Only "Extremely open and decentralized" will win the public blockchain competition
In traditional Internet, applications built on top of HTTP open-source protocols obtain a significant estimates of market value, such as tech-giants FAANG. These centralized platforms rely on asymmetric information to monopolize data through an economy of scale. For instance, Google Map transfers the expensive data collection cost to users, and charges a high data request fee for its map services.
By contrast, blockchain is a long-tail network, which means every node built based on it can get benefit. Hyperion team decided to build a Peer-2-Peer network based on Location-based-service (LBS), whereby data can be generated from mobile devices, and distributed/shared within the network built based on open-source and encrypted technology. This way, the service fee charged to business users will be rewarded to each participant of the decentralized network.
Hyperion MapChain natively integrates the innovative Spatial Consensus Protocol (SCP) to reach consensus of static location data (map) and dynamic location data (localization) in a secure and verifiable manner. With Hyperion's decentralized architecture, maps will be 1000x better for smarter cities, geospatial services, automotive and more. In future, decentralized Uber, DiDi, Airbnb will run on Hyperion MapChain by requesting the smart contracts built on chain.
The story of the blockchain operating system will end in 2021
Kai Law compared the current blockchain developmental stage to the infancy period of the Internet back in 1995, when Internet and blockchain operating systems already existed. He said: "the current blockchain world still lack a killer app to stimulate the prevalent application of blockchain technology throughout the world, just as NetEase and Yahoo." Kai Law believes that the story of Proof-of-stake (POS), Proof-of-work (POW) and blockchain operating system will come to an end when Ethereum upgrade completes. With open-source feature, the technology value of cross-chain and sharding will be derived by the public blockchain. This is the reason why Hyperion chose to build an application-focused public blockchain.
Technology evolution will result in two consequences. First is to maximize the production efficiency, and second is to minimize the production cost. Further data transfer efficiency will be achieved when more decentralized nodes join Hyperion MapChain. In the meantime, Hyperion will adopt machine learning to load map layers, and use map AI to further lower the data distribution costs.
According to Coase Theorem, complete competitive markets with sufficiently low transactions costs will achieve an efficient allocation of resources, regardless of how property rights are divided. Since centralized platform occupied key resources and marginalized users with little benefits, the trend towards decentralized blockchain is unavoidable.
Kai Law further explained: "apart from applications, another key determinant for the public blockchain is its protocol. Many public blockchains ignored the importance of protocols by focusing only on applications and they created 'fake' demands. The most important thing is, to enter the blockchain world requires a new way of thinking. After all, the application-focused public blockchain will change our life in the next decade."
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