What is Blockchain 3.0?
Blockchain might be the old booze in a new bottle, but the technology, as we know it today, seemed only in 2008 in Satoshi’s groundbreaking white paper. Bitcoin became the world’s first decentralized cryptocurrency that is powered by the now-ubiquitous Blockchain technology. In 2015, programmer Vitalik Buterin introduced a mint Ethereum Blockchain (Blockchain 2.0) that gave the universe intelligent contracts and betrothed faster transactions. However, as these Blockchains were apropos more popular, the scalability trilemma came to a conduct with more than 140,000 exchange remaining unconfirmed during the rise of the cryptocurrency disturb in December.
All the problems that were compared with the two original Blockchains stirred the coming of the next-generation Blockchains. Of course, Bitcoin and Ethereum sojourn the tip currencies on the marketplace because they suffer the first-mover opposition advantage, but there are many newcomers that bluster to interrupt this omnipotence with their state-of-the-art technologies. They collectively paint a new step in the expansion of the decentralized record dubbed Blockchain 3.0.
However, keep in mind that the modus operandi of these new projects is different when compared to normal Blockchains. Actually, these networks might not be called Blockchains at all. A destined acyclic graph (DAG), the third era of Blockchains, doesn’t rest on miners to say blocks, and it strives to urge scalability and interoperability.
These are the common facilities of the two technologies:
distributed digital ledger;
token economy model.
However, Blockchain is linear while the DAG record functions in the form of an ‘interlinear’ method (it looks like a braid). Such a record creates it cheaper, more scalable and, to sum it up — better (at slightest in the white paper).
Speaking of 3rd era cryptocurrencies you should really watch in 2019, Cardano (ADA) is a top-of-mind option. In fact, Cardano is deliberate to be the world’s first new-generation cryptocurrency with the solitary purpose of elucidate Ethereum’s scalability issues. Notably, the desirous plan is spearheaded by Charles Hoskinson, one of the original Ethereum creators who left the plan due to the apart on the vision. Hoskinson, who is the smarts behind Cardano, is one of the reasons because the plan is so reputable and credible.
Not surprisingly, there is a big adversary between Hoskinson and Vitalik Buterin, and back in Aug they sparred over the protocols of their sold projects (Ouroboros and Casper).
Sorry, Charles, this is pathetic.
Regarding Casper, we are not wakeful of any now published source that amply describes the protocol’s mode of operation nor any provable guarantees about ithttps://t.co/SHKWyUOLqVhttps://t.co/LRujTx4hCf
— Vitalik Non-giver of Ether (@VitalikButerin) August 9, 2018
As of now, ADA stays one of the tip 10 cryptocurrencies with a marketplace tip of $1.1 bln. That fortitude is rather impressive, deliberation that Cardano has been around for just over a year (its mainnet was launched on Sept. 29, 2017). In only 3 months, Cardano was already valued at $10 bln (Charlee Lee, the creator of Litecoin, even did a tongue-in-cheek acknowledgement that it could end universe hunger).
So far, the plan is in the early theatre of growth (about 70,000 exchange have been available during the first year since the mainnet launch, but it is rather sparkling to see what comes next).
EOS places an importance on usability, using the substituted Proof-of-Stake (DPoS). That sold accord algorithm strives to solve the categorical problems of Ethereum-based dApps (such as the transaction fees that are blown out of suit and delayed transactions). In this system, every wallet is means to opinion for a representative. However, there are concerns that the EOS network is too centralized.
Just like other Blockchain 3.0 projects, EOS is marketed as scalable (it can potentially routine millions of exchange per second with the assistance of scold optimization). Top-notch coherence is nonetheless another distinct underline of the EOS network — any unsuccessful app can be solidified by retard producers until the bug is dealt with (hence, there is no need for a hard fork).
Every 3 seconds a new retard on the EOS network is being produced. The finish deficiency of forks is nonetheless another peculiarity of the EOS Blockchain — there is no foe since miners are ostensible to join army in sequence to furnish a block.
Icon (ICX) is a rarely desirous Blockchain 3.0 plan that wants to bond different Blockchains to emanate one tellurian ecosystem. It is powered by the ostensible ‘Loop’ record that allows achieving exchange much faster. Loopchain allows estimate more exchange per second than prior era Blockchains.
The list of big-name investors who embraced this plan includes:
It is presupposed that there are copiousness of private Blockchains that are means to promulgate with each other with the assistance of this ICON project. For insurance, different word companies can implement countless Blockchains, and there is a singular record that underpins them.
One critical advantage of ICON consists of the scalability — you are means to bond to normal previous-generation Blockchains (Bitcoin and Ethereum), formulating a bone-fide intelligent economy.
ICON functions with the assistance of the LFT accord algorithm. This third-generation cryptocurrency is expected to interrupt e-commerce, hospitals, universities and so on.
Zilliqa strives to come up with a highly-throughput open Blockchain. The height is powered by a mint programming denunciation called Scilla that is ostensible to opposition Ethereum’s Solidity. This denunciation addresses some confidence issues of Solidity (for instance, a bug in Parity’s multi-sig wallet would outcome in $150 mln value of Ether being sealed in a wallet). With the assistance of the Scilla programming language, such ‘black swan’ programming events are simply not happening.
They want to tackle the stream scalability issues faced by the Bitcoin and Ethereum Blockchains by augmenting the volume of nodes. Basically, the bigger volume of nodes connected to the network results in a aloft transaction speed.
Remarkably, it operates with the assistance of the Proof-of-Work (PoW) algorithm that is used in sequence to forestall a intensity Sybil conflict — everybody is compulsory to do a PoW in sequence to join the Zilliqa network. Notably, the PoW algorithm is not used to yield accord on the network. On tip of that, not every miner will cave each block.
Aion is nonetheless another plan on the list of Blockchain platforms that solves the good scalability problem. In plain English, the network creates a overpass between two apart Blockchains, permitting them to concur with each other.
The network supports both open and private Blockchains. While the Ethereum Blockchain keeps creation waves around the creation with the intelligent contracts, there are countless other Blockchains that offer a better turn of scalability.
Aion and ICON are both interoperability-focused platforms that essay to combine different Blockchains. Hence, it is critical to make a comparison of these Blockchain platforms. First of all, ICON is a South Korean plan while AION is headquartered in Canada, and that gives it an edge. Both projects can be successful in the long run, but ICON already has a operative product and a multi-billion dollar tech behemoth behind the back. AION’s categorical advantage is the ability to emanate interoperable dApps and intelligent contracts on their height (its success shouldn’t be underestimated).
The bottom line
It is transparent that the Blockchain 3.0 series has already arrived, and there are new technologies that trump VISA and other renouned financial services by the turn of scalability, interoperability, and security. Still, these best Blockchain coins haven’t reached the turn of adoption that is compulsory for divulgence their full potential. So far, the aforementioned series only exists within their white papers. In theory, such Blockchains could hoop millions of daily users.
There is a very high probability that Blockchain in the stream chronicle will be something totally different in 15 years given how quick the record is developing, and the different Blockchain platforms on the list could be only a stepping stone.
However, there is also an choice opinion that the Tangle won’t reinstate normal Blockchains since it is now capable of relocating certain forms of data. If there’s a large transaction concerned (for instance, a $1.5 mln house), it would be judicious to select the hacker-proof Bitcoin Blockchain even if it would take hours to routine the transaction. There will be a jointly symbiotic system where Blockchain and DAG coexist, but Blockchain is already inbred in the minds of many, and it would be very formidable for DAG proponents to convince them to embankment Blockchain.