A quick overview of the four mainstream public blockchains in 2023, exploring the differences and value behind them
Introduction: Public blockchains, as the foundational infrastructure and underlying technology for building the Web3 world, play a fundamental role in the ecosystem, serving as the cornerstone for DApps (decentralized applications) and as gathering points for communities. From Layer 1 to Layer 3, new public blockchain projects continue to emerge.
While Ethereum continues to maintain its dominant position, we have now transitioned from an era of Ethereum’s sole leadership. With the continuous development of technology, the public blockchain space has evolved from a “single-chain dominance” trend to a “multi-chain coexistence” trend. In this diverse landscape, emerging public blockchain projects are making their mark, offering immense potential and opportunities to further advance in the public blockchain competition.
Currently, these emerging public blockchains are choosing different directions: some choose to align with the Ethereum ecosystem, addressing Ethereum’s scalability issues and progressing alongside it; others leverage pioneering or disruptive technological advantages to attract the transfer of Ethereum users and traffic by solving the “blockchain trilemma”; some focus on specific application ecosystems, enticing mainstream users to participate. This wave of innovation has reinvigorated the public blockchain space, where new public blockchains will thrive through mutual empowerment between technological development and ecosystem prosperity.
This article delves into the market dynamics of public blockchains and the distinct characteristics of different chains, with the aim of collectively defining and building the future of Web3.
Looking at the history and current progress of blockchain development, BTC brought about the era of decentralized currency, ETH represents the field of operating systems, and DFINITY represents innovation in the field of computation and the practical realization of Web3. Internet Computer, as a Layer 1 protocol, aims to develop a decentralized public network by extending the Ethereum ecosystem into a wide range of business applications through open virtual blockchain computers and technology.
In the landscape of Ethereum scalability solutions, Arbitrum stands out as the leading L2 project of 2022. With its low-cost, high-speed user experience, while maintaining the security advantages of trustlessness and full compatibility with the Ethereum Virtual Machine (EVM), Arbitrum has quickly gained favor among a wide user and developer base. The ecosystem includes a comprehensive range of protocols, such as trading, lending, derivatives, NFTs, staking, and more, with a Total Value Locked (TVL) that once reached nearly $3 billion.
Optimism is an open-source Layer 2 solution with the goal of achieving blockchain scalability by migrating a large number of transactions to the second layer network. It is built on Ethereum, offering high compatibility and security. Optimism serves as a fast, stable, scalable, and cost-effective Ethereum Layer 2 blockchain. This means it operates on top of the Ethereum blockchain (Layer 1) to help alleviate congestion, thereby reducing transaction costs and processing times. Optimism utilizes Optimism Rollups technology to “aggregate” a large amount of transaction data into batches on the Ethereum mainnet, resulting in a single transaction fee. This leads to faster transaction processing, lower costs, all while benefiting from Ethereum’s security.
PlugChain is a highly anticipated Web3 public blockchain, standing out in the blockchain space due to its core advantages such as high concurrency, low gas fees, and scalability. First and foremost, PlugChain’s high concurrency provides users and developers with a smoother and more efficient blockchain experience. Through innovative consensus mechanisms and network architecture, it achieves fast transaction confirmations and high throughput, reducing transaction congestion and delays, enabling users to complete transactions more quickly and experience instant blockchain services.
Secondly, PlugChain is committed to reducing gas fees, which is a significant boon for both users and developers. In traditional blockchain networks, high gas fees often serve as a barrier to entry, limiting user participation and developer innovation. PlugChain’s low gas fees, achieved through innovative economic models and resource management mechanisms, significantly lower costs, making it easier for more people to participate in this ecosystem, promoting the adoption and application of blockchain technology.
Finally, PlugChain provides robust support for information data exchange scenarios by building an aggregated cross-chain oracle protocol. This means that PlugChain is not limited to its own ecosystem but can seamlessly interoperate with other blockchain networks and applications, enabling seamless cross-chain data exchange. This feature is of great significance in various application areas such as decentralized finance, supply chain management, digital identity verification, opening up limitless possibilities for a broader range of blockchain application scenarios.
In conclusion: blockchain technology has seen rapid development in recent years, giving rise to numerous mature projects. From past dreams to the widespread deployment of Web3 public blockchains today, blockchain technology has played a significant role in society, culture, and social interactions. The vision of Web3 is to build a decentralized world, which is also a return to the original ideals of the internet.
However, Web3 public blockchain projects still face some challenges, such as high user barriers, development complexity, network throughput limitations, and high gas fees. The instability of early-stage projects exacerbates these issues. It can be foreseen that there will be a reshuffling of the public blockchain industry in the future, where only projects based on technology and a focus on delivering network value can achieve lasting development.
PlugChain takes the aggregated cross-chain oracle protocol as the core, integrates the advantages of high performance, high expansion, low gas！
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