Popular science: What does blockchain ecology mean?

Blockchain technology is evolving rapidly, and it can be difficult for the average investor trying to keep up, understand, and explain the inner workings of the ecosystem. There is now an increase in blockchain technology and use cases in enterprise solutions, compliance, identity systems and asset tokenization. Blockchain, also known as the new leader in the Internet of Trust, is an underlying P2P technology that grew out of cryptography and was developed in a way to increase the transparency of digital transactions, as everyone on the network owns in the registered ledger copy of it. Many investors want to have a deeper understanding of what this blockchain ecosystem means? Let me introduce it to you below.

What does blockchain ecology mean?

The concept of ecosystem comes from biological terms and is used to describe the interaction of biological communities and the relationship between them and their environment. Nowadays, this analogy has been extended to the blockchain world, where the ecosystem involves different participants, including the interaction between participants, the relationship with the blockchain decentralized application and the external real world.

A typical blockchain may have multiple participants: users, organizations, miners, exchanges, developers, engineers, investors, etc. Transactions are the core of blockchain networks. Without transactions, blockchain networks will become obsolete. It is difficult to understand the functions of the blockchain ecosystem, but it is a good choice to get started in the direction of on-chain transactions and off-chain transactions.

·On-chain transactions are recorded on the blockchain public ledger and can be seen by all participants on its blockchain network. On-chain transactions are trustworthy, decentralized, and completely transparent.

·Off-chain transactions are agreements between actors and will not be reflected on the blockchain. Off-chain transactions tend to be cheaper, faster, and more private.

What are the blockchain ecosystems?

At present, the blockchain ecosystem is mainly divided into three categories: one is the Bitcoin ecosystem, the other is the Ethereum ecosystem, and the other is the graphene ecosystem. Each ecosystem has its unique characteristics and application scenarios:

Bitcoin Ecosystem:

Mainly based on Bitcoin (BTC) and its many forked coins, it represents the encrypted digital Early and broad consensus on currency.

Ethereum Ecosystem:

The smart contracts and ERC20 token standards provided by Ethereum (ETH) make it easy to issue tokens and conduct initial coin offerings (ICOs), and most The tokens on CoinMarketCap are all based on this.

Graphene Ecosystem:

Its representative projects include BTS, Steem and EOS, which adopt the DPOS consensus mechanism and are characterized by high concurrent processing capabilities and high transaction throughput.

These ecosystems include different participants, applications and users, forming an interdependent network that jointly promotes the development and application of blockchain technology.

Blockchain Ecosystem Introduction

In the blockchain ecosystem, autonomy is crucial.

Ecosystem:

Contains a large number of applications and users (the actors who create or use these applications) including systems that manage user roles and systems that manage access rights to applications and their users. A self-sufficient system that can run on its own; it can also be connected or integrated with other ecosystems. It can be created by any APL wallet owner. The creator of the ecosystem is called the ecosystem founder.

Generally, the founder of the ecosystem controls all permissions controlled by the ecosystem: creating or editing applications, user roles, permissions, and modifying ecosystem parameters, etc. Of course, control of these permissions can also be transferred to other members of the ecosystem, with its founders defining the procedures for accepting new members into the entire ecosystem.

To ensure the autonomy of the ecosystem, the founders of the ecosystem and its members create a set of rules to control operations within the system. In Apla, these rules are called smart laws. The intelligent rule system establishes modification access rights and other rules.

The above content is the editor’s popular explanation of what blockchain ecology means. Blockchain, especially when used in conjunction with other technologies, offers organizations the opportunity to rethink their internal and external processes, eliminate inefficiencies, increase transparency and provenance, and overall build better organizations. However, the examples of security tokens, hybrid blockchains, and Ricardian contracts show that the blockchain ecosystem is constantly evolving. This requires organizations to keep their eyes open and be aware of the changes happening when they want to participate in blockchain. This is an exciting time and we look forward to seeing how this field develops in the coming years.

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