Ecosystem construction is an unavoidable topic for public chains. As the infrastructure of Web3, public chains are the underlying framework of ecological applications. Just like mobile apps rely on iOS or Android systems, the underlying construction will directly determine the experience of the application layer.
In the early stages of application development, due to the small number of ecological users, the small amount of on-chain interactions, and the fact that most users are insiders, they are familiar with on-chain operations and have a high degree of acceptance. Therefore, Ethereum, as the birthplace of the early outbreak of on-chain applications, attracted a large number of users and applications. However, as more and more users join the Web3 industry, the market’s requirements for the interactive experience of applications are constantly increasing, and the requirements of applications for public chains are also increasing. Faster confirmation speeds, lower network fees, and more secure smart contracts are all urging the advancement of public chain technology.
However, Ethereum is limited by scalability, expensive transaction fees, and severely limited network performance, which has led to a continuous outflow of its ecological layer, and even some applications have directly abandoned the Ethereum ecosystem.
The industry is constantly developing, a new market is slowly opening up, and the speed of public chain upgrades and iterations should also continue to accelerate. As an emerging public chain facing the Web3 application market, Starcoin is constantly innovating and iterating technology from a future perspective, and has made progress in four key aspects.
1. Security: Avoiding contract security vulnerabilities
Starcoin is written in the Move language. Move performs better than other programming languages in terms of asset security, largely because it has made targeted improvements based on the shoulders of its predecessors.
Move provides comprehensive security protection for smart contracts from the aspects of language design, virtual machine, contract calling method and specific contract execution. Move specifically defines a new resource type for digital assets to distinguish them from other data, and combines the strong data abstraction characteristics of Module to ensure that assets will not be generated out of thin air, arbitrarily copied or implicitly discarded, greatly improving security; at the same time, the Move language is designed to only support static calls, and all contract execution paths can be determined at compile time, and fully analyzed and verified, so as to reveal some security vulnerabilities in advance and reduce the probability of system downtime during operation.
2. High performance: over 130,000 TPS
Starcoin has reshaped the network architecture and technical protocols by upgrading parallelization and FlexiDAG technologies, making the Starcoin 2.0 network not only highly decentralized and secure, but also greatly improved in scalability. The overall network speed has increased by 100 times, and the network TPS has exceeded 130,000 in the trial operation environment, which can easily cope with the high-frequency and complex Web3 ecological application needs.
FlexiDAG combines the directed acyclic graph (DAG) structure with enhanced PoW consensus to achieve an effective increase of 17 times in transaction throughput while ensuring network security.
The network introduces parallel block generation, allowing multiple blocks to be created and added to the network at the same time, which greatly shortens the time required for block production. Compared with 1.0, the overall efficiency has increased by 10 times, and Starcoin2.0 has truly achieved second confirmation.
3. Low handling fee: less than $0.001
Network Gas is one of the most concerned points for users using Web3 applications. Ethereum is limited by scalability, resulting in abnormally high network fees. Under smooth conditions, the fee for sending ETH is $1.1, and the fee for application interaction is $5.48, which will be higher under congestion. In 2021, during the DeFi Summer period, when the user and network interactions were very large, a transaction on DEX often required more than $100 in fees.
Starcoin adjusts the network gas mechanism, as well as the block speed and capacity upgrades. Under normal circumstances, it only takes less than $0.001 in fees to conduct a transaction, which is almost imperceptible to users. In this respect, Starcoin is very suitable for applications such as financial transactions, social networking, and games that require high-frequency interactions.
4. Decentralization: On-chain governance is handed over to the community
At the consensus level, Starcoin combines DAG and proof-of-work mechanisms, and innovatively launches an enhanced PoW consensus mechanism to supervise transactions on its network and ensure data integrity.
From a technical perspective, Starcoin’s enhanced PoW consensus provides some improvements over the traditional Nakamoto consensus:
- More accurate and faster response to changes in network computing power.
- A more stable block production time is achieved by adjusting the difficulty level to prevent sharp fluctuations when the block production time changes occasionally.
- Shorter block production time.
PoW proof of work has unique advantages in decentralization compared to the popular PoS and DPos mechanisms in the current market. It can ensure that all miners participate in network planning and data storage, and is not restricted by country or address. Users anywhere in the world can participate in block verification.
At the same time, Starcoin’s decentralized governance mechanism ensures that the development direction of the ecology is jointly determined by the community through the DAO model. On-chain coin holders can initiate proposals and vote to determine the development of the project. This not only enhances the decentralized nature of the network, but also encourages developers and users to actively participate in ecological construction, providing a strong guarantee for the sustainable development of ecological applications.
Summary
The blockchain industry is entering a stage of accelerated development, with a large number of applications and a large number of users participating. This not only puts higher requirements on application innovation, but also on the underlying public chain. The advantage of Web3 applications over traditional applications lies in the openness and decentralization of on-chain data. At the same time, user experience is also very important. Sacrificing the value brought by user experience cannot really attract more users. Therefore, the road to Web3 is long and arduous. As an emerging platform, Starcoin is making this road wider and wider through technological innovation.
About Starcoin
Starcoin provides the utmost security from the origin via its enhanced PoW consensus and Secure smart contract, using the language of Move. Through layered and flexible interoperability, it optimizes the building of ecosystems such as DeFi, NFTs, Gaming, etc., with higher efficiency and convenience. This process redefines value by empowering every participant in the ecosystem to enjoy the multiplication of values.
Follow Starcoin on social media to stay up to date with all the latest developments.
Website | StarStack | Twitter | Medium | Telegram | Linktr.ee
