1. In the past two days, many people have been wondering why Judy's newly released DFS project seems to still be based on the EOS architecture. Is this different from the previous DFS? At first, I also had this doubt. In the past two days, I thought about it carefully and began to understand Judy's approach. I couldn't help but share it with you, hoping to seek common ground while reserving differences and have friendly discussions.
2. First of all, we need to know a fact that in the current world, there is no real side chain or L2 that is completely based on the BTC chain. At present, on the BTC chain, the function of issuing coins can be realized through protocols such as BRC20, but further smart protocols such as mining/trading/lending functions cannot be realized. Then, can these inscription coins such as SATS/ORDI only lie in the address and sleep? Is there any transition plan that can allow these inscription coins to perform DEFI functions such as mining/trading/lending? In fact, there are, such as mapping cross-chain, mapping the inscription coins 1:1 to the Ethereum chain, and then DEFI on the Ethereum chain. At present, the MUBI cross-chain bridge can do this, and ORDI can cross the Ethereum chain for trading, but few people use it. Why? GAS is too expensive. DEFI on the Ethereum chain has always been the patent of large households. Small households generally go to BNB/POLYGON/ARB and other EVM chains or ETH2 layers to play, and the GAS fee is relatively cheap.
3. Therefore, the so-called Bitcoin sidechain or L2 is actually a transitional solution. It is to transfer the inscription currency from the Bitcoin chain to other chains, and then realize complex functions such as mining/transactions. The difference lies in which chain to transfer to. Other solutions are to directly transfer to an existing chain. For example, MUBI's solution is to transfer to the Ethereum chain, which is simple and convenient. However, the project party will not care much about helping you transfer the currency. Your ORDI can only be traded or sleep in the address on the Ethereum chain.
4. Judy naturally cannot surpass this era, so although his goal is to build a Bitcoin sidechain, he can only start with a transition plan. In short, he wants to start with a cross-chain, but he is not satisfied with simply choosing an existing public chain to cross the inscription. He is a powerful technical geek who has been immersed in various public chain technologies on the market for a long time and has studied the advantages and disadvantages of the endless public chains very thoroughly. He may have always planted a seed of a public chain in his heart. Now, the opportunity has come. The Bitcoin ecosystem has begun to rise. Now is the L2 transition stage. He wants to integrate his lifelong learning and build a new public chain with all his strengths. This public chain is different from the existing public chains such as ETH/EOS. Instead, it integrates his research experience on various public chains over the years, and learns from each other's strengths and weaknesses in technology. This public chain has integrated Judy's own years of experience and thinking in terms of account system, ease of use, operation efficiency, operation cost, and security. At first glance, many people think that the new chain run by the new DFS is very similar to the original EOS chain. That is because Judy currently uses a lot of EOS technology on this new public chain. Why use EOS technology? Naturally, it is because Judy believes that EOS technology has many advantages.
5. Objectively speaking, EOS’s technology is indeed very impressive. It far outperforms almost all public chains on the market in terms of operation confirmation speed and GAS fees. That’s why when EOS was first launched, it was immediately sought after by the world, and it easily raised $4 billion, becoming the most dazzling star in those years. Unfortunately, although EOS’s technology is great, it is not trusted by the right people. EOS founder B1 and the EOS Foundation have been engaged in constant internal strife and have not made any effort to make progress, but have only pursued pleasure. No one has cared about the management of the currency price and the promotion of ecological construction, and a super project with god-level technology has been brought to its death, which has caused great regrets in the entire currency circle to this day.
6. In the cryptocurrency world, technology only accounts for a small part of the factors that determine the success or failure of a project. The greater part depends on the proper operation of the project. EOS technology scored 90 points, operation -50 points, and the total score was 40. Ethereum technology scored 70 points, operation 90 points, and the total score was 160. How can it be compared? It would be strange if EOS did not lose.
