Can Web3 take into account both the large-scale market and the principle of Crypto?
I. The paradox of WEB3 and the world of Crypto?
I have always believed that the next generation of the Internet should be able to take into account both the large-scale Web2 market and the principle of decentralization.
For more than 10 years, the principle of crypto has been completely permission-free, neutral and decentralized. The concept of Web3, on the other hand, is still vague, meaning people are confused by the definition of the crypto industry. It also seems that there is an orientation within the market towards replacing the crypto industry with Web3. More new projects and underlying technologies are entering this market in the name of Web3 rather than crypto.
It is like the two ends of a bridge. Some people quietly sacrifice the spirit of crypto in the name of Web3 in order to gain a wider market. When technology cannot be restrained, many of them will forget their initial commitment to the ideals of crypto in governance. The other people, standing at the opposite end of the bridge, choose to stick to the spirit of crypto. Although they can still reach the other side, many of them give up halfway due to the difficulty in entering the current market.
Web3 has to be for the mass market; this is an important premise for a new era. However, after years of development of Layer 1 technology for most of its infrastructure, do we still have to compromise on the core principle of cryptocurrency, paying this huge price in exchange for the larger scale of Web3?
Although the Layer 1 market has been reignited by the Meta-series public blockchain, the overall situation is negative. Even though the upstart public blockchain has many technological innovations and is sought after by capital investors, it is actually reminiscent of Algorand, Nervos or Dfinity. Its problem-solving abilities are poor, but the bubble is huge. In terms of storytelling, it has increased the scale of the ecology. However, following the accumulation of capital, the quality of the ecology is also worth worrying about. In essence, due to the scale of Web3 against the backdrop of following the spirit of crypto, no qualitative breakthrough has yet been achieved.
What’s even more deadly is that most public blockchains essentially rely on the fact that they are nothing but semi-finished products, even including the original Ethereum, but most of them got lost halfway. There is no market without ecological applications. The market has become flooded with a large number of decentralized applications, much like the Stone Age, and it has fallen into a state of self-inflicted apathy. Compared with decentralization, it seems that other user needs are not as important, and Web2 applications have even been excluded based on that premise. It is extremely unfriendly to developers. For example, it is ridiculous that new programming languages have become a magnet for hype. Move does indeed provide an asset operating mode that is more in line with the asset features, and has a better security mechanism than Solidity, but it is still limited by its need to adapt to the Libra environment, and it is largely limited to the definition of digital assets. As a matter of fact, it is not really possible for programmers who are beginners in this language to write more secure business logic than an experienced programmer in Java or Go. Undoubtedly, it is this status quo that provides the centralized “Web3” project with an opportunity.
II. What problems does EMIT solve?
EMIT (Core) has chosen to be pragmatic, and has never ignored the leaders of Web2, right from its initial design. This is different from most public blockchains, but it still maintains the principle of crypto to the fullest extent.
What really prevents Layer1 from increasing the scale of Web3 lies primarily in the following four pain points:
1. The stubborn performance bottleneck:
In essence, this comes from the competition process where irrelevant transactions between nodes cannot avoid sorting, thus setting a ceiling on performance enhancement even when adding nodes.
2. Complexity and safety:
At present, sharding, almost the only technology that can completely solve the problem of performance scaling, still needs to rely on blockchain scheduling. Even based on state sharding, it still cannot break the deadlock that an application must be located within a shard. Therefore, the scheduling of shards is very difficult, and bring huge security risks.
3. Resource and performance killers:
Since the state of smart contracts between nodes must be completely consistent, the execution of the contract cannot fully utilize the computing performance of the machine, making it difficult to optimize and improve the overall execution efficiency of the contract. This is actually a setback for the Internet, which greatly limits the process of growing market scale.
4. Complex applications and contract shackles:
Limited by performance bottlenecks and transaction consensus mechanisms, what smart contracts are able to do is actually very limited. For example, business logic must be triggered by transactions sent by accounts. For complex, large-scale applications, it is much like returning from the age of steam power back to subsistence farming.
