The birth of the blockchain technology just under a decade ago with the inception of bitcoin has been nothing short of fascinating. This revolutionary technology is one that truly fits the description of “Revolution” as it is potentially the single most disruptive human creation since the beginning of time. The general belief is that whatever man creates, another man with better skills can do it, sabotage or even counterfeit it maliciously. The blockchain technology is the first man-made creation to buck that trend as it has so far proved its immutability and absolute reliability while reinventing the way we create and distribute value amongst ourselves.
But despite its tremendous strides, the early days of the blockchain technology is not without a few challenges here and there. Bitcoin was the pioneering stage, and with the birth of Ethereum (and Smart Contracts) in 2014, it was said to be the second stage of the blockchain. However due to intractable problems such as the lack of scalability, being stubbornly not user-friendly, being exceptionally expensive to deploy for business, the blockchain technology was still not in a form where it was ready for mass adoption. In comes Blockchain 3.0, the latest epoch in the journey of this amazing technology, with the view of solving the main problems that riddle the industry.
What is Blockchain 3.0?
As earlier stated, the two previous stages of the blockchain technology have been marked by the birth of Bitcoin and Ethereum respectively. The main difference between this two has been the way a consensus is reached on their respective blockchains with Bitcoin running on a Proof-of-Work protocol, while Ethereum partly uses a Proof-of-Stake with an added feature of having a Smart Contract capability. With blockchain 3.0, the new generation blockchains come into existence with a focus to address the pressing issues plaguing both Blockchain 1.0 and 2.0 via different protocols, techniques and frameworks. High scalability, interoperability, adaptability, sustainability, privacy as well as instantaneous transactions are features that separate Blockchain 3.0 from its predecessors.
Some of the most recognizable names that are currently making waves in this brave new stage in the evolution of the blockchain technology include:
Disclaimer: The purpose of this list is not to pick the ” best ” cryptocurrency. The fundamental purpose of this list is to encourage community engagement and intellectual debate among the supporters of different cryptocurrency projects. We provide a third-party platform that hopefully makes people think. Too many times people are blinded by the community enthusiasm in official social media channels of individual projects and fail to see through the veil. By bringing supporters of different projects together, we hope to unravel the actual value and sentiment of each project via civilized debates. p.s. Nothing in this article should be treated as financial advice.
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Cardano is a completely unique blockchain startup which right from its inception took a different route in manifesting from the rest of the industry. Cardano is said to be the peer-reviewed blockchain that was built from the bottom up with unique features that will in one fell swoop obliterate the current problems that plague the industry. Cardano is a highly scalable blockchain that seeks to bring exception interoperability, security, and affordability to the industry the like of which has never been seen before. What Cardano also brings that is new is its self-governing structure and the fact that unlike most other outfits, it has a constant revenue stream which will be used in hiring the most brilliant minds to keep the platform up to date and in-tune with rising challenges.
ICON is looking to “Hyperconnect” the world through their central Loopchain technology in their attempt to build the largest interconnected decentralized network in the world. According to the ICON team, they have managed to established strategic partnerships with some of the major enterprise and institutions in South Korea. ICON is designed to unite and unify all existing and future blockchains with an interconnected ICON network. The ICON network makes it possible to form connective bridges among other blockchains such as that of Ethereum, NEO and Bitcoin alike which could be something really promising if the team is able to deliver their promise and vision.
Aion claims to be a multi-tier Blockchain with a focus to address the scalability, privacy as well as the interoperability of Blockchains. Aion provides the middleground that enables effective communications among blockchains, be it public or private. These capabilities are made possible by Anion thrid-generation public blockchain, known as Aion-1 , which is designed to facilitate the connectivity of different blockchains besides managing its own decentralized apps.
Wanchain is another big name when it comes to next generation blockchain platforms. Wanchain is a gamechanger when it comes to the future of this technology as it not only addresses the stubborn scalability problem by having the ability to process thousands of transactions every second, it also solves the problem of blockchains being isolated from one another. The lack of interoperability and effective communication across blockchains is said to be among the major problems faced by the industry. What Wanchain does is offering a solution via Smart Contract capabilities across unique blockchains, opening them up for mass adoption by businesses.
Zilliqa is a next generation high-throughput blockchain platform that is designed to scale in a distributed network securely. The hallmark feature that contributes to the scalability of Ziliqa is called sharding which essentially means breaking the network into smaller component network known as shards to enable parallel transaction processing. This novel protocol enables the increase of transaction rates along with the expansion of its network, potentially provide a very viable solution to scalability issue that has been plaguing other blockchains.
ArcBlock claims to be the world’s first blockchain ecosystem for building and deploying decentralized applications. ArcBlock focuses on bridging the gap between different blockchains by developing an open chain access layer that enables them to span across multiple blockchains. ArcBlock strives to become a comprehensive solution that combines blockchain technology as well as cloud computing. This enables the developers to develop and deploy decentralized applications across blockchain. The team also aim to provide an incentive-driven marketplace for reusable services, apps and so on.
EOS is a platform that is among the earlier discussants and providers of solution that would later usher in the Blockchain 3.0. The focus of EOS is mainly in proving that the blockchain technology can be expanded for truly massive usage without compromising security. EOS is a highly scalable platform that is fast and prides itself on great security it offers its users across the globe.
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