7. Although EOS lost, its technology is still open source and still the best in the cryptocurrency circle in many aspects. It is still being borrowed by other public chains and benefiting various subsequent projects. Many people subconsciously look down on EOS technology because of the failure of EOS currency price, but little do they know that many public chains and projects that are now familiar to everyone have more or less borrowed and integrated EOS technology behind them. For example, the TRON chain, which currently has a market value of 10 billion US dollars and ranks 13th in the cryptocurrency circle, has borrowed from EOS's design of staking energy and bandwidth to use resources for the convenience of professional users and project parties. At present, most of the USDT transfers in the cryptocurrency circle are done through the TRON chain. To be precise, these tens of billions of dollars of transfers every day have the shadow of EOS technology behind them. Knowing this, do you still look down on EOS?
8. Now, Judy is also going to build a new public chain as a transitional side chain of BTC. How can it be quickly launched and used under the existing technical conditions? And how can it also continue to evolve, keep track of the latest technological developments in the Bitcoin ecosystem, and be ready to connect the two chains to become a real BTC side chain at any time?
9. Judy looked around at the dozens of public chain technologies. Several years have passed, and EOS is still the strongest in the cryptocurrency circle in many aspects, so let's learn from it. So users can also experience the lightning operation experience with second-level confirmation on the new chain released by Judy. Don't users like this silky smooth experience? Do they have to wait at least several seconds for each operation like the Ethereum chain EVM chain?
10. For example, Judy chose to abandon the RAM memory system of the EOS chain, which is criticized by everyone for being difficult to understand and operate. Instead, it borrowed the common practices of other public chains such as ETH. As long as users put a little main chain coin DFS in their accounts as GAS, they can operate it at will without worrying about anything else.
11. For example, in terms of the new chain's account system, Judy also abandoned the EOS chain registration mechanism that was previously complained by users, and chose to adopt the AA account system that has become popular in the past two years, using the cloud to save user accounts and PASSKEY (the current Binance web3 wallet also uses this method). However, due to the differences in domestic and foreign technical environments and user usage habits, the current cloud account system is not convenient for domestic users to use. Judy also realized that he had misjudged the problem, and it was easy to solve the problem. If there was a mistake, it would be corrected, and if the user had reasonable needs, it would be met. Therefore, on the second day after the new chain mining was launched, he quickly tweeted a response, and would add functions such as private key export in the future to suit user usage habits.
12. In summary, this new chain is a public chain created by Judy, a senior technology geek, standing on the shoulders of many giants, drawing on many existing mature technologies of public chains, and integrating his own years of technical thinking and innovation. He has not yet given this chain a formal name, so I will call it Judy Chain.
13. Judy Chain has just been launched, and there are still many obvious shadows of other chain technologies, but at least, its first version of the product has been made and is online. It is much better than the countless projects in the cryptocurrency circle that have only PPTs and dare to issue coins with a valuation of hundreds of millions without a product launch in sight. At least this makes us feel that Judy is a down-to-earth person who has technology, ideas, and high efficiency. Moreover, this public chain will iterate rapidly and evolve continuously, and has endless possibilities in the future.
14. Some people who like to find faults may stand up and say that this is just a patchwork. Indeed, the shadows of many public chains such as EOS/ETH/POLYGON/SOL/NEAR can be seen on Judy Chain, but this kind of technical reference and integration is normal in the currency circle. No one is stupid enough to reinvent the wheel. According to the logic of these people, the elliptic encryption algorithm used by BTC was not invented by Satoshi Nakamoto, and the method of packaging data into blocks and connecting them into chains used by ETH was not invented by Vitalik. So are BTC and ETH also patchwork? Everyone should be more tolerant, more patient, and pay more attention to the innovation of the project.
15. Thinking further, the future of the cryptocurrency world may be a world where all chains are unified. All chains may be truly connected to the BTC chain in some way in the future, sharing the security and traffic of the BTC chain, so that they can truly become the side chain or L2 of BTC. Then, in principle, the technology of all current chains can be used for the Bitcoin ecosystem. Judy Chain is making such an attempt, but this is just the beginning. Let’s wait and see how far it can go in the end.
16. Moreover, in the current cryptocurrency circle, Judy Chain is the only place that can realize cross-chain transactions of popular inscription coins such as SATS and LP mining and interest-earning. For this reason, Judy Chain is already one step ahead of other chains on the road to becoming a true BTC side chain.
