Given that change is really the only thing that is constant, it should come as no surprise to you that technology is also undergoing continuous change. Since blockchain constitutes a key part of modern technology, it is also not any different from most other forms of technology and is undergoing rapid changes. If you did not know already there are three generations of the blockchain technology and a fourth one also seems to be underway. Now, at this point in time, it seems that the third generation of blockchain or Blockchain 3.0 is beginning to take the centre stage. So we thought we will give you a short overview of what it really is.
What is Blockchain 3.0?
The first generation of blockchain saw Satoshi Nakamoto unveil the basic technology with his new pitch: today’s top crypto Bitcoin.
From that stage, blockchain moved on to a stage of adolescence where networks like the Ethereum blockchain took it forward by expanding applicability and finding greater adoption.
The third generation of blockchain, or Blockchain 3.0 is still trying to find its footing in the tech world, and attempting to some of major problems that continue to persist in the earlier generations of the block.
One of the absolutely imperative goals of the third generating blockchain seems to be achieving scalability, something that has eluded the first generation and has given a fair bit of trouble to the second generation.
In terms of its other goals, the third generation of blockchain is also trying to work on more effective interoperability, faster network speeds, more robust security and privacy as well as better governance.
For achieving scalability, Blockchain 3.0 is attempting to establish parallel chains, facilitate crosschain transactions and conduct sharding (like we have seen in Ziliqa) to solve blockchain’s long-standing scalability issue.
Blockchain 3.0 solutions tend to use consensus protocols that are different from the traditional Proof of Work model. They often use Proof of Stake consensus mechanism, besides some other new forms of consensus.
Third Generation Blockchain Networks To Watch
Several third generation blockchain networks are now just beginning to create ripples in the crypto industry and we are sure that it won’t be long before these ripples turn into waves.
Till now, Cardano (ADA) seems to have been one of the most promising of the lot, but some of the others like IOTA, Nano, Aion, EOS and Ziliqa seem to be catching up quite fast.
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