Blockchain 3.0:Can it finally makes the technology more mainstream

Blockchain 3.0

  • The application of cryptocurrency and blockchain are often fused and combined in people’s minds, thanks to all the hype and overexposure. But there exist three prime aspects in the crypto space. These are fast-evolving, trend digital currencies, initial coin offerings (ICOs), and blockchain technology.

    Blockchain 3.0 targets to address the dilemmas we had with blockchain 1.0 and 2.0, promising better solutions with a refined framework. The dilemmas include scalability, sustainability, cost, interoperability, and security. The final development stage of blockchain technology anticipates global, institutional, and enterprise adoption.

    Before going into in-depth concrete detail about Blockchain 3.0, we will first try to make you understand what dragged the experts think about the blockchain up-gradation? In the year 2009, Santosh Nakamoto wrote a whitepaper on bitcoin, and this was the first when blockchain 1.0 came into existence.

    The excitement around bitcoins grew amazing then and grab everyone’s attention. It is with their unique quality of no middleman involvement. But due to some resource wastage issues, possessed scalability issues, and transaction speed capacity, issues limitation comes into consideration. So, that leads to the emergence of blockchain 2.0, with Ethereum bagging its transaction processing speed. Also, blockchain 2.0 saw the birth of Smart contract computer programs that execute free when a pre-defined condition meets. Though, the second version of blockchain was far better than the first one. But it big-time failed to meet the pace of centralized payment mediums like Visa and Paypal. Both the versions were unfeasible, unsecured, and expensive solutions and opened the door for blockchain 3.0.

    Read more: A Quick Guide to Whitepaper Development for Cryptocurrency Projects.

    What is Blockchain 3.0?

    Blockchain 3.0 is developed as an advanced version of blockchain 2.0 to enhance the technologies power. It solves the current scalability problem while facilitating speedier, cost-effective, and efficient transactions. Thus, blockchain technology and its work have been a worldwide aspect since the introduction of the Bitcoin whitepaper in 2008. At initial, the focus of developing various cryptocurrencies was only on technology.

    Although, many new applications arose as software developers and engineers started exploring the strength of blockchain technology. Thus developers are looking for ways to integrate the technology across different industries. It is to enhance their performance with Blockchain 3.0.

    The thing that makes blockchain 3.0 notable and viable is DAG (Directed Acyclic Graph), where DAG implies acyclic network flow. That means the information will flow only in one direction and cannot send back to the sender. So the structure eliminates the block times that are 10 minutes for bitcoins and 20 seconds for Ethereum. It allows transactions to get processed almost in real-time. The use of DAG is by the IoT chain (ITC), and it processes 10,000 transactions per second, which is far more than Visa. In respect of an application, there are several industries where blockchain tech has already made changes. For example, Healthcare, transportation, voting, and many more.

    Also, Read: IOTA: Exploring Opportunities Beyond Blockchain

    Blockchain 3.0: The Newcomers Welcomed

    Attaining mass confidence blockchain 1.0 version and blockchain 2.0 version failed in their efforts. So, having Blockchain 3.0 is a new era of technology waiting for us to embrace it. Thus the latest approved blockchain has several newcomers examples.

    Cardano

    It is an advanced blockchain platform that includes Smart contrats development. It also carries transaction systems and developed Dapps is out of scientific philosophy and high research. The spearheading of Cardano is by Charles Hoskinson, who is open-source and leading the charge of blockchain 3.0. Let’s see in what ways Cardano is better than Ethereum.

    In respect of programming language, Cardano uses Haskell, universally accepted, with non-strict semantics. But Ethereum uses Solidity, which is a contact-oriented language built for writing smart contracts.

    Proof of stake consensus mechanism Cardano uses, whereas Ethereum uses proof of work.

    ICON

    It uses what it calls loop chain technology in an attempt to create the largest decentralized network in the world. The desire is to interconnect all future and existing blockchains. It is into a single ecosystem using what it predicts as connective bridges.

    Read more: dApps( Decentralized app) Development | Increasing Importance

    EOS

    This blockchain platform works identical to the second generation of blockchain, Ethereum. It is another form of notable player that goal is to build a complete decentralized operating system. That is for the evolution of Dapps and Smart contracts. EOS blockchain uses decentralized Proof of Stake consensus mechanism. So thereby removing the scalability dilemma seems like it understands what the public wants.

    Also, Read: Understanding the Blockchain and Decentralized Consensus

    Read more: Why EOS Is Being Called the “Ethereum Killer”

    Zilliqua

    Speed and scalability in mind while designing zilliqua. It uses sharding techniques to overcome the application challenges of large blockchains. On 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 everything.

    ArcBlock

    Along with its cryptocurrency ABT, ArcBlock is also in talk as an up-and-coming blockchain option. It introduced the concepts of cloud nodes, open-chain access, and blocklet. An attempt is to make distant blockchain technologies more compatible with each other.

    Aion

    Aion is another crucial player of the blockchain third generation. It offers what it considers to be the right solution to the original promise of interoperability, scalability, and privacy. Thus, it is by using a multi-tier blockchain approach that offers interoperability to the Ethereum application network. But in particular, the design has been to enable cross-blockchain transactions. That is for both public and private blockchain.

    Neblio

    Neblio is one of the smaller players of the blockchain third generation. That focuses on the enterprise and business markets. It provides APIs for developing decentralized applications and a host of open-source tools.

    Also, read: dApp development | Your Guide to Decentralized Application

    Wanchain

    For increasing both scalability and interoperability, wanchain is the example. Its Smart contract application and architecture empower fast transactions. It addresses the problems given by isolated blockchains.

    Also, read Smart Contract Applications That SMEs Are Using For Their Expansion.

    Conclusion

    Still, blockchain technology has not gained mass confidence because of being revolutionary and disruptive. It is also true that everything has its pros and cons so, wait for a time when this new version of the technology reaches the mainstream. So this is for all who think technology is a fad. But the practical thing is that achieving success overnight cannot be possible.

    If you are interested in blockchain, come and have look at our Oodles blockchain development company. Here our blockchain development experts will clear all the doubts related to blockchain.

Published on : Mar 14, 2022

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Pankaj Kaushik (Writer)


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