The word Blockchain 2.0 gives people a better feeling than Blockchain 1.0.
The Bitcoin is called a blockchain 1.0, and the Ethereum is called a blockchain 2.0. I do not know who first started naming it like this, but I think it is not too bad to distinguish in this way according to the own point of view.
The biggest difference between Bitcoin and Ethereum is that Ethereum supports Smart contract. No one can deny that Ethereum played a significant role in the development of the blockchain because Ethereum gave the blockchain an available function.
However, it it also good to name the blockchain 2.0 to the blockchain which goes beyond the limits of the blockchain of the Bitcoin, rather than naming the blockchain 2.0 to the blockchain adding functionality in the blockchain. But Ethereum has already named the blockchain 2.0, the blockchains that overcome the limitations of the current blockchain should be named 3.0.
Currently, most blockchains have the same limitations as the blockchain of Bitcoin. The most representative limitations are as follows;
1. It is slow. (It takes enough time for the transaction to be confirmed)
2. Scalability is limited. (8 to 10 transactions per second)
3. Sustainable development is difficult. (We need a hardfork to update)
To overcome these limitations, we need a consensus engine that is out of bitcoin's POW-based logic structure.
At this point, two consensus engines are showing a step forward performance and stabiliity. Those are as follows;
The Tendermint engine made by Jaekwon, the main developer of Cosmos hub.
The Graphene engine made by Daniel Larimer, the main developer of EOS, Steem, Bitshare.
In the case of the Tendermint engine, it already has been using by several companys as a commercial blockchain solution, and Daniel Larimer's Graphene engine has already been verified in bit Bitshare and Steem.
If the blockchain 2.0 is represented by Ethereum, then the blockchain 3.0 era will begin with these two consensus engines. Finally, a blockchain is created that can be used in everyday life!
Great work n informative post
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Hello @wans... I feel the seeds of blockchain 3.0 have been sowed in the form of EOSs and Tezoss of the blockchain world.
I still haven't explored much about Tezos, but as much as I have understood EOS, they have some tricks up their sleeves. Speed, horizontal scalability, lowest latency, millions of transactions handling per second & to top it all, everything for free.. If they can deliver on their promises then we would have a winner on our hands.
✌️✌️ Peace..!!
What is the consensus engine of Tezos ? I want to know more about it.
I myself do not have much to offer to you in terms of Tezos, as I also
If EOS is a real deal, then it is the BlockChain 3.0 no question about it. I hope to attend their presentation this week here Washington DC.
I report back :)
@Yehey
Hey @yehey.. Will wait for your report. ✌️ Peace..!!
Blockchain 3.0 may be represented in Graphene and the Tendermint blockchains and certainly appear to be a massive improvement over the original BTC. It will be interesting to see if the future of blockchain includes blockchain at all. The tangle system that IOTA is currently promoting may be the future or a system of equal quality with more transparency. In any case its definitely going to be important to stay on top of the research because technology in this area is moving at a very rapid pace!
I think that all cryptos that still rely on blockchain technology are already outdated, because nowadays we have post-blockchain cryptos like Iota with zero fees, instant transactions and enabled micropayments.
This is silly
I don't understand cryptos really, but your categorization is a new twist, ty.
Tangle;)
Very infomative post! Do check out our ranked list of the top blockchain 3.0 projects as well! Much appreciated!
What is Blockchain 3.0? Top Blockchain 3.0 Projects That You Should Know