The Current Status and Future Prospects of New Public Chains

In the blockchain world, Bitcoin and Ethereum are undoubtedly the two most dazzling stars. They dominate the space with innovative technology, continuous iteration, and a vast ecosystem. Nevertheless, the development of new public chains is still very necessary.

From the perspective of large-scale application, although the Web3 field has new application scenarios such as DeFi and NFT, with the user scale reaching tens of millions, the development space is still enormous compared to traditional internet. Future changes in market demand may give rise to more excellent public chains. It is based on this judgment that many institutions are willing to continue investing in the public chain field.

When evaluating public blockchains, one can approach it from both hard and soft power perspectives. Hard power focuses mainly on technological innovation, such as P2P networks, consensus mechanisms, smart contracts, etc., as well as the flexibility of technical roadmap adjustments. Soft power, on the other hand, involves aspects such as business operations and ecosystem development. Both are essential.

In the exploration of innovative technologies, Ethereum has always been at the forefront. From the initial Frontier version to the recent PoS transformation, Ethereum has demonstrated the correct stance on public chain development through continuous upgrades. In addition, there are some new and old public chains worth paying attention to:

The Substrate framework of Polkadot supports parachains and cross-chain communication, providing a rich set of development modules.

Cosmos advocates the concept of a multi-chain internet, achieving interoperability between sovereign chains and application chains through the IBC protocol.

Solana's PoH technology provides a global clock mechanism for distributed systems.

NEAR adopts Nightshade sharding technology to enhance network performance.

Avalanche's Avalanche consensus achieves rapid consensus.

The multi-node architecture of Flow is similar to the design of a modular blockchain.

Monad improves the performance of EVM-compatible chains through asynchronous execution.

Although Diem has not been launched, its technological accumulation has given rise to three new projects: Sui, Aptos, and Linera.

Sui Network uses causal ordering and object models to enhance parallel performance.

Aptos introduces the Block-STM parallel execution engine to optimize transaction processing.

Linera's Microchains architecture excels in scalability and fault tolerance.

The exploration of these innovative technologies has accumulated valuable experience for the entire industry and is expected to give rise to more powerful new public chains. In particular, projects in the Cosmos ecosystem and those utilizing the Move programming language are challenging Ethereum's position on different dimensions and expanding the boundaries of public chains. We have reason to believe that in the future, an excellent public chain that integrates the strengths of various projects and achieves large-scale applications will undoubtedly emerge.