2)Cause
Polkadot aims to provide the foundation for a decentralized internet of blockchains, also known as Web3. Polkadot provides the foundation to support a user-controlled decentralized web and simplifies the creation of new applications, institutions and services.
Polkadot is a sharded multi-chain network, which means it can process many transactions on multiple chains ("parachains") in parallel. This parallel processing capability improves scalability.
Custom blockchains can be developed quickly and easily using the Substrate framework, and Substrate blockchains are designed to be easily connected to Polkadot's network. The network is also highly flexible and adaptable, allowing information and functionality to be shared among participants. Polkadot can be upgraded automatically, without forking to implement new features or eliminate bugs.
The network has a highly sophisticated user-driven governance system where all token holders can vote on how the network operates. Teams can customize their own blockchain governance on Polkadot based on their needs and changing conditions. Nominators, validators, and verifiers all perform a variety of duties to help secure and maintain the network and eliminate bad actors
3)Value
Polkadot's native DOT tokens serve three clear purposes: staking for operations and security, facilitating network governance, and binding tokens to connect parachains.
The network uses an NPoS (Proof of Nomination) mechanism with validators and nominators. Nominators back validators with their tokens. These staked tokens maximize chain security by making misconduct prohibitively expensive.
Validators are staked on the relay chain and confirm transactions from different parachains. This unique validity scheme enables chains to securely interact with each other under the same rules, while remaining independently governed.
After the network was renamed after the Polkadot referendum, the DOT balance increased by 100, so one old DOT is equivalent to 100 new DOTs. This means that the initial maximum supply of 10 million old DOTs in August 2020 became 1 billion new DOT tokens. The renaming is purely to avoid decimals and simplify calculations. While all balances were increased by a factor of 100, this did not affect the distribution of DOTs or the proportional share of holders.
4) Public chain comparison
The difference between Polkadot and Ethereum is mainly at the development level and governance level.
a. On Polkadot, developers can write their own blockchain from scratch and design application logic freely, but on Ethereum, the execution efficiency of smart contracts will be greatly limited due to its execution environment. The 2.0 upgrade of Ethereum is still an isomorphic sharding scenario. Although there may be some differences in governance, these shards are technically identical, with limited developability and cannot meet the flexibility and customizability required by the built applications. sexual requirements. Ethereum is an open source smart contract platform. The core of Polkadot is the relay chain, and there is no smart contract. Polkadot is designed to be a scalable blockchain development, deployment and interactive testing platform. The Substrate development platform in the Polkadot ecosystem, a highly free technical framework, is customizable and highly available, making development faster and more flexible.
b. The governance level is also an important difference between Ethereum and Polkadot. The off-chain governance model of Ethereum faces problems such as low efficiency and loss of core developers. It is also constrained by developers, miners, nodes, and token holders, and it takes a long time. The advantage is that you have more time to review research and improve security.
c. In general, the advantage of Ethereum is that it has the most powerful developer community, as well as a huge first-mover advantage and consensus in the industry.
d. Ethereum Solidity has become a popular language for blockchain entry, with a huge ecosystem. Polkadot's operating language and development platform Substrate provides more flexibility and development freedom
The difference between Polkadot and Cosmos lies in three aspects: system architecture, security, and governance
a. There are differences in the architecture and design goals of Polkadot and Cosmos in the cross-chain communication protocol. Polkadot's goal is to pass arbitrary messages between parachains, like smart contracts or to accomplish any other type of communication, so the structure is more complex. While Cosmos focuses on asset transfer between blockchains, the protocol is simpler.
Polkadot uses a shared security mechanism to ensure the security of cross-chain communication. All parachains have the same security level, so information can be trusted when passing between chains, ensuring data availability. At the same time, the existence and incentives of the phisher fishman can monitor the malicious activities of the parallel chain and submit the relay chain for rollback of the whole network, which is a further guarantee of security. For Cosmos, each chain zone in the network has its own independent validator, the security is not affected by other chains, and there will be chains that collude with validators to do evil. The way Cosmos works is that a zone is connected to the trustless communication center chain Hub, and the Hub verifies that the verifier of another zone is trustworthy and then transmits information.
b. Cosmos’ network cost is low, and the overall security is not as good as Polkadot, but at the same time, because of the independence between chains, it avoids the situation of one chain corroding other chains. Polkadot's network does not allow evildoing. The cost and difficulty of doing evil on parachains is high. Once evildoing, it will affect the overall system security and trigger a rollback of the entire network.
