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Learning & News => News related to Crypto => Topic started by: Heritage on June 24, 2019, 06:58:28 PM
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When FAANG Joined Blockchain, What Should Existing Public Chains Do？
QuarkChain Update
On June 20, Y-Talk, a lecture column sponsored by BLOXROUTE LBAS, YEECO, and Y-Talk, was held in Beijing. QuarkChain scientist-Yaodong Yang , was invited to participate in the event and delivered a keynote speech on “Evolution of Public Chain, Survival of the Fittest”.
This event was focused on “Next-generation blockchain”. In recent two years, with the rising of blockchain, public chain projects became a hot topic. The event happened two days after Facebook released its blockchain Project’s white paper, and it is still a perennially hot topic. On the same day, a piece of news came out that LINE, Japan’s largest communication software, would issue tokens. Whether the entrance of FAANG is an opportunity or a challenge, Professor Aleks, co-founder of Conflux, Professor Longfan, Vice President of Public Relations of ArcBlock, Mr. Guo Bin, CTO of YeeCo, and Professor Yaodong Yang, a high-performance public chain scientist of QuarkChain, have expressed their views respectively.
In his speech, Professor Yaodong Yang mentioned that after nearly 10 years of rapid development, the blockchain industry has made considerable achievements, attracting FAANG to enter. However, there exist a lot of challenges. We think there are four main challenges: the first is the split of communities (BTC splits BCH); the second is that with the splitting of communities, the hash power is diluted, which is not enough to protect the PoW public chain; the third is the lack of foresight in early design, which leads to difficulties in subsequent upgrading; and the fourth is the lack of functionality. For example, the exchange and use of ERC20 coins are relatively troublesome.
In order to solve these problems, we need to use a broader perspective to build a flexible, highly scalable and easy-to-use blockchain underlying architecture that integrates security, decentralization, and efficiency. By matching different consensus mechanisms, virtual machine, ledger, and token economics, QuarkChain can meet the needs of different application scenarios.
Facebook has been released the consensus mechanism and programming language in the white paper. Will its future only end with super-sovereign currencies and credit? Or will it become a new public chain in the future? We do not know the answer. The entrance of FAANG will certainly impact the existing blockchain projects, but depending on their flow and reputation, there is no doubt that more people will be interested in and pay attention to blockchain. If we want to throw a sprat to catch a herring, existing projects must rely on their own advantages such as first-mover and smaller size and more flexible to adapt to the future development and survive in the competition.
https://medium.com/@quarkchainio/when-faang-joined-blockchain-what-should-existing-public-chains-do-3ff2c112f398