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Basic barriers of blockchain Technology

Time : 03/02/2022 Author : n02afw Click : + -
        With the "popularity" of blockchain, more and more "blockchain +" applications have been bred, and their focus is on "whether the concept can be realized" and "whether the application can be implemented". These are indeed the key plays in the blockchain industry. However, occasionally, they still have to shift their eyes from projects to underlying technologies. After all, all changes are inseparable. Technological progress and refinement are the basis for the higher and further development of the industry. With the "popularity" of blockchain, more and more "blockchain +" applications have been bred, and their focus is on "whether the concept can be realized" and "whether the application can be implemented". These are indeed the key plays in the blockchain industry. However, occasionally, they still have to shift their eyes from projects to underlying technologies.
 
        After all, all changes are inseparable. Technological progress and refinement are the basis for the higher and further development of the industry. The coin circle should have experienced the congestion and paralysis of public chain networks, such as the congestion of Ethereum and even the morning peak of the working day. It's no wonder. For example, when crypto cat became popular, the transaction volume increased significantly. Not only did it take a long time to wait in line for transactions, but also the transaction fee increased and the user experience decreased. These are actually the problems of insufficient public chain performance and scalability. Performance is an important problem that hinders the development of blockchain technology. All DAPP should be built on a public chain with good performance. The average speed of centralized trading is hundreds of times that of decentralized trading, such as the subway and private cars. Even if private cars are more convenient than the subway, in the morning rush hour, I think everyone would rather make a faster and non congested subway than give up private cars.
 
        Consensus mechanism is an important basis for the decentralization of blockchain, but both POW mechanism based on workload and POS mechanism based on equity have more or less defects. For example, high energy consumption, low efficiency or weak credit foundation restrict the development of blockchain. However, the update of consensus mechanism is also a difficult problem. The update of consensus mechanism is not only like the update of app, but also involves mining interests, which is much more complicated. For example, the upgrading of Constantinople was opposed by many miners. The lack of support from miners is not only a problem of continuing to use or giving up, but also will lead to the bifurcation of blockchain.
 
        How to improve the mechanism and coordinate the opinions of all parties affect the further development of blockchain. That is, the review of smart contract code. There is a paradox here. If the smart contract code has the ability to judge and execute in the process of trading, who will ensure that the smart contract code is correct and credible? Generally, in a centralized world, authoritative third parties will be used to verify the reliability of central transactions, but decentralization rejects third-party centers. That is, the law supervises human beings, and who will supervise the law. Similarly, this problem also plagues the use stage of blockchain. That is, how to ensure the accuracy of the content on the chain? For example, now the judicial system has begun to use the blockchain electronic deposit system.
 
        Indeed, once the evidence is on the chain, it can be traced back to ensure the authority and accuracy of the evidence on the chain. How to judge the initial authority and accuracy of the evidence? How to verify while ensuring decentralization?. In addition, the general public may not care so much about centralization or decentralization. People will only care about which is more convenient for life. As for the prospects of technology and blue ocean, most of them probably have an attitude of "don't understand" and "don't want to understand". Therefore, breaking the basic technical barriers, accelerating the depth of integration with the real economy, and creating a world of blockchain + real economy that is convenient for and beneficial to the people is the moment when blockchain really changes the world.
 
        
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