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The development history of the blockchain base chain: the technological evolution from Bitcoin to EOS
The Infrastructure and Development of Blockchain Technology
The core of blockchain technology is the underlying chain, which is an independent distributed network platform. The underlying chain processes data storage, verification, transmission, and interaction through its own node system, possessing characteristics such as immutability, public transparency, decentralization, anonymity, and autonomy.
In the classification of blockchain projects, they are usually divided into two main categories: "coin" and "token". Understanding whether a project is a coin or a token can help determine if it belongs to the base chain projects.
A coin refers to the native digital currency within the underlying blockchain. For projects that establish their own independent blockchains, the digital assets they issue are considered coins and possess properties similar to "fiat currency".
A token refers to the digital certificates issued by applications (such as decentralized applications, smart contracts, etc.) developed on an existing underlying blockchain. These applications are typically built on top of an existing underlying blockchain, and the digital assets they issue with certificate properties are called tokens.
Ethereum, as the largest Blockchain financing platform currently, many projects initially conduct private placements through white papers, and the issued project tokens serve only as temporary certificates. Once the project officially goes on-chain, the conversion process between tokens and coins will begin. Theoretically, the project party should reclaim all tokens and cease their use.
The development of the basic blockchain has roughly gone through three stages:
The 1.0 era represented by Bitcoin: The Bitcoin network officially started operating in 2009, and after years of successful operation, traditional financial institutions began to pay attention to the Blockchain technology that supports Bitcoin.
The era of 2.0 represented by Ethereum: Around 2014, various industries recognized the broad application value of Blockchain technology. During this period, many multifunctional foundational chains emerged, supporting various business scenarios through smart contracts.
The 3.0 era represented by EOS and others: Since 2017, the demand for a new generation of foundational chains has become clearer. The foundational chains of the 3.0 era mainly refer to blockchain projects that can quickly run various decentralized applications.
The research on the underlying blockchain is of great significance to investment.
The application chain originates from the basic chain, and the relationship between the two is similar to that of branches and the trunk.
The development and maintenance costs of the base chain are much higher than those of the application chain. The cost of malicious activities on the base chain is also higher, while the application chain focuses more on community operation and has relatively lower technical requirements.
Currently, a large number of tokens with no substantial value in the market mainly come from application chains. The threshold for issuing ERC20 tokens on Ethereum is low, and more than 1,000 tokens have been issued based on Ethereum. Therefore, it is important to be cautious and distinguish high-quality projects when investing.