Overview
There are lots of different types of blockchain network suited for different use cases. For example, there are public blockchains, private blockchains, and federated blockchains. Every single one of them differs from one another.
However, if you don’t understand how each of these types affects our business models, then it will be extremely hard to implement a blockchain-based solution.
In this article, we will explore the Thinkium industry public blockchain ecosystem. Also, to help you understand the concept better, we will start with the definition, characteristics of Thinkium Industry public chain, advantages of Thinkium industry public chain and how to build industry public chain on Thinkium.
What is Industry Public Chain
A public industry chain is a blockchain that does not have restrictions. Anyone with an internet connection can get access to the network and start validating blocks and sending transactions. Typically, such networks tend to offer some kind of incentive for users who validates the blocks.
Anyhow, this network tends to use Proof of Work or Proof of Stake consensus algorithms for validating the transactions.
Characteristics of Thinkium Industry Public Chain
There are certain characteristics of Thinkium as an industry public chain.
- Firstly, the unification of the bottom layer can reduce the construction and maintenance costs of the public chain. As the underlying infrastructure, the Thinkium public chain provides a unified bottom layer capability that allows each public chain to run on it; in a layered mode, the Thinkium public chain is constantly upgrading and iterating, enabling all public chains on it, reducing the construction and maintenance costs of the public chain.
- Second, independence and freedom develop the industry’s public chain ecology although each industry’s public chain is built on a unified underlying infrastructure, it does not mean eat a big pot of rice. Thinkium allows each chain to develop
independently and freely, including freely building chains, increasing and reducing
the number of nodes, allowing each chain to expand freely shrink. - Third, decentralized development and ecological growth. In the long run, the public chain should eventually evolve to be free of any centralized organization, develop decentralized ecological nodes in their respective chains, and realize it with the internal incentive system of the public chain. The spontaneous growth of the respective chains and the ecology of the underlying Thinkium public chain will also grow together. Moreover, as long as the minimum requirements are met, the public chain on Thinkium can exist and not perish.
- Fourth, infinite extension, opening up the growth ceiling.
With the increase in the complexity of applications on each public chain and the
increase of users, it is bound to raise higher requirements for the performance of the chain and storage and other service capabilities. Each industry public chain can linearly expand service capabilities by expanding nodes to meet the development
requirements of the industry public chain. - Fifth, cross-chain interoperability, providing a unified, efficient, and iteratively
customizable cross-chain interoperability solution.
The public chain is inherently asking for cross-chain interoperability, that is, it can
form a richer application ecosystem by accessing data on different chains. Thinkium
uses the basic services of the underlying public chain and a unified, efficient, and iteratively customized cross-chain solution to allow users, data, assets, and other inter-chain inter communications among the public chains on it to fully enjoy the services of each public chain and form each public chain. The network effect between chains lays a solid foundation for a more in-depth society based on blockchain ecological governance. - Sixth, security guarantees, exerting the network effect of security. Building a blockchain network by oneself needs to bear the underlying security risks
of the chain alone. The security of all the chains built on the Thinkium’s underlying public chain can develop together and promote each other. That is, when more nodes join the network, the security can be improved synchronously; for smaller or newly built public chains, you can also have the security of large public chains; with the growth of public chains in various industries, the public chain ecology will also grow simultaneously, and security will continue to improve.
What Are The Advantages?
Building an industry public chain on Thinkium’s underlying infrastructure has three advantages:
- Low-cost construction and focus on your industry. Compared to building the
infrastructure completely by itself, customers need to bear high security risks, while using Thinkium’s existing infrastructure to quickly build their public chains, they can focus more on the ecological development, application construction, and community of their public chains construction and other specific areas without having to invest huge energy and financial resources to repeatedly build the underlying infrastructure of the blockchain. - Cross-chain interoperability and network effects. Based on the public chain built on Thinkium’s infrastructure, there is no need to worry about cross-chain interoperability issues from the beginning. In addition, with the addition and growth of more public chains, continuous precipitation trust data, a strong network effect can be formed between chains, thereby enhancing the competitiveness of all public chains.
