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What is the Value of Blockchain?
Let’s first take a look at the history of blockchain, and summarize the value of blockchains and their applications from different dimensions.
First of all, blockchain provides a decentralized trust. The trust is achieved through a globally consistent ledger. Blockchain is a database technology which provides consistent digital records between untrusted and unfamiliar nodes over the Internet. Such a database has many advantages over traditional distributed database. Since the content cannot be tampered, it can be used to create anti-forging or history-tracing applications.
If we keep a record of the changes made to any information in this database, the changes themselves are not permutable. Therefore, we can use this database to record a number and make addition/subtraction operations to it. This produces a token on the blockchain. This is the origin of Bitcoin and many other cryptocurrencies. It also results in the appearance of many applications created to handle cryptocurrency payments, circulation, and transactions, etc.
Extending the simple addition/subtraction functions on this basis, we can create a Turing-complete operation, which becomes the blockchain smart contract. A smart contract is essentially a piece of program code, the executions of the code, and the states of the execution results recorded on the blockchain. Credible smart contract-based applications can be developed thanks to the powerful Turing-complete code. ICOs use smart contracts to create logic tokens. This makes the issuance of tokens much simpler, allowing the ICO applications to become a reality.
Blockchain-based smart contracts can be used to deal with the chain’s raw data and logic easily. However, it is still a challenge to use it to interact with real-world data. This touches on the concept of cross-chaining and secured information exchange between blockchains, or between blockchain and other networks (including the real-world, IPFS, IoT, etc.) Attempts made to solve some of these problems includes the Lightning Network’s successful blockchain atomic swap and a decentralized Oracle called Angur, etc. MOAC, on the other hand, provides a complete set of solutions for these problems. MOAC is a multi-chain system that supports information exchange between its own microchains and many off-chain networks. A single microchain can be used to represent a credible blockchain entity, and along with its users and logic, it can collaborate with other blockchain entities, such as Microchain as a Service. With cross-chain capabilities, it also interacts with real-world data and achieves large-scale decentralized collaboration (LSDC). This is a very important next stage for blockchain development. Moodata, a MOAC application, is a first attempt to achieve LSDC.
- Two Approaches to Combine Blockchains and Applications.
There are two approaches to develop blockchain applications. One way is to use blockchain technology to transform existing application models, which can take the form of “chainization” or “blockchain+.” This uses blockchain technology to transform the logic of existing applications, particularly after incorporating token incentive mechanisms into the existing system. Another approach is to look for new applications through taking advantage of blockchain features. This model is called “token-based chainization.” Token-based chainization begins with blockchain’s characteristics. Applications created through this method are very innovative, and corresponding applications don’t exist on the traditional Internet. These applications are hard to develop, but revolutionary once implemented.
Large-Scale Decentralized Collaboration (LSDC) features large-scale collaborative relationships that require large numbers of participants — including individuals, groups, enterprises, AI algorithms and even IoT devices. There needs to be trust between these strangers, particularly in the case of some hardware devices and digital entities. These devices and digital entities can only be implemented through the mutual trust provided by blockchain. The use of rules of fair cooperation provided by smart contracts makes the distribution of benefits and incentives completely fair and open, making large-scale collaborative relationships between unfamiliar entities possible.
Compared to traditional applications, blockchain-based LSDC applications can solve trust and cooperation issues between a large number of individuals while reducing the difficulties in individual participation. Blockchain’s unique tokens can then be used to motivate and promote collaboration between individuals in the system, and distribute benefits. This process is the opposite of the traditional top-down corporate resource model. With competition and cooperation between each individual, it allows the entire system to run in an orderly manner without any centralized control.
Therefore, this kind of collaborative relationship is incompatible with existing corporate organizations. This also happens to be a huge opportunity that blockchain provides. New applications will have the opportunity to create a new ocean in the shadow of traditional Internet giants while complying with current mobile Internet privacy, security and revenue requirements.
- Large-Scale Decentralized Application Requirements for Public Chains
A public chain capable of supporting a variety of LSDC applications must be a multi-chain system. Such a public chain must be able to meet the blockchain requirements for diversity, performance, cost and security. Therefore, this multi-chain system must provide a high TPS, large storage capacity, cheap state storage, cross-chain, diversified services, quick and easy chain deployment and other functionalities.
MOAC is a blockchain platform that meets all these requirements and has already provided solutions for most of these technical difficulties. Specifically, the platform has resolved security, decentralization and scalability through its innovative motherchain + microchain architecture. The MOAC system’s motherchain provides ~900 TPS, and microchains provides over 5,000 TPS. In addition, microchains provide a no-fee contract calling feature that enables MOAC-based applications to target a large number of users with no knowledge of cryptocurrency rather than those from the existing small cryptocurrency community. This feature also supports a public non-token blockchain solution. One click, one chain (OC)2 allows blockchain projects to develop blockchain applications at a lowest cost possible, making the transition of existing projects to blockchain projects easier, and at the same time, reducing risk.
In addition, MOAC also provides the IPFS-based decentralized storage microchain service called FileStorm. It not only gives blockchain applications a low-cost solution to store files on a microchain, but also achieves decentralized file storage for a large number of files.