The Evolution of Blockchain

The development of the new technology era is getting stronger and stronger, so Blockchain in general and Crypto in particular must also evolve themselves if they don’t want to be left behind. The following article will show investors the evolutionary process of Blockchain.

Blockchain 1.0

Bitcoin is considered a pioneer in the system of exchanging digital assets (cryptocurrency, virtual currency) over the internet. Over time the bitcoin network still does its job well, but the community needs something different. Bitcoin represents the first generation blockchain.

Bitcoin just the most familiar application of blockchain technology. The technology can be used in every sector, from healthcare, education, manufacturing, energy to supply chains, according to a report released by Gartner in 2017. The report also states that “by 2030 , the business value that blockchain technology brings will increase to 3.1 trillion USD.”

As a system that supports only 1 thing
: allows the exchange of digital assets back and forth safely, securely and anonymously. That is also the limitation of the first generation Crypto because nothing else can be done.

Right after Bitcoin, the Crypto of the first generation can be mentioned: LTC, XRP,,….

Blockchain 2.0

To continue the journey Ethereum was born and makes a difference compared to Bitcoin that is still keeping the full nature of the digital asset exchange system but adding a new feature that is online self-distribution.

With the idea of ​​allowing the exchange of virtual currencies and eliminating the role of the statistician, accountant and security officer, bitcoin represents the first generation blockchain.

Ethereum does more than that is for users to define their own smart contracts. Ethereum calls it Smart-contract and this contract will be distributed online, which eliminates the participation of the arbitrator/judge. in the concept of software called 3rd party (1st and 2nd parties are sender and receiver).

Blockchain 3.0

Thus, the system carrying the 2nd blockchain network brings to the community in addition to the ability to exchange digital currencies online, but also provides a platform for users to define their own judgment/judgment cases and decide when there are factors to consider. happen (Smart-contract).

The 3rd generation blockchain inherits the concept of the previous 2 generations and adds a new possibility that is distributed applications (Dapp stands for DApp). decentralized application).

Blockchain 3.0 – Breakthrough in new technology

We know Blockchain 2 generations ago distributed blockchains on computers to keep transactions, blockchain 3.0 distributes both applications and these applications will be activated to perform a specific task due to defined by the user.

This is the most blockchain generation at the moment. Cryptos of this generation include: Ethereum 2.0, Binance, Solana….

The most important thing about technology is the user experience, no matter how good this technology is, it will be meaningless if only technicians can use it.

Distributed ledger technology needs to be easy to use and enjoyable for users. If blockchain 3.0 is going mainstream, it needs to bring everyone with it.

Consumers making purchases with cryptocurrency must understand the need for paying nodes or miners to store and secure the network. Therefore, developers need to simplify the above factors, and minimize the costs of users when paying with cryptocurrencies.

Remembering the different passphrases needed for a crypto wallet is great – if you want to pretend you’re in a “Mission: Impossible” movie. Everyday consumers can’t remember those encryption passwords, because it’s too long and hard to remember. Therefore, the developer should design simpler private keys or implement biometrics comes with blockchain technology 3.0.

Blockchain 4.0

Not only stopping at the old generation, Blockchain continues to develop to a new level with practical life applications. But all is still the beginning of a journey. Including: IOTA,….

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