c. Polkadot and Cosmos operate in two different security modes, Polkadot's parachains have global shared security, while Cosmos's each chain is independently self-protected. The consensus algorithm of Polkadot's relay chain is the GRANDPA consensus, which can quickly finalize blocks on the parallel chain. The parachain controls its own state machine and local rules, and transfers part of its security to the relay chain to obtain the security sharing of the entire system. The significance of shared security is that developers can also focus more on developing their own business without spending time and costs to find and maintain validator nodes. Cosmos adopts the Tendermint consensus algorithm. Each blockchain zone is independent and self-protecting. Each chain runs its own consensus mechanism and needs to maintain its own network security. The verifier of each chain is only responsible for ensuring the security of the chain. Safety. Compared with Polkadot, since the verifier of the relay chain has the final decision on the state change of the parachain, although the setting of the phisher can reduce the malicious activities of the verifier, it cannot be completely implemented in Polkadot for applications that require more control. Control its own chain, while the zone of Cosmos can hold full control of its own chain. For example, Binance Chain cannot give up control of transaction blocks, so Binance Dex chooses to develop based on Cosmos.
d. There are differences in governance and membership between Polkadot and Cosmos. Cosmos is similar to Android, and Polkadot is similar to Apple. Cosmos has no membership rules for shareholders, and the access threshold is low. As long as you use the IBC standard, you can access the hub to download. The Hub itself has sovereignty, and the purpose of building is to link other blockchain zones, and the security of each zone is at its own risk. In terms of governance, unlike Polkadot, which is stake-weighted voting by DOT held by voters, due to the independence between chains, Cosmos does not have a central rule that applies to the entire blockchain network. The Hub chain and each Zone chain have their own governance process. Polkadot has a higher access threshold due to the limited number of parallel chains. Polkadot will allocate slots for relay chains and parachains through an auction mechanism, and the highest bidder will obtain by locking Dot. Once a parachain is connected to the Polkadot network, it has shared security.
A comprehensive evaluation of the functionality and security of various mainstream blockchain platforms shows that ETH, Cosmos and Polkdot are the preferred blockchain development platforms for most developers: Ethereum has a strong developer community, and Cosmos operates more independently. , Polkadot has stronger operability and security, and developers will choose among them according to the needs of their respective applications.
9. AVAX（Avalanche）
1) Introduction
Avalanche is the fastest smart contract platform in the blockchain industry as measured by completion time. Avalanche is extremely fast, inexpensive and environmentally friendly. Any application that supports smart contracts can outperform the competition by deploying on Avalanche, with the goal of building a scalable decentralized finance ecosystem.
AVAX is the native token of Avalanche. It is a hard-cap, scarce asset that pays fees, secures the platform through staking, and provides the basic unit of account between multiple subnets created on Avalanche.
2) Cause
2021 is the year that multiple blockchains emerge against the backdrop of Ethereum’s congestion. Avalanche is one such blockchain that promises over 4,500 transactions per second — a thousand times faster than current PoW Ethereum.
Avalanche-Ethereum bridge, users can now easily transfer Ethereum-based assets to Avalanche. Developments like this are enough for the web to gain popularity in the wider crypto world.
3) Value
Avalanche launched on mainnet on September 21, 2020. Since then, the platform has grown to secure over 400 individual projects, over $64 million in AVAX burned (reduced supply), over 1200 individual block producing validators, and over 1.3 million community members.
4) Public chain comparison
The difference between Avalanche and Ethereum and Solana
a. Avalanche is an open source blockchain platform that allows anyone to write and deploy smart contracts and build decentralized applications. Different from Ethereum, in terms of performance, the Snow protocol enables all Avalanche-based blockchains to process thousands of transactions per second, approaching Visa’s processing speed and supporting greater than 4500TPS, compared to Ethereum’s ~15TPS.
b. Structurally: In Avalanche, there are 3 blockchains built into the platform, and all 3 blockchains are verified through the default subnet. The 3 default blockchains are as follows: 1. X-Chain is a DAG based payment chain for creating and trading smart digital assets. 2. P-Chain manages metadata about the Avalanche network. Its API allows nodes to create subnets, add validators to subnets, and create blockchains. 3. C-Chain is an instance of the Ethereum Virtual Machine powered by Avalanche’s consensus protocol. One can create smart contracts on the C-chain using the C-chain's API and perform any other transaction on Ethereum. In addition to these 3 default chains, Avalanche is also able to support several other chains and their custom virtual machines. This feature allows developers to create custom dApps and blockchains, a subnet is a dynamic set of validators that work together to reach consensus on the state of a set of blockchains. Each blockchain is verified by a subnet. A subnet can verify many blockchains. A node can be a member of many subnets. Every blockchain on Avalanche is an instance of a VM. A virtual machine (VM) defines the application-level logic of the blockchain. Technically, it specifies the state of the blockchain, state transition functions, transactions, and the API through which users can interact with the blockchain.