EMIT began to reflect on these problems four years ago, setting out to find the optimal solution from the lowest-level architecture, and finally succeeded.
In short, the EMIT Core protocol is a decentralized blockchain protocol, which is the standard and the rule for nodes in the EMIT Core decentralized network to maintain ledger data and interact with each other. These nodes operate independently in the network and exchange information, thus forming a scalable, efficient, and immutable decentralized infrastructure.
III. The EMIT Core protocol has the following features:
1. Cross-chain without dependencies
In the absence of native homogenized tokens, numerous consensuses can be reached, and cross-chain support is naturally supported. Only in this way can the various existing blockchain assets be better utilized, and can users focus on the ecology and eco-assets, instead of on the assets defined by the EMIT Core itself.
2. Supports flexible expansion
The sustainable development that supports all of EMIT requires scalability in terms of computing, storage, and bandwidth, in order to meet the growing business needs of the future.
3. Easy to develop complex decentralized applications
Under the traditional application framework made up of virtual machines, it is very difficult to build such a complex decentralized application. Therefore, EMIT Core needs to support and simplify the R&D work for complex decentralized applications.
4. Digital assets that naturally support complex forms
In addition to homogeneous assets, Web3 will carry out various production activities around non-homogeneous assets. These types of assets will be varied, and it is important to have very flexible support for complex types of assets in a native unified form.
5. User privacy protection
Everyone has the right to privacy, and it is a symbol of independence and freedom. EMIT Core ultimately supports private assets and transactions, as well as contract-level transactions.
IV. Summary of EMIT core technologies
EMIT is the first in the industry to break through these technical barriers by means of five original technologies.
1. E-Lattice ledger structure
EMIT Core uses an improved Block-lattice, that is to say, a lattice sharding ledger, which has the following characteristics:
- Each account is an independent blockchain.
- Blocks for each chain can only be generated by the account’s private key holder.
- Each account has a Merkle tree to record the current state of the account.
- When the incoming transaction corresponding to the outgoing transaction is recorded, the outgoing transaction will be marked as settled. At this time, the originating account can discard the settled block, and only saves the account status and other unsettled blocks.
- In addition to transactions, accounts can provide Key-Value storage.
- Assets are described by (Field, ID, Count), where ‘Field’ represents the application serial number, ‘ID’ represents the asset identification number, and ‘Count’ represents the quantity. Such a generic asset description can represent both homogeneous and non-homogeneous assets.
Different from packet sharding, this ledger is able to generalize cross-chain behavior. In order to achieve high throughput and low latency, the ledger decouples the transactions and splits them into two parts: initiation and reception, which are created by different accounts. Since the creation of blocks in different accounts does not affect the other, after introducing the settlement state of the block, this model can obtain larger flexibility for storage and throughput. Unlike the original Nano account model for Block-lattice users, EMIT Core natively supports a variety of assets and smart contract operating environments, enables Key-Value storage data through the account’s Merkle tree, and adds the option of privacy protection based on the compatibility of the UTXO account model.
2. Sharding support for extreme forms
Under the EMIT account structure, each account has an independent chain, and transfers between different accounts consist of cross-chain transfers. The lattice method separates the sending and receiving of transactions into two transactions, in order to simplify them. Accounts can be independently operated, thus providing a very high throughput. Although Nano and Vite adopt similar methods, Nano uses an algorithm of eventual consistency, which cannot support smart contracts and decentralized applications, and is prone to fork and rollback of the state. Although Vite introduced smart contracts and solved the problem of rollback, it also introduces a main blockchain called the snapshot chain, just like the packet scheme, which weakens the advantage of the sharding structure of the lattice, and the throughput ultimately depends on the performance of the snapshot chain.
3. Adopting the law of eventual consistency of contracts
The definition of the traditional smart contract application is based on a virtual machine that is Turing-complete, and the final state of the storage processed by this virtual machine is the final meaning represented by the smart contract. This means that a consistent state needs to be maintained within all nodes. No matter how the smart contract is operated, the final state of each node’s smart contract account needs to be consistent, something which is usually done by using the Root of the state-based Merkle Tree.
