BLOCKCHAIN 1.0,2.0,3.0

The blockchain can be roughly divided into three development stages from 1.0 to 3.0 since its birth: the first stage. Blockchain 1.0 is a digital currency application represented by Bitcoin. Its scenarios include currency functions such as payment and circulation. It mainly has the functions of decentralized digital currency and payment platform, which is limited to the 1M block of Bitcoin. Due to the size, the transaction frequency is getting higher and higher and people’s demand is increasing, and the transfer speed is getting slower and slower; secondly, the scalability of Bitcoin is too poor to provide a platform for a wider range of digital assets.

0x01 Blockchain 1.0

In September 2019, the first mining farm, Slush, invented the method of cooperative mining among multiple nodes, which became the beginning of the Bitcoin mining industry. Ridiculous is the process of consuming computing resources to process transactions, ensure network security, and keep everyone in the network synchronized. It can be understood as the data center of Bitcoin. The difference lies in its completely decentralized design, which makes miners all over the world. To operate, no one can have control over the network, the reward for “mining”. In 2010, when multi-node cooperative mining was invented, the price of bitcoin was extremely low, and the price of all bitcoins (the final amount was 21 million) was about $50,000 at the time. Therefore, the establishment of a mining pool means that the inventor believes that Bitcoin has unlimited growth space. In April 2011, the first version of Bitcoin officially recorded — 0.3.21 was officially released. First of all, since this version supports UPNP (a distributed, open network architecture), the system P2P capability is realized. Before this, the minimum unit of a Bitcoin node was 0.01 Bitcoin. The realization of this small unit has truly formed a market with all infinite possibilities.

0x02 Blockchain 2.0

  • In the second stage, blockchain 2.0 is a programmable blockchain under smart contracts, which marks the birth of Ethereum and is an application that optimizes a wider range of scenarios and processes in the financial field. Blockchain 2.0 also has limitations, such as smart contracts on Ethereum cannot be changed once deployed, and there are problems such as data congestion.
  • Ethereum is an open-source smart contract-enabled public blockchain platform that provides a decentralized Ethereum virtual machine (EVM) for processing peer-to-peer contracts through its proprietary cryptocurrency, Ether. Ethereum has done a good job of perfecting and improving on the two shortcomings of Bitcoin. In addition, some stack-based scripting languages ​​are used in the Bitcoin protocol to enable functions such as multi-signature, but it is not enough. Build more advanced applications, such as decentralized exchanges, etc, and Ethereum has done this by design, providing a platform for more DAPP applications. In May 2015, the Ethereum team released the last test network (POC9, there have been 0 to 8 test versions before), code-named Olympic, and the team released the official Ethereum network in July 2015, marking the Ethereum block. The chain is officially launched.
  • In June 2016, a decentralized organization on Ethereum, The DAO, was hacked and $50 million worth of ether was transferred. On July 20th, Ethereum underwent a hard fork, and all ether (including those that were moved) returned to their original places, and the blockchain that did not accept the change became Ethereum Classic. The difference between a hard fork and a soft fork is whether Forward-compatible. The fork is a very common phenomenon in the blockchain, and the concept of “IFO” was also born in the fork behavior. Initial Fork Offering refers to Generating new digital tokens by forking mainstream digital currency blockchains such as Bitcoin. On August 2, 2017, the most famous fork was when Bitcoin was officially hard forked. After the fork, a new currency was created based on the original Bitcoin, which was named Bitcoin Cash. It is currently the fourth-largest by market value. digital currency.

0x03 Blockchain 3.0

  • In the third stage, blockchain 3.0 will go beyond the financial field in an all-round way, applying blockchain technology to various social governance including identity authentication, notarization, arbitration, auditing, domain name, logistics, medical care, mail, visa, voting, etc. field. The representative technology of blockchain 3.0 is cross-chain technology. Cross-chain technology enables assets and information on two or more different chains to be transferred, transmitted and exchanged to each other through a credible mechanism, which greatly improves the efficiency of blockchain. Scalability.
  • Blockchain 3.0 is the era that truly realizes the core of blockchain value Internet. The blockchain can confirm, measure and store property rights for each information and bytes representing value in the Internet, so that assets can be tracked on the blockchain. , control and transaction. The core of the Internet of Value is to construct a global distributed accounting system by blockchain. One of the most famous blockchain projects is EOS. (Enterprise Operation System) is a brand-new blockchain-based smart contract platform developed by Block.one. The project claims to provide accounts, identity authentication, databases, asynchronous With program scheduling and parallel computing on GPU clusters, EOS can eventually support the execution of millions of transactions per second, while ordinary users execute smart contracts without paying usage fees. The consensus mechanisms of the first and second generation of blockchain are pow and pos respectively. The third generation consensus mechanism is DPOS (Decentralized Proof of Stake) adopted by EOS. The biggest feature of DPOS consensus is that it is based on the proof of POS equity. The super node of EOS is the 21 nodes that finally obtain the accounting right from the 100 spare nodes and voted by all token holders.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store