Part 4：The development of public chain
Systematic risks of blockchain：
This issue has attracted particularly large amounts of attention, but is not yet widely acknowledged.
Many people criticize PoW mining as being not environmentally friendly and a waste of energy. This is similar to the problem of electric vehicle where the issue lies in energy structure, not PoW.
For example, the materials consumed when constructing a bank vault come from heavy industry manufacturing. Heavy industries similarly consume large amounts of energy.
Any public chain faces systemic risk - namely, the Byzantine fault tolerance threshold has the risk of being broken.
In fact, this is a common mistake made by beginners as it shows that they only sees the technical consensus, but fail to see the community consensus. In the real world, community consensus usually plays a stronger role than technical consensus. This systemic risk often comes down to community consensus which oversees all behaviors to some extent.
Identity issues:
There has been a hot topic in the past two days - "What kind of users do not like WeChat?"
At present, we are still at a stage where we merely inquire about addresses and transactions. In the future, blockchains will be accompanied by identities, and it will be an identity mechanism where users fully control their own assets. For example, Metaverse’s digital identity is sufficient to solve most internet identification problems.
Data privacy :
Data privacy can actually be attributed to the identity issue, but sometimes it is purely about data privacy, not identity. I predict that the issue will become a popular research direction.
In this case, there actually exists a zero-knowledge proof problem. There has two currencies (Zcash \ ZCoin) in the blockchain sector that provide excellent payment privacy cases, but I think the best application of zero-knowledge proofs is not payment, but digital identity.
Importing external data onto the chain :
Solving the issue of data privacy is a prerequisite for data to be imported onto the chain, followed by resolving identification and application issues.
This problem will naturally solve itself if these other issues are first addressed. It is an end in and of itself and will not be the main technical problem faced by blockchains.
Product form:
The core competitiveness of blockchain products will focus on new applications that is optimized through core wallets
Currently BaaS will be the most competitive form of providing blockchain products, and can be seamlessly linked to Internet applications.
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