Blockchain 4.0 is focused on advancing the usability of blockchain as a business-operative ecosystem for developing more efficient and mainstream decentralized applications. It is more focused on innovating with blockchain, making it fast, user-friendly and usable by the larger and common mass.
Main Features of Different Versions of Blockchain
Blockchain 1.0 introduced cryptocurrencies like Bitcoin by facilitating the immutable recording of transactions. Blockchain 2.0 introduced smart contracts to automate cross-organizational contracts built on the blockchain Blockchain 3.0 supports dApp development empowering use cases like NFT marketplaces, Defi, and peer-to-peer lending. Blockchain 4.0 is focused on innovating the blockchain to enhance speed, user experience, and usability.
Main Applications of Blockchain 4.0 Technology
A) Web 3.0
Blockchain 4.0 will help actualize the idea of building an autonomous decentralized web by facilitating:
1) Cohesive interoperability automation through smart contracts.
2) Censorship-resistant storage of P2P data files.
B) Metaverse
With blockchain 4.0, companies can regulate the trust and security needs of their metaverse projects while enabling the following benefits:
1)Decentralized data management.
2)Immutable proof of ownership.
3)TRadig of digital assets(NFTs)
4)Value transfer through cryptos.
C) Industry 4.0
Blockchain 4.0 is fueling the blockchain technology to make it viable for industry 4.0 and increase transparency in the commercial operations to reduce corruption .
Blockchain 4.0 for Businesses
By enabling the fusion of the physical and virtual world, Blockchain 4.0 is set to transform the way businesses operate. It will create smart solutions using VR, AR, IOT and AI technologies.
Leading Projects working on Fourth-Generation Blockchain
A) Multiversum
Multiversum is trying to introduce the world to the “4th generation blockchain”. The project will use complicated data kinds as well as the organization in multidimensional structures, similar to relational data sources. The company aims to provide customers with tools that allow the generational leap to a reliable Blockchain 4.0. It will create synergies between cryptocurrencies and adapt to their specific needs, splitting, and rejoining itself.
It will also let the customer have an efficient and quicker data flux, which can handle them in a complexly structured universe. The new technology like data sharding, chain splitting, and rejoining will help in getting higher scalability and parallelism. Multiversum is aiming to replace PoS (Proof of Stake) with PoI (Proof of Integrity). Proof of integrity will provide us with a highly scalable and low-energy consuming blockchain. To simplify the advancement of applications, the projects will undoubtedly feature a SQL-based phrase structure as well as will offer high-end collections for Java as well as JavaScript. It will enable funds to transfer in 0.2 seconds from one wallet to another. The company is also claiming to have a transaction speed of 6400 TPS/second.
B) Metahash
Metahash is another leading project that claims to be the 4th generation blockchain. It has the capability to substitute POW and POS consensus algorithms. MetaHash is using MPOS (Multiple Proof of Stack) algorithms to carry out transactions. This algorithm let everyone to involve in the mining process. A user need to purchase some metahash and join the network. You can easily start mining by following simple steps. You can also start forging to earn some Metahash. The aim is to provide quick and reliable transactions of any assets at a reasonable fixed price. Meta hash is also providing a fast, secure, and decentralized platform for building dapps. The company is also introducing a tool that will help in sharing digital assets.