c. Solana blockchain is known for its high speed, currently supports 50–65k TPS per second and 400ms block time, which has an advantage in speed compared to Avalanche’s at least 4.5K TPS. Instead of using complex solutions like Sharding or Layer 2, Solana has made technological breakthroughs and created several technological innovations, one of which is proof of history (POH). In theory, POH-stamped transactions would exponentially increase the scalability of cryptocurrency blockchains without sacrificing their security or decentralization. Such techniques are used in Google and Intel databases. In addition to speed, Solana also solves Ethereum's high fees, offering a fee of $0.00001 per transaction. The core idea of Solana blockchain is to maximize the performance of a single node and optimize the decentralized node network. Compared to practical Byzantine Fault Tolerance (PBFT)-based Proof-of-Stake (PoS) systems such as Tendermint, which support around 1000 TPS, the number of nodes is 100–200. Solana is a PBFT-like PoS blockchain that supports over 50,000 TPS and over 200 nodes in the current testnet iteration, making it the best performing blockchain and the world's first web-scale decentralization network.
Avalanche's focus is to build a decentralized financial Internet. Based on its transaction speed close to Visa (>4500TPS) and with the enhanced interoperability of its public chain, many Ethereum projects will have two-way asset flow with Avalanche; however, Avalanche's ecosystem The development is still in its infancy, and its development roadmap is currently unclear; Solana is known for its high performance, close to 50–65k TPS, and is a project that FTX CEO SBF relies heavily on, but whether it can compete with other competitors , such as Ethereum 2.0 and Polkadot, are still worth keeping. On the whole, Solana is slightly inferior to Avalanche in terms of team and investment lineup; in addition, Solana's SOL token distribution is not very reasonable, and there is no early lock-up, which is not a good signal for the long-term price impact of SOL.
10. MATIC（Polygon）
1) Introduction
Polygon envisions a world where different blockchains can exchange value and information freely and easily - eliminating the technological and ideological divides that exist between most blockchains today.
The project was originally called Matic Network, but later changed its name to Polygon as the scope of the project expanded. While Matic is a simple layer 2 scaling solution for Ethereum, Polygon is the infrastructure for a massively scalable, collaborative blockchain network that retains their autonomy.
Polygon provides a variety of modules that developers can use to easily deploy and configure their own custom blockchains. These include consensus and governance modules, as well as various execution environments and virtual machine implementations.
Blockchains launched in this way are configured to benefit from the Matic Proof of Stake (PoS) sidechain, which uses a network of validators to significantly speed up transactions and minimize fees — while finalizing on the Ethereum main chain of all content.
Polygon supports two types of chains: independent chains and secure chains. In short, a standalone chain is an autonomous blockchain that is directly compatible with Ethereum, while a secure chain simply bootstraps its security by leveraging a network of professional validators.
2) Cause
Polygon solves some of the major challenges facing Ethereum today - such as high fees, poor user experience, and low transaction throughput.
As far as smart contract platforms are concerned, Ethereum currently dominates the space. However, over the years, problems with network congestion, high transaction fees and difficulty in scaling the network have been made. The platform aims to create an "Internet of Blockchains for Ethereum" — a multi-chain ecosystem of Ethereum-compatible blockchains. It hopes to do this by providing an easy-to-use framework that allows developers to launch their own custom Ethereum-compatible blockchains with a single click.
3) Value
It is unique in the market as it is the only scalability solution that supports the Ethereum Virtual Machine (EVM), enabling connected chains to maintain self-sovereign security while also ensuring interoperability between each other and the Ethereum main chain sex.
Unlike some other platforms, chains in the Polygon ecosystem are not forced to utilize its security as a service layer, but they can still pass messages between each other thanks to arbitrary messaging capabilities. This ensures that developers can build truly interoperable decentralized applications that can leverage the unique properties of multiple chains at scale.
Because building on Polygon is very similar to building on Ethereum, the platform is immediately accessible to the world's largest blockchain development community - they are now able to build highly scalable applications that fully benefit from Ethereum network effects without giving up anything.
4) Public chain comparison
Compared with other public chains:
a. Polygon Network is a Layer 2 scaling solution powered by Binance and Coinbase, which provides a common Layer 2 platform that enables Ethereum developers to scale their DApps and achieve mass adoption. In the initial stage, Polygon has launched its hybrid PoS + Plasma sidechain on top of Ethereum, and now Polygon has become one of the fastest growing DApp platforms in the space. Achieving widespread adoption of blockchain technology, Polygon Network achieves high throughput without compromising security while making full use of the security and decentralization of the main chain, providing huge scaling capabilities.
b. Polygon ecological features: DeFi, NFT, games, etc. are promoted in parallel. The currently counted projects in the Polygon ecosystem (including DApps deployed on Polygon and the launch of the Polygon mainnet, projects that will integrate Polygon and reach a deterministic partnership with Polygon) ) over 120, dominated by games, NFTs and DeFi projects, including nearly 40 DeFi projects, nearly 60 games and digital collectibles, and other categories—a number that, although dwarfed by Ethereum, provides A feasible plan or demonstration model.
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