The decentralized application of the EMIT Core consists of a set of nodes in a P2P network, which only need to ensure that the overall input and output sequences are consistent. In EMIT Core’s implementation of decentralized applications, a decentralized application is a special account whose input and output are blocks on the same chain. Under this mechanism, decentralized applications can run computing logic in parallel, thus fully mobilizing the performance of the hardware to achieve better throughput.
4. E-Random consensus algorithm
The random-check consensus algorithm adopted by EMIT, that is supported by block-lattice accounts, can solve the performance problem of ledger synchronization by means of complete decentralization. However, unlike ordinary accounts that require private key signatures to generate blocks, the account signatures of decentralized applications are the aggregate signatures of the node group selected by VRF. These decentralized application nodes come in two types, namely production nodes and audit nodes. These nodes can be selected through VRF. The production nodes are responsible for generating blocks, while the audit nodes are responsible for verifying and signing the blocks. After filtering out the two types of nodes, the weights of each need to be calculated based on the PoS state, in order to further ensure the fairness and security of consensus in terms of the economic mechanism.
5. Flexible application access expansion method
Under the technical framework described above, EMIT provides a very friendly access method for traditional developers. First of all, each application is an independent account-chain. In addition to the EVM environment provided by EMIT itself, Web2 developers can use the familiar technical architecture and R&D process for application R&D. They can determine their security and delay needs depending on the specific nature of their business, and can also select and confirm transaction levels. In addition, they are able to develop applications that are far more complex and far larger than existing decentralized applications, bringing it infinitely closer to the user experience of Web2. Meanwhile, EMIT naturally provides multi-chain aggregation compatibility, so that assets are compatible with various mainstream blockchains, and commonly used components such as Oracle Machines are also easy to use as an independent application ledger. Finally, the transaction mechanism of EMIT determines how the application can decide the transaction cost and charging method by itself, avoiding the trouble of GAS for the entry threshold of large-scale users.
V. Layer0–1, EMIT will create a new WEB3 ecosystem
It can be said that EMIT Core is a perfect combination of the mission of Layer1 with the concept of the popular Layer0, providing a super-powerful public blockchain infrastructure for Web3 applications.
1. EMIT basic ecological application clusters
In addition to its natural friendliness to more Web2 developers, EMIT’s existing ecological cluster also includes a lot of Layer 2 application infrastructure for Web3 applications, thus further lowering the threshold for Web3 application development, and allowing these applications to become more in line with the interactive model of Web3, in terms of core user experience.
This infrastructure includes the Metaverse development engine, Web3 social plug-ins, DAO and community management tools that support SBT, powerful DeFi financial tools with a better user experience, and Web3’s tools for self-media creation and distribution.
It is worth mentioning that due to the technical features of EMIT, these ecosystems are very different from the current decentralized applications in the existing industry, in terms of interactive design, user experience and functional diversity, thus enabling decentralized applications to be transformed from the age of farming to the dawn of the industrial revolution. Most importantly, these ecosystems can still keep their existing spirit of crypto.
2. Part of the EMIT ecosystem
The EMIT team will focus on promoting the application of this revolutionary public blockchain technology among a wider group of Internet developers. Based on this infrastructure, and after breaking through the current technical limitations, Web3 will likely have a huge impact. It will become easier to develop Web3 applications that break the market pattern, and to expand the consensus of the EMIT public blockchain at the same time. EMIT will also invest a lot of money in various hackathons, which will be a historic opportunity for geeks who want to move into the Web3 field, because they will then have the opportunity to write its history. They will also face a bigger challenge, since their competitors are likely to be traditional technical snobs of Web2!
VI. Closing Thoughts
If Web3 eventually makes compromises to the market and is unable to escape the fate of becoming pseudo-centralized, we can foresee a new round of subversive narratives brought about by Web4.
EMIT will now ensure that the original purpose of the world of crypto will be the core of Web3. This is not an option, but we must still make a choice about it.
May the spirit of crypto always be with us!