并行的区块链：技术路线、硬件新机遇

Investment Rating - The report does not explicitly state an investment rating for the blockchain industry, but it emphasizes the importance of parallel execution and hardware advancements as key areas for potential investment opportunities. Core Insights - Early blockchain consensus mechanisms, particularly the sequential execution of transactions, have limited scalability and node computational power. Parallel execution in blockchain significantly enhances network throughput and scalability, making it a crucial development direction [5][6]. - The report categorizes and analyzes various parallel execution models in blockchain, highlighting the integration of hardware computing power and AI model training as emerging opportunities [5][6][26]. Summary by Sections 1. Core Insights - The consensus mechanism in early blockchains restricts scalability and computational efficiency. Parallel execution can greatly improve throughput and scalability, becoming a vital focus for development [5][6]. 2. Parallel Blockchain: Scalability as a Constant Focus - The inherent need for decentralized nodes to reach consensus leads to efficiency declines, making scalability a persistent challenge since the inception of Bitcoin. Layer 2 solutions are widely adopted, but enhancing Layer 1 scalability remains a key industry focus [6][8]. 3. Blockchain Parallel Execution - 3.1 Move Ecosystem Enhancing Scalability: Move's parallel processing offers significant scalability improvements compared to Solidity, enabling independent transaction execution [10][11]. - 3.2 Monad: A parallel blockchain compatible with EVM, utilizing a pipeline model to enhance execution performance, achieving high transaction throughput [16][17]. 4. Off-Chain Computing for Parallel Execution - 4.1 AR: Arweave provides decentralized storage and enables off-chain computations, enhancing efficiency by separating data storage from computation [18][19]. - 4.2 UTXO-Based Off-Chain Computing: Nervos CKB's cell model extends UTXO capabilities, allowing for more complex data types and parallel execution of smart contracts [23][24]. 5. New Opportunities: Hardware Computing Power and Blockchain AI Training - The integration of parallel execution with AI training necessitates advanced hardware support, shifting the focus from traditional mining to application performance [26][28]. The introduction of GPU-EVM demonstrates a 100-fold performance improvement over traditional EVM computation, indicating significant potential for scalability [26][28].