- The infinite scalability. Thinkium fundamentally solves the problem of infinite scalability based on ensuring consistency and security, opening the ceiling for the ecological development of each public chain on it, and truly allowing the birth of
Internet-level blockchain applications.
How to Build on Thinkium public Industry chain
Compared to the traditional method of building a public chain from scratch, building an industry public chain based on Thinkium’s underlying infrastructure includes the following six aspects:
- Startup the industry public chains.
Anyone can easily use Thinkium’s underlying infrastructure at a much lower cost and time investment than traditional public chain construction methods, by simply setup and development deployment, a complete function and secure industry public chain can be startup. The initiator of the public chain does not need to worry about the huge R & D costs, and does not need to invest a lot of energy in the technical details of the underlying public chain, and avoid the potential security risks faced after the launch.
They can focus on the design and development of the upper-level industry rules of the public chain and the ecological construction of the public chain, thereby reducing the barrier to entry for the industry’s public chain. - The industry’s public chain ecological construction.
In the early stage of the industry’s public chain ecological construction, Thinkium’s
underlying ecosystem allowed industry public chain initiators to use prepaid accountsto directly pay public chain node operating fees on the chain to complete the construction of ecological nodes. After undergoing initial verification and community
construction, it can gradually be transformed into a way for the community to build nodes, that is, Thinkium nodes can join by supporting the designated industry public chain, and allow this industry public chain to use more nodes resources to expand theservice capabilities of the public chain in this industry. - Set the incentive mechanism of the industry public chain.
The incentive mechanism is related to the survival and development of the industry public chain. The industry public chain sets its own joining rules by issuing its own public chain currency (such as staking, PoW, PoC, establish its own mining machine ecology, etc.), design incentive distribution rules based on its token to encourage more users to participate in the ecological construction. As the Thinkium underlying consensus mechanism has been resolved, therefore, they can focus on the design of the incentive mechanism at the upper level of the industry public chain without worrying about the impact on the underlying consensus algorithm, so as to build a more flexible and attractive incentive mechanism and promote the development of the industry’s public chain’s own ecology. - Share the basic services of the underlying public chain. The industry public chain can make full use of Thinkium’s underlying services that continue to precipitate and iterate, such as ID systems, asset transactions, social services, data services, etc., to enrich the depth and breadth of its own on-chain services. It will connect users, data, assets in the Thinkium ecosystem with its own industry public chain services, and accelerate the industry’s public chain growth.
- The he growth of the industry public chain token.
From the user’s perspective, because the industry public chain built on the underlying
infrastructure of Thinkium has the ability of smooth user and asset cross-chain communication, community users can use on-chain service and consume public chain
token, they can also benefit dividends from other public chains of the entire Thinkium
ecosystem.
From a service perspective, due to the convenient cross-chain data communication, rich application service scenarios can be constructed, improving the service depth and stickiness of the public industry ecosystem of the entire industry, and increasing the scope and frequency of public chain token.
From a technical perspective, not only does the security of the industry public chain continue to strengthen with the prosperity of the Thinkium ecosystem, but also because the service capacity of the industry public chain can be linearly expanded, allowing more users to join the industry public chain ecosystem, The birth of large-scale Internet-level applications in the chain provides technical guarantees and clears obstacles for the value growth of public blockchains. - The governance of the Industry’s public chain.
Each industry’s public chain can carry out the governance of the industry’s public chain according to its own development pace. From the perspective of the
development of the industry’s public chain, it often goes through internal test verification, external testing, main net launch, and subsequent iterations, during which
problems will be continuously discovered and resolved.
During the internal test verification phase, industry public chain builders can choose to roll back or close and rebuild the new chain to repair or modify the rules on the chain. After the main net is launched, Thinkium’s industry public chain can govern the entire industry public chain through the basic community governance rules or custom governance rules provided by Thinkium’s underlying infrastructure.
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