Logo
×

Blockchain Versions

Blockchain Versions

Blockchain technology has gained popularity because it offers decentralized and transparent storage to record transactions and data. Generally  Blockchain relates with the bitcoin and cryptocurrency. Since 2009, Blockchain technology has been growing and developing; it is now more than the bitcoins and cryptocurrency. The following  description is demonstrating the evolution of blockchain technology, including the progression of blockchain technology from version 1.0 to version 3.0.

Blockchain Versions

Blockchain Version 1.0: Cryptocurrency

Blockchain 1.0 is the first cryptocurrency, which records the bitcoin transactions on the public ledger in a secure method. The implementation of Distributed ledger technology was the reason behind its first version. It is a permission-less blockchain where any participant can perform a valid transaction of bitcoins.

It works as a simple state machine, which can be used as a platform for the bitcoin transaction. State machine manages the transition between valid states similarly Blockchain records and manages the bitcoin transactions between valid participants of the network.

Blockchain Version 2.0: Smart Contract

The new concepts in the blockchain are Smart Contracts,  it is a small self-executing computer programs that exist in the blockchain. In Blockchain 2.0, Bitcoin is replaced by ethereum. The smart contract is one of the most successful blockchain applications, it helps in reducing transactions cost-effectively. Ethereum network is the best platform for creating and executing smart contracts. This is used as a replacement for the traditional contracts.

Blockchain Version 3.0: Dapps

The Dapp is a short form for Decentralized application. Decentralized applications run  opposite to centralized applications running on a single computer. A Dapp is like a conventional app, it can have frontend (written in any language) that can make calls to its backend. A Dapp can host its frontend on decentralized storages, including Ethereums Swarm.

Decentralized apps do not need to run on top of a network of blockchains. There are many decentralized applications running on a P2P network, like BitMessage, BitTorrent, Tor, Popcorn, etc.

Blockchain Version 4.0: Blockchain For industry

The objective of the fourth generation blockchain is to resolve the entire issue with the previous three generations. Blockchain 4.0 explains the strategies and methods that make blockchain technology available to business demands. Various companies are trying to bring a scalable, adaptable, and affordable blockchain to the world. Businesses are willing to adopt the blockchain technology, but we need a safer and more robust blockchain.

We don't have a clear picture of what it looks like as the fourth blockchain generation is not yet here. Some developers feel a mix of third-generation blockchain and AI is going to spawn Blockchain 4.0.

Related Topics

Format String Vulnerabilities in Cryptography and Network Security

Format String Vulnerability problem was first found in C language. The problem refers to a bug found in the printf function. The printf function is widely used for the transmission...

3 minutes read.

Difference between Blockchain and Database

A Blockchain is a distributed database or ledger in which data is stored in blocks. It is built on distributed ledger technology, which may be utilized between parties that do...

3 minutes read.

Blockchain Versions

Blockchain Versions Blockchain technology has gained popularity because it offers decentralized and transparent storage to record transactions and data. Generally  Blockchain relates with the bitcoin and cryptocurrency. Since 2009, Blockchain technology has been...

2 minutes read.

Blockchain Hash Function

A hash function is a type of function which takes input in string format (alphabets, media files, numbers) of any length provided by the users and converts it to a...

3 minutes read.

Who sets the Bitcoin Price

The function of Bitcoin is very similar to a commodity. Bitcoin's price is decided by the market where it is traded. To put it another way, how much someone is...

4 minutes read.

Top 10 Blockchain Project Concepts

A platform for Trusted Crowdfunding Using a Smart Contract According to reliable studies, 85% of firms delay delivery, and 14% never fulfill the promises made to angel investors. Currently, there are...

4 minutes read.

Need of Blockchain

Blockchain is an open and decentralized network, which stores redundant data at multiple sites called nodes (computers). Its properties, such as immutability, distributed control, highly secured encrypted blocks, and anonymity, make it ideal...

3 minutes read.

Blockchain Explorer

Blockchain Explorer A blockchain explorer is an online webpage similar to Mozilla and Google Chrome, which allows users to browse and explore information about blockchain technology. All bitcoin and ether users depend on blockchain explorer...

3 minutes read.

Data Encryption Standards

The Data Encryption Standards was introduced by the National Institute of Standards and Technology. A Feistel Cipher is implemented in DES. The Data Encryption Standards was developed by the company...

3 minutes read.

Sending and Receiving Bitcoin

The goal of this part is to show you how to get started with Bitcoin in a simple way. 1. Get to Know Bitcoin Bitcoin has certain unusual characteristics. It behaves similarly...

4 minutes read.

Project Ideas on Blockchain for Professionals

We have moved on from the days when Blockchain was solely employed in the context of cryptocurrencies. It is currently used in a broader range of applications, and it will continue...

4 minutes read.

Blockchain Bitcoin Cash

Bitcoin Cash is an internet- grounded peer-to- peer electronic cash system. It is fully decentralized, with no central bank, and doesn’t calculate on third parties to serve. Bitcoin Cash is...

4 minutes read.

Blockchain Data Management

As we all know, Blockchain is a distributed systems that follows peer-to-peer network and acquire the benefits of peer-to-peer networks such as speed, single-point failure avoidance, and so on. The Peer-to-Peer...

4 minutes read.

Advantages of Cryptography

Cryptography is the practice of secure communication in the presence of third parties. It allows for the secure exchange of information between two or more parties and can be used...

4 minutes read.

Blockchain Pow

Blockchain Pow is an acronym that stamds for Blockchain sProof of work. Pow (Proof of work) is an original agreement (consensus) algorithm in the Blockchain network. This algorithm is generally...

3 minutes read.

Blockchain Tutorial

The 21st century is all about digitalization and technology. With the rising need for modernization in our daily lives, people are exploring new technologies. Blockchain technology has created a stir...

6 minutes read.

Getting Started with Bitcoin

The goal of this part is to show you how to get started with Bitcoin in a simple way. 1. Get to Know Bitcoin Bitcoin has certain unusual characteristics. It behaves similarly...

4 minutes read.

What does the IT industry mean by BaaS (Blockchain as a Service)?

Technology is developing quite quickly and all businesses are racing to catch up with these technological advancements or face the danger of going out of business in the long term....

5 minutes read.

Cryptography in Blockchain

What is Cryptography? Cryptography is a method for developing codes that prevent third parties from viewing private data. It helps in protecting data and information by using codes, such that it can only be...

4 minutes read.

Bitcoin Mitigating Attacks

Bitcoin is the most secure & protected cryptocurrency, with security built into the protocol at numerous levels. It frequently executes persistent sophisticated attacks. In this part, we will look at numerous...

4 minutes read.