Why is ETH the king of public chains???

K线人生飞哥 · 2023-10-03T04:10:51.000Z

There are many new public chain narratives, including Ethereum. With the rise of various public chains, judging by speed alone, it seems that Ethereum's competitiveness is declining, and Ethereum's vision of becoming a world computer is likely to be shattered. However, even without a world computer, Ethereum is now very successful. It is possible to move towards the world settlement layer, which is no less than a world computer, more practical and clear, and can directly leave other public chains more competitive. Let’s first talk about the modular public chain that is often mentioned recently. To understand it simply, it is to split the things that were originally done on one layer of public chain into two layers and above three layers. The purpose is to break through the impossible triangle of blockchain. That is to say, the three characteristics of decentralization, security and high performance cannot fully exist. We know that Ethereum is slow, which gives many new public chains the opportunity to develop with performance as the core. However, the emergence of L2 can make the current performance of public chains not enough. Just talking about the user experience, if you have used the Ethereum L2 protocol, such as Arbitrum, or interacted with Optimism, you will find that Arbitrum is faster than so-called high-speed chains such as Solana, Fantom, and Avax. Sometimes you click Swap, and in one second The transaction was completed within a few seconds, while other high-speed chains had to wait at least a few seconds. why? Because no matter how high-speed the chain is, a large group of nodes must form a consensus to verify the block. Even a centralized node like BSC can only confirm it after the consensus of 21 nodes is completed, which always takes a few seconds. However, L2 does not need it. A high-performance server can be used as a Sequencer, and a stand-alone Web2 server is of course fast. This is just like in congested urban traffic, L2 optimization is to build exclusive subway or BTR channels and dedicated lines, which is of course fast. I won’t go into details here, but from a technical perspective, no matter how fast the public chain on L1 is, it can’t be faster than L2. L2 is the best way to expand the performance of the public chain. The high performance of the Impossible Triangle is maximized by L2, so security and decentralization need to be completely handed over to L1. Then, for L2, the security of the L1 settlement layer becomes very important. In this world, except for BTC, who dares to say that their chain is more secure than ETH? This is where the value of ETH will lie in the future.

There are many new public chain narratives, let’s talk about Ethereum.
With the rise of various public chains, judging only by speed, it seems that Ethereum's competitiveness is declining, and Ethereum's vision of being the world's computer is likely to be shattered. However, even without a world computer, Ethereum is now likely to move towards the world settlement layer, which is no less than a world computer, more practical and clear, and can directly surpass other public chains in terms of competitiveness.
Let’s first talk about the modular public chain that has been frequently mentioned recently. To put it simply, it means splitting the things that were originally done on one layer of public chain into two layers and three layers. The purpose is to break through the impossible triangle of blockchain, that is, the three characteristics of decentralization, security and high performance cannot exist completely.
We know that Ethereum is slow, which has given many new public chains the opportunity to develop with performance as the core, but the emergence of L2 may make the current public chains not good enough.
Just talking about the user experience, if you have used the Ethereum L2 protocol, such as Arbitrum, and have interacted with Optimism, you will find that Arbitrum is faster than the so-called high-speed chains such as Solana, Fantom, and Avax. Sometimes you just click Swap and the transaction is completed within one second, while other high-speed chains require at least a few seconds to wait.
Why? Because no matter how fast the chain is, a large group of nodes must form a consensus to verify the block. Even a centralized node like BSC needs 21 nodes to reach a consensus before it can be confirmed, which takes several seconds. However, L2 does not need this. A high-performance server can be used as a sequencer to complete it. Standalone Web2 is of course fast.
This is like in congested urban traffic, L2 optimization is to build exclusive subway or BTR channels, dedicated lines, and of course faster.
I won’t go into details here. From a technical perspective, no matter how fast a public chain is on L1, it cannot be faster than L2. L2 is the best route for expanding public chain performance.
The high performance of the impossible triangle has been brought to the extreme by L2, so security and decentralization need to be completely handed over to L1.
Then, for L2, the security of the L1 settlement layer becomes very important.
In this world, apart from BTC, who dares to say that their chain is more secure than ETH? This is where the value of ETH lies in the future.