ULedger and the Future of Blockchain Technology:
In our previous blog posts we have outlined the past and present of blockchain technologies, what niche they fill, and what their up and downsides are. In this post we will focus on the future of the blockchain ecosystem technology stack.
Blockchain tech will spawn several new technology stacks. All of which will have several core principles in common:
- They will all be content addressable. We expect IPLD (InterPlanetary Linked Data) to emerge as the standard in the industry.
- “Blockchains” will be seen as a data structure, not the networking part. A blockchain data structure will be seen as anything that is an MDAG (Merkelized Direct Acyclic Graph) with a functionally defined immutability such as PoW (Proof of Work).
- Protocol stacks will split into two types. Stateful protocols and stateless ones. The most current example of such a split is the Bitcoin network as a stateful global consistent arbiter, and the secondary layers (L2s, such as the Lightning Network, as the stateless transaction throughput layer. We can expect multiple stateful protocols to be able to interact with one another through multiple L2 networks. We have seen a similar evolution with TCP/IP and HTTP where stateless protocols are stacked on top of stateful ones, and vise versa.
- Public chains will be defined as blockchains whose miners/signers are non-deterministically defined/identified. Private chains will be classified as any Blockchains with deterministic miner/signer definability.
- Private chains will replace what so called Oracles do today (feed blockchain-external data to the blockchain) through L2s. Therefore we can say that Public and Private chains are both here to stay and will depend on one another.
- Micropayments via L2 networks will become part of the internet infrastructure just like HTTP is today. We expect operating systems and routers to come pre-installed with L2 software.
- Blockchains will start to be used for time series databases and logging infrastructure. As a result they will become key components for security.
- We will see the emergence of distributed programming language such as Lasp which use IPLD addressable, blockchain-style ordered state to address and modify state across multiple chains.
All in all we can say that we are only at the very beginning of the blockchain revolution. Current use-cases being tackled by blockchain companies are mostly existing use-cases adapted for the new technology. Think email for mail. Future use-cases will be such that cannot exist with the current technology stack and societal/structural context. E.g., who would have expected 10 years ago that the biggest “hotel chain” won’t own any real estate (AirBnB), or that the biggest “taxi” company won’t own a single car (Uber)?
ULedger will play a foundational role in this now evolving new world. Private chains will require ways how to turn their data structure immutable to be able to interact with other private and public chains in an independently verifiable manner. SImply versioning or merkelizing your data structure is not enough, other chains have to be sure they are interacting with the only version of the chain out there.