The birth of Bitcoin marked the arrival of Block Chain 1.0 era and opened the beginning of Block Chain.However, with the development of block chain technology, Bitcoin has generated some problems which are criticized by many people, including the following:
1. Bitcoin trading is slow.A new block is created every 10 minutes, that is, 4,000 transactions are processed in 10 minutes, and about 7 transactions are processed per second.
2. The workload proof algorithm (PoW) used by Bitcoin wastes a lot of resources.Under this mechanism, only successful miners will be able to share the benefits, while those who pay a great deal of money will waste a lot of resources because they fail to achieve the final victory and have nothing to gain.
3. Poor scalability has been plaguing the Bitcoin network.
Ethereum has always been called the masterpiece of Block Chain 2.0 because it improves Bitcoin, making Block Chain technology more mature and stable.
Ethereum has introduced more innovations on the basis of bitcoin, such as smart contracts, POS, etc., which have enabled many decentralized DAPP applications based on the Ethereum public chain platform to run in practice, bringing a large number of blockchain projects to the ground.
But at the same time, it also causes certain problems, because those who get the reward are not very strong, so people do not have such a strong motivation to pursue computing power.
After entering 2020, after experiencing the DeFi boom, competition in the main network of the block chain has become more intense.Today, after a year of intensive development, the Wisdom Chain 2.0 Ocean Network has officially started.In fact, over the past year, Wisdom Chain has been constantly adjusting and updating according to market conditions; Wisdom Chain has been experiencing a steady growth, and the wallet address of Wisdom Chain in the first half of 2020 has exceeded the level of the whole year of 2019.
So now let's look at what has changed with Wisdom Chain 2.0 from a chain perspective?What problems have been solved and what advantages have they had over Ethereum?
ERC20 is a standard in Ethereum. All digital currencies that meet this standard can become ERC20 tokens.The standard here is actually a smart contract template, and any currency that meets this template is called ERC20.Equivalent to a standard set by Ethereum, other tokens do not need to start a new stove, as long as this standard is met, it can run on the Ethereum public chain, greatly reducing the development difficulty.
However, Ethereum also has some problems, which have been criticized by people, such as low efficiency of network congestion, high transaction cost, poor expansion performance and so on.
At the beginning of design,Wisdom Chain has absorbed the advantages of predecessors and learned a lot of defects and lessons, and has carried out deep research and innovation on the basis of it. It will focus on solving the unsolvable problems of Ethereum public chain: difficult to expand, poor network security, high development difficulty, high handling charges, asset security and other issues.
Wisdom Chain introduces a new block chain architecture, adopts DPoS+POW hybrid consensus mechanism, and uses X8 iterative hash calculation to ensure consensus efficiency and provide high anti bifurcation capability. Compared with other block chain projects, Wisdom Chain focuses on solving the technical problems in the development, forms the unique advantages of Wisdom Chain (high throughput, easy expansion, high reliability), and promotes the development of global block chain industry.
Under the DPOS consensus mechanism, Wisdom Chain generates blocks in an average of 10 seconds, with a block size of 4M. It supports a large memory pool and can achieve throughput processing capacity of 1400k/s.
At the same time, 15 super nodes are elected by users and become network public opinion representatives, which not only makes the overall internal value more reliable, but also ensures that the TPS of the whole network is maintained at an acceptable level, realizing high TPS, indirectly ensuring the low latency of all operations on the Wisdom Chain and making the transfer speed faster. To sum up, it can be found that the public chain of Wisdom Chain basically achieves the balance between decentralization and high TPS.
Moreover, the mechanism of KV+ relational database construction enables Wisdom Chain network to support batch, continuous and discontinuous sending of transactions, as well as large-scale single-address transaction sending.For all kinds of applications, websites, services that are now mature and running, it can be easily transferred to Wisdom Chain network to achieve scalable performance.
On network security, Wisdom Chain uses a uniquely designed validation rule system, designs a unique set of syntax, fully supports external triggering, and allows nodes to complete formatting and behavior validation.In an Authentication Rule System, an attacker cannot construct a special script program to implement such attacks as stack overflow, event callback dead loop, etc. When the authentication engine is attacked by a hacker, the verification efficiency of the verification stack can be delayed at most, but the user's assets can not be stolen, nor will it lead to the loss of user's assets, nor will the DAO events like ETH occur.
In addition, WDC is also enjoying its global community operation. It can be seen that what Wisdom Chain brings to the block chain is not only technological progress.
To sum up, the launch of Wisdom Chain 2.0 is bound to break the dominance of ETH. Of course, we have to wait and see how the Wisdom Chain will develop in the future.
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