Author: Jiyun Kyung, Business Development (https://www.linkedin.com/in/jiyunkyung/)
[TL;DR]
- Blockchain mainnets are divided into EVM and Non-EVM, each with its own characteristics.
- When building Web3 services, companies need to consider not only technical aspects but also business elements such as marketing support and grant programs.
- Multi-chain strategy has advantages in user acquisition, risk diversification, and partnership expansion, but comes with technical complexity and cost burden.
- WaaS is a solution that addresses these concerns of Web2 companies, helping transition to Web3 through multi-chain support and improved user experience.
1. Meaning of Mainnet, EVM, and Non-EVM
1.1 Definition of Mainnet
A blockchain mainnet refers to a 'live' blockchain network where value-bearing tokens are traded and smart contracts are deployed. The mainnet is the final stage of a blockchain project, launched after stability and security are verified through a testnet. Developers creating Web3 services can deploy dApps (decentralized applications) on the mainnet and interact with real users.
Blockchain mainnets are largely divided into EVM (Ethereum Virtual Machine) and Non-EVM. The main difference between the two lies in the smart contract execution environment and development language.
1.2 EVM (Ethereum Virtual Machine)
EVM is a virtual machine for executing smart contracts in Ethereum, using the Solidity programming language. EVM-compatible blockchains use the same virtual machine and language as Ethereum, allowing easy porting of smart contracts developed on Ethereum.
Therefore, developers can utilize the familiar Solidity language and development tools, lowering the entry barrier. Examples of EVM-compatible blockchains include Polygon, Binance Smart Chain (BSC), and Avalanche.
1.3 Non-EVM
On the other hand, Non-EVM blockchains use their own virtual machines and programming languages. Representative Non-EVM blockchains include NEAR, Polkadot, Solana, and Aptos. For example, Solana writes smart contracts in the Rust language, and Aptos, which uses the Move language, is also a Non-EVM blockchain.
These are not compatible with EVM, so existing Ethereum-based dApps cannot be directly ported. Therefore, developers need to learn the blockchain's unique language and development environment separately, making the entry barrier relatively higher.
However, Non-EVM blockchains have the advantage of allowing higher customization and introducing innovative features. For example, Solana boasts high TPS (Transactions Per Second) through its unique consensus mechanism, PoH. Aptos provides differentiated features such as asset-centric programming and formal verification using the Move language.
Services should choose a suitable blockchain according to their dApp requirements and purposes. EVM-compatible blockchains allow for quick development and deployment and good connectivity with the Ethereum ecosystem. On the other hand, Non-EVM blockchains are suitable for dApps that require innovative features and high performance, but the learning cost and development difficulty should be considered.
2. Mainnet Selection from a Business Perspective
Selecting and understanding a mainnet is the most crucial decision a company must make when building a Web3 service. Once a mainnet is chosen, it's not easy to move to another mainnet and incurs significant additional costs.
When selecting a mainnet, you shouldn't consider only technical aspects, but also business elements such as marketing support and grant programs. Here are a few points to keep in mind, especially when trying to transition a Web2 service to Web3.
2.1 Service Requirements and Purpose
It's important to carefully consider TPS (Transactions Per Second), transaction fees, security, scalability, etc., suitable for the service's characteristics and choose an appropriate blockchain. For instance, a trading service that requires large-scale transaction processing should prioritize blockchains supporting high TPS, while financial services handling funds should choose blockchains that thoroughly guarantee transaction finality and security.
2.2 Development Resources and Capabilities
It's quite easy to find personnel with Ethereum development experience for EVM-compatible blockchains. Moreover, there are many well-established development tools. In contrast, Non-EVM blockchains may require hiring new developers and additional costs for separate language learning or training.
2.3 User Experience
When developing Web3 services, Web2 companies need to pay close attention to user experience. This is because most customers are new to Web3. Things like Web3 wallet integration or gas fee payment will be completely different user experiences from Web2, so you need to choose a mainnet that can optimize or support these aspects.
2.4 Sustainability and Long-term Roadmap
As mainnet technology is rapidly evolving, it's crucial to carefully examine the long-term vision and roadmap of the chosen mainnet. A mainnet that continuously upgrades and innovates can contribute to service growth. Also, if the mainnet suddenly stops or encounters technical accidents, it could severely damage the credibility of the service running on it, so careful decision-making is necessary.
2.5 Marketing Support
For blockchain projects, securing initial users and building a community is paramount. When choosing a mainnet, it's essential to check what marketing support programs the blockchain platform provides. Many blockchain platforms offer joint marketing, PR support, social media promotion, etc., for partner projects. Such support can increase project exposure and make it easier to reach potential users. It also provides opportunities to participate in events like hackathons, conferences, and meetups hosted by the blockchain platform.
2.6 Grant Programs
Some major mainnets directly invest in promising partners or provide funding or development funds through grant programs. If securing initial funding is important for the service characteristics, this aspect should be examined more carefully. Moreover, partnering with the blockchain platform can also allow access to additional resources and networks.
