Blockchain 3.0 is creating significant buzz in the digital market, enabled by blockchain development services. Essentially, it is the latest version of blockchain aiming at improving scalability. The first blockchain technology, Blockchain 1.0, removed the barrier of a middleman and fraud in transaction processes. This first version uses Proof of Work (PoW) consensus for verifying a new transaction. However, it has its shortcomings too. The consensus mechanism negatively impacts the environment due to the use of highly specialized computers. To tackle this problem, an upgrade, Blockchain 2.0, came into existence. Unlike Blockchain 1.0, this version uses the Proof of Stake (PoS) mechanism. This consensus protocol does not require some heavy types of equipment to reach a consensus. Instead, you can stake a part of your digital currency in the network to add a block to the chain. Blockchain 2.0 uses smart contracts to increase the number of transactions per second. Yet, the transaction speed is far less than conventional payment mediums offer. So, this problem opened the door for Blockchain 3.0.
Blockchain 3.0 is developed as an advanced version of blockchain 2.0. It solves the current scalability problem while facilitating speedy, cost-effective, and more efficient transactions. Thus, blockchain technology and its work have become a worldwide phenomenon since the introduction of the Bitcoin whitepaper in 2008. Gradually, software developers and engineers started making many new applications while exploring the strength of blockchain technology. Now, developers are looking for ways to integrate the technology across different industries.
The thing that makes blockchain 3.0 notable and viable is DAG (Directed Acyclic Graph), where DAG implies acyclic network flow. It means the information will flow only in one direction and cannot be sent back to the sender. So the structure eliminates the block times, i.e., 10 minutes for bitcoins and 20 seconds for Ethereum. It allows transaction processing in real time. The IoT chain (ITC) uses DAG, which processes 10,000 transactions per second. This number is far more than Visa, a conventional transaction medium. In terms of application, there are several industries where blockchain technology has already made changes. Examples include healthcare, transportation, voting, and many more industries.
Also, Read: IOTA: Exploring Opportunities Beyond Blockchain
Blockchain 1.0 version and blockchain 2.0 version failed to attain mass confidence. So, Blockchain 3.0 is a new era of technology waiting for us to embrace it.
It is an advanced blockchain platform that includes Smart contracts development. Charles Hoskinson launched Cardano in 2017. Let’s see in what ways Cardano is better than Ethereum.
Cardano uses Haskell with non-strict semantics with respect to programming language. But Ethereum uses Solidity, a contact-oriented language built for writing smart contracts.
Cardano uses the PoS protocol, while Ethereum uses the PoW mechanism. As a result, Cardano is a more energy-efficient alternative.
It uses loop chain technology in an attempt to create the largest decentralized network in the world. The goal is to interconnect all future and existing blockchains. It creates a single ecosystem using connective bridges.
Read More: dApps( Decentralized app) Development | Increasing Importance
This blockchain platform works identically to the second generation of blockchain, Ethereum. It is another notable player that aims to build a completely decentralized operating system. It resulted in the evolution of Dapps and Smart contracts. EOS blockchain uses a decentralized PoS consensus mechanism. Thereby, it removes the scalability dilemma to cater to public demands.
Read More: Why EOS Is Being Called the “Ethereum Killer”
Developers kept speed and scalability in mind while designing Zilliqa. The platform uses sharding techniques to overcome the application-building challenges of large blockchains. In the individual database case, shards are separate database divisions stored. Thus, it spreads the transaction loadout to many servers rather than requiring each server to process every data.
ArcBlock is a platform for creating and deploying decentralized blockchain apps. It describes itself as a blockchain 3.0 product platform that makes it simple to create, distribute, and manage apps. The native currency of this platform is ABT. The platform is a combination of cloud computing and blockchain technology.
Aion is another crucial player in the blockchain third generation. It offers solutions to the original promise of interoperability, scalability, and privacy. It uses a multi-tier blockchain approach offering interoperability with the Ethereum application network. In particular, the design enables cross-blockchain transactions for both public and private blockchains.
Neblio is a secure, decentralized platform for business applications and services. Additionally, it provides APIs for developing decentralized applications and a host of open-source tools.
Also, Read: dApp development | Your Guide to Decentralized Application
Wanchain is a blockchain platform centered around increasing scalability and interoperability. It facilitates fast transactions with Smart contract solutions.
Furthermore, Wanchain addresses the problems given by isolated blockchains.
Also, Read: Smart Contract Applications That SMEs Are Using For Their Expansion.
The most recent iteration of blockchain technology has increased adoption among the general public. Also, large organizations have gradually started showing interest in blockchain across a variety of industries. For instance, major institutions are growing their cryptocurrency holdings, accepting cryptocurrency as payments, and sponsoring blockchain projects. However, only time will tell if we will be able to see applications integrated with blockchain technology on a broader level in our lives and across industries.
If you are looking for any blockchain development services, including the development of dApp, smart contracts, NFT, and more, then contact us today!