As Huobi officially announced its ecological chain plan recently, mainstream exchanges such as Huobi, Binance, and OKEx will soon compete directly on the public chain track again, bringing more highlights and value to the industry.
Author | Yun Yin
01
Have different layouts
From platform coins to IEOs to contract products, the competition between exchanges has never stopped. As time goes by, the aforementioned product innovation dispute has become the norm, and another new battle kicked off at the end of this year, that is, the layout of the public chain track, which has even become a measure of the ecological integrity of an exchange. An important indicator of sex.
As the leading players in the blockchain industry, Huobi, Binance, and OKEx have successively laid out the public chain track since 2018. On the one hand, the public chain is the underlying infrastructure of the blockchain and has a large development space in the long run. On the other hand, the trading platform can use the public chain economy to activate the value of its own platform currency, while absorbing and supporting more innovative projects to help the diversified development of assets.
However, the process from the layout of the public chain to the construction of the public chain is relatively cumbersome. Even if they have asset-side advantages, the three major institutions still need to develop a more suitable route on the basis of building the underlying technology.
Take Binance Chain as an example. This chain is more focused on the fundraising, issuance and trading of encrypted assets. It is a relatively vertical public chain to a certain extent. The core is Binance’s best transaction; OKChain is positioned as a commercial chain. From the perspective of the five ecological directions it announced, the scope covers stable coins, DEX, DeFi, smart contracts, and cross-chain multiple subdivisions, mainly business, profit, etc., which can be regarded as a typical financial public chain.
Looking at the specific technical details, OKChain , like Binance Chain, is based on Cosmos development and does not accept smart contracts for the time being. OKChain uses the POS+BFT consensus algorithm, and Binance Chain uses the Tendermint BFT consensus algorithm.
In terms of timing, the Binance public chain is the first mover in the exchange and went live in April 19th. In order to promote its public chain ecology, Binance once also announced that projects that performed well on Binance DEX could be directly listed on the Binance main station for transactions to encourage projects from external public chain ecology such as Ethereum to migrate to Binance Chain, but it has since developed. The situation is not satisfactory.
In February of this year, OKEx announced the launch of its public chain testnet, attracting a large number of users' attention with the bright spots of the OKT airdrop of OKB users. However, the mainnet has not yet been officially launched, and the effect remains to be seen. In September of this year, Binance announced the official launch of its second public chain, the Binance Smart Chain. It tried to compete with more developers and users by compatible with the Ethereum EVM. The effect was obvious compared to the original Binance Chain. more.
From the perspective of the launch time, Huobi’s public chain can be said to be the most difficult and long road among mainstream exchanges, but this is actually related to the positioning of Huobi’s public chain. In the past few years, Huobi has been exploring how to build its own public chain system, with the intention to build an on-chain compliance environment and regulatory framework, and is committed to providing high-performance services for various financial assets on the chain, while also supporting user KYC. Build a global financial infrastructure based on blockchain.
In order to realize this vision, Huobi has reached a cooperation with the well-known public chain Nervos to develop in-depth customization based on open source components such as Muta, CKB-VM, Overlord, nervos-p2p, etc., in the virtual machine, smart contract compiler, consensus protocol, message signature , Cross-chain protocols, asset management systems and other fields have been independently developed, and support smart contract functions, its workload and technical difficulty are significantly higher than other exchange public chains.
From the public account NervosCommunity
However, due to the high requirements of financial assets for compliance and the cautious attitude of the regulators, the Huobi public chain seems to be a little slower in mainstream exchanges. Du Jun also frankly admitted in the AMA event some time ago To this point.
However, for companies, it is not important that the plan cannot keep up with changes. The most important thing is whether they can adapt to changes in the competitive environment. When Huobi discovered that its original public chain plan may take longer to land, and the development status of the DeFi industry urgently needs to launch a public chain and improve its own ecological layout, Huobi decided to launch in addition to the original public chain plan. Established a Huobi ecological chain (Heco) to make up for its most important shortcoming in the DeFi ecological layout.
02
Huobi's public chain road
According to Huobi's statement, Heco is a decentralized, high-efficiency and energy-saving public chain, and the first product launched on the Huobi open platform. It has the characteristics of high throughput, low latency, security and stability. The specific features of the public chain also include compatibility with the Ethereum EVM, reducing development and maintenance costs; adopting the HPOS consensus mechanism, which can realize block generation in 3 seconds; and having a meta-transaction function, which further reduces the cost of developers and users on the chain.
At the same time, Heco is divided into four development stages: Tinder, Spark, Flame, and Liaoyuan. The test environment has been launched on December 10, and the test is launched for developers. It is planned to start the open beta phase of "Tinder" on December 21 without deleting files. , Heco's node open recruitment will also be launched later.
It can be seen that unlike Huobi public chain which is mainly oriented to traditional financial scenarios, Heco is mainly oriented to developers of native applications on the chain, making the construction of decentralized applications more efficient and cost-effective, and promotes, traffic, resources, etc. All-round empowerment. It is understood that Heco's vision is also to "help developers grow at every stage" and become a testing ground for innovative technologies.
As one of the exchanges with the highest transaction volume and the largest number of users in the world, Huobi has also become the focus of attention of a large number of blockchain projects and their developers. These developers are developing decentralized applications on public chains such as Ethereum. It often encounters problems such as high gas fees and limited number of users, and its technical strength and potential cannot be fully utilized. Huobi’s goal of launching the ecological chain may be this. It will connect its huge traffic resources and promotion strategies to these developers. By.
With the support of these resources, more and more application innovations will inevitably be revealed and the development of the industry will be launched. "Relying on the world's largest trading ecosystem, Heco is committed to becoming the birthplace of innovative technology and innovative gameplay, and building a complete ecological closed loop of technology development, application promotion, and trading." Huobi said.
For Huobi users, these actions of Heco are also quite positive, which can lower the threshold and cost for its users to use blockchain applications, and at the same time have more opportunities to participate in the early development of high-quality applications, and consolidate Huobi and its users. Trust relationship.
However, under these positive meanings, difficulties still exist. The core problem is how to encourage more sustainable and innovative projects to be born, instead of just copying some original models to the ecological chain, maintaining the healthy development of the ecology and forming a relative The core competitiveness of other public chains.
So far, the three major HBO institutes have officially launched their public chain plans, and each has promoted its solutions with considerable momentum. This also means that the three major institutes will soon be on the public chain circuit after the trading circuit. Usher in a face-to-face direct PK, and the result of this PK will have a high probability of helping the winner obtain more favorable chips in the long-term exchange competition, and even change the competitive situation.
The public chain, as an industry infrastructure and a battleground for military strategists, will inevitably stage more and more competitions in the future, and the participation of mainstream exchanges has made this war more interesting and possible.
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