3. Multi-Chain
Rather than relying on a single blockchain, companies can consider a multi-chain strategy that leverages the strengths and user pools of multiple blockchains. The reasons why Web2 services might want to expand to multi-chain are largely as follows:
3.1 Expanding User Base
Each blockchain has its own unique user base. By deploying services on multiple mainnets such as Ethereum, Polygon, Solana, etc., you can absorb users from all ecosystems, rapidly expanding the service user base.
3.2 Risk Diversification
If dependence on a specific blockchain is too high, it inevitably becomes vulnerable to technical issues or regulatory risks of that blockchain. On the other hand, adopting a multi-chain strategy allows services to continue on other blockchains even if one blockchain encounters problems, thus diversifying risk.
3.3 Creating Synergy Between Mainnets
By providing services simultaneously on multiple blockchains, synergy can be created through inter-blockchain linkage. It becomes possible to showcase services that combine blockchain-specific characteristics such as cross-chain asset swaps.
3.4 Expanding Partnership Opportunities
A multi-chain strategy broadens opportunities for partnerships with various blockchain projects. By building cooperative relationships with key projects in each blockchain ecosystem, you can secure growth drivers for your service.
For Web2 companies expanding into Web3, adopting a multi-chain strategy has many advantages in terms of user acquisition, risk diversification, and partnership expansion. However, supporting multiple blockchains simultaneously inevitably increases technical and operational complexity and incurs additional costs, so strategic choices need to be made according to service characteristics and purposes.
4. Mainnets and Multi-chain Support in WaaS
One of the biggest hurdles for Web2 companies expanding into Web3 is the technical and operational complexity of supporting multiple blockchains simultaneously, and the associated cost burden. Each blockchain has its own development language, tools, and infrastructure, requiring enormous resources to develop services that encompass all blockchains. When considering the differences between EVM and non-EVM blockchains, the technical hurdle becomes even higher.
However, if a WaaS solution provides multi-chain support as a standard, the story changes. If a WaaS provider builds an infrastructure that integrates major blockchains such as Ethereum, Polygon, Solana, and Avalanche, Web2 companies can provide services covering multiple blockchains with simple API integration. As WaaS abstracts the technical differences between blockchains, Web2 companies can enjoy the benefits of multi-chain while minimizing development complexity.
Especially, support for Non-EVM blockchains can be a unique strength of WaaS. While the technical superiority of next-generation blockchains like NEAR and Solana is recognized, migrating existing services to these blockchains is never easy. If WaaS provides separate SDKs or plugins for non-EVM blockchains, it can greatly lower the entry barrier for Web2 companies.
IoTrust, which developed the Wepin wallet, supports various EVM mainnets and Non-EVM like NEAR Protocol based on the mainnet architecture of D'CENT, Korea's best cold wallet. The D'CENT wallet currently supports over 50 mainnets, and the Wepin wallet plans to expand mainnet support to a comparable level in the future. Wepin is characterized by rapidly adding desired mainnets to meet customer requirements.
→ View currently supported mainnets on Wepin (Developer Guide)
Furthermore, WaaS like the Wepin wallet can provide user experiences optimized for multi-chain environments. To navigate multiple blockchains, users typically need to create and manage individual wallets for each blockchain, which causes considerable inconvenience. However, by utilizing WaaS, users can easily use multiple blockchains with a single integrated wallet. Also, convenience features like gas fee delegation provided by WaaS companies can significantly lower the entry barrier to Web3 experiences.
Thus, the multi-chain support of WaaS can be a powerful lever for Web2 companies expanding into Web3. It alleviates technical complexity and cost burden while improving user experience. By actively utilizing WaaS, Web2 companies can respond more efficiently and strategically to the multi-chain era.
5. Conclusion
WaaS's mainnet support provides a strong foundation for Web2 companies to expand into Web3.
As mentioned above, from the perspective of Web2 companies struggling to properly use even one blockchain, multi-chain might seem like a distant dream. With each blockchain having vastly different development languages and infrastructure, the prospect of studying, developing, and operating each one can be daunting.
However, using WaaS changes the story. This is because WaaS providers build an integrated infrastructure that embraces all major blockchains, whether EVM or Non-EVM. Web2 companies can easily showcase services that amply encompass multiple blockchains by simply connecting APIs to this infrastructure. As WaaS removes much of the complexity of blockchain technology, Web2 companies can enjoy the benefits of multi-chain without burden.
Furthermore, WaaS greatly enhances the usability of Web3 wallets. To properly utilize multi-chain, users typically need to create and manage separate wallets for each blockchain, which leads to a poor user experience. However, by adopting WaaS, users can easily navigate multiple blockchains in one wallet, dramatically improving usability. Features like gas fee sponsorship are also provided by WaaS, significantly lowering the threshold for entering Web3.
Thus, WaaS can be a strong supporter for Web2 companies moving into Web3. It reduces the complexity of wallet development and operation while elevating user experience to a new level. We look forward to seeing more Web2 companies wisely growing their Web3 businesses with WaaS in the future.
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