17. Although many people are temporarily blocked from the Judy Chain due to the cloud account registration problem, or feel that the Judy Chain's Great Harvest project has many similarities with the EOS chain's Great Harvest project, and thus are skeptical and pessimistic about the future of the Judy Chain, these views are understandable. After all, it is always right to be steady in the currency circle, and differences can lead to transactions.
18. Let's review the history. Judy led the Great Harvest project to defend the EOS chain alone, and supported the TVL and activity of the entire EOS chain by herself. At its peak, it had thousands of miners and hundreds of millions of dollars in TVL. How glorious it was, and how tragic the final ending was. If B1 had half the effort of Judy, EOS would not have fallen to this point. If the two parties could have exchanged their identities, perhaps today's currency circle would be more interesting.
19. So was the original Great Harvest a failed project or a successful project? Think about the Stepn running shoe project and Raca's Yuanshou project. According to the rule of success and failure, these may be considered failed projects, but do these projects have no value? Are these project parties necessarily incompetent and untrustworthy? If the Stepn running shoe project team starts a business again now, will you sneer at their new project? Compared with the other 99% of entrepreneurs and projects that were born and died in obscurity in the currency circle, these projects that were once glorious are rare and precious even if they did not persist to the end. I believe that Judy, as a serial entrepreneur, has created miracles on the EOS chain. Now, on the Judy chain that integrates multiple chain technologies, combined with the technical precipitation and experience accumulation in recent years, he has more tools and funds available, higher technical freedom, richer and more mature ideas, and stronger control over the entire chain. With the help of the rise of the Bitcoin ecosystem, this new Judy chain should also have more possibilities.
20. The new Great Harvest project is the first project of Judy Chain, but it will never be the only project. This should be just to facilitate the launch of the public chain. It is the first growth flywheel that Judy has put down. After all, although the Great Harvest project on EOS failed, it is still well-known. Many users and miners are still there. It is natural to attract seed users to start a new public chain by borrowing the name of the old project. Otherwise, if you suddenly launch a new public chain without publicity, money or subsidies, who will pay attention to you? Who will play? Thinking of this, we may have a better understanding of Judy's approach. After all, starting a business is difficult, and it is not something that can be done by just moving your fingers and placing two orders in the exchange.
21.DFS is the main chain token of Judy Chain, with a total of 10 million pieces, the current circulation is about 3.5 million pieces, and 6.5 million pieces to be released through mining, with a release cycle of about 16 years. The current price is 4 yuan/piece, with a total circulation market value of 40 million US dollars and a current circulation market value of 14 million US dollars. Is it high? Think about those MEME coins that have a market value of tens of millions of dollars after a few days of release, think about those PPT projects that have a market value of hundreds of millions of dollars by just airdropping a website, and think of the various project tokens with a market value of hundreds of millions or even billions of dollars in the exchange that have only been heard of but no one has ever seen or used their products. Now this Judy Chain is visible and tangible, and can be used right away. The project founder has reputation, experience, ability and ambition, and there are a large number of original startup users who follow closely. The overall market value of the entire chain is only more than 10 million US dollars, and now it is not a bear market but the beginning of a bull market. If you still think this valuation is expensive, then I won’t say anything.
22. Finally, to summarize, Judy has released a new public chain, which I will call Judy Chain for the time being. It is a new chain that integrates multiple chain technologies such as EOS/ETH. Its current positioning is a BTC side chain in the transition period. It has initially realized the cross-chain/mining and interest-earning functions of Inscription Coin on BTC. The goal is to truly connect with the BTC chain in the future, share the security and traffic of the BTC chain, and become a truly important BTC side chain. Moreover, on the road to the unification of all chains leading to the BTC side chain, Judy Chain temporarily maintains its lead.
23. The Bitcoin ecosystem is in its infancy, and the curtain of a new era is slowly opening. Everyone knows that the Bitcoin ecosystem is the theme of this round, but there are very few truly usable projects at present. Judy Chain is one of the few projects in this field that has preliminary usable products. It has a large track and a small valuation. Whether you are optimistic about it or not, I think you can at least make a nest on this project and observe it. The odds should still be good.
24. Judy and I do not know each other, and we have never had any intersection or communication in history. The above content is only my personal speculation as an ordinary old user of Dafengshou based on the current observations. Please forgive me if it deviates from the facts.
