jayasuriyan
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From the first-born network created with bitcoin to the emergence of decentralized applications
Blockchain technology has managed to position itself as one of the most attractive technological advances and with the best perspective in implementation and use within the conception of how they interact with the Internet. But its history can be understood as confusing.
The first blockchain example is even more controversial. There is no exact information about who its developer or developers are: The project is Bitcoin, but Satoshi Nakamoto remains today in the deepest anonymity.
Blockchain began its journey back in 1991 with the big problem that at that time, developers failed in its practical implementation. He tried to use this technology as a tool to help design a time-sealing system for documents that could not be altered. Unsuccessfully.
10 years later Nakamoto launches the bitcoin blockchain, thus giving birth to the first generation of the blockchain
1ST GENERATION
With the birth of bitcoin, a peer to peer (P2P) payment system based on the blockchain that gradually became consolidated in the market. This first generation is based on a Proof-of-Work validation system (proof of stake: with a reward for the creation of a new block that is assigned to the miner who first resolves the operation)
During the innovation of this 1st generation of blockchain, the Goldman and Sachs bank decided to build its own blockchain and the first payment operation with BTC (bitcoin) was recorded in 2010 in the purchase of two pizzas, as well as the birth of others currencies: LiteCoin and SwiftCoin, added to Ripple in 2012.
This bitcoin blockchain failed to be able to provide efficiency to operations. From there arose the need to look for real applications of this technology to solve real problems.
2ND GENERATION
Ethereum was responsible for introducing us to this new stage with its concept of intelligent Electronic Contracts (Smart Contracts). Furthermore, ETH consolidated the idea of Proof of Stake (proof of stake: without a reward for the creation of a new block), laying the foundation for the development of decentralized applications through the use of the ERC20 standard token.
However, Ethereum had the same underlying problem that affected bitcoin: scalability and low transaction speed. To achieve the speed ratio of an operation carried out through the classic banking system, the existence of a much more powerful and powerful blockchain consulting services is necessary. Currently there are numerous projects aimed at improving this speed in operations: NASQAD in 2015 or the most recent attempts by IBM dating back to the beginning of 2016; Google, Amazon or Microsoft are currently doing tests aimed at improving that speed.
3RD GENERATION
New concepts and ways of understanding the blockchain are born within this type of projects: not only aimed at improving the speed of transactions but, for example, aimed at understanding and configuring new uses of it (parallel blockchains).
Governments that already adopt this technology in many of their structures; Estonia leading the way in adoption, Georgia with the tokenization of the Property Registry, Pakistan launching an official blockchain teaching and certification platform, are just some of the most notable examples of real applicability by States in relation to this technology.
While it is shouted that 2018 was the year of the blockchain (with the birth of ICOs), as we enter a new stage of the blockchain we cannot ignore the current problems that continue to exist in relation to it. One of the biggest concerns begins to be information security; referrals to third dApps or third contracts, to oracles for the use of Smart Contracts, to the possibility of inserting malicious code in the lines of Solidity code, begin to uncover one of the main problems we face today in the adoption of this technology. By recording the information in a blockchain, I will not be able to ignore specific security measures. Here it would be convenient to stop along the way and analyze what the Personal Data Protection regulations say in this regard, for which, luckily, we have the analysis guide between the GDPR and Blockchain from the European Union Blockchain Observatory.
4TH GENERATION OF BLOCKCHAIN
Despite everything, we are still in the development phase of this technology. The possibilities are truly endless, we are not even able to understand how blockchain is changing and will change the way we understand business.
The fourth generation or blockchain 4.0 aims to solve all these problems suffered by its predecessors. Businesses are ready to adopt this technology and I would not only say ready, but I would add, eager for it. But we need a more secure environment that sets up a much more flexible blockchain.
The creation of new applications based on blockchain is unstoppable. The aim of this new generation is to be able to meet the requirements demanded by the user. Several projects at the helm, in which one or two eyes must be kept open, currently prominently leading Metahash, which aims to change the aforementioned Proof-Of-Work and Proof-of-Stake systems allowing all involved in the chain can participate in the mining process, in addition to significantly increasing the speed of operations. Meta also provides us with the appropriate platform for creating decentralized applications quickly and securely.
Day after day we wake up with new projects and advances that have taken shape while we slept. Blockchain technology is capable of changing at this rate and I have no doubt that this fourth generation will not be the last one we will see.
Blockchain technology has managed to position itself as one of the most attractive technological advances and with the best perspective in implementation and use within the conception of how they interact with the Internet. But its history can be understood as confusing.
The first blockchain example is even more controversial. There is no exact information about who its developer or developers are: The project is Bitcoin, but Satoshi Nakamoto remains today in the deepest anonymity.
Blockchain began its journey back in 1991 with the big problem that at that time, developers failed in its practical implementation. He tried to use this technology as a tool to help design a time-sealing system for documents that could not be altered. Unsuccessfully.
10 years later Nakamoto launches the bitcoin blockchain, thus giving birth to the first generation of the blockchain
1ST GENERATION
With the birth of bitcoin, a peer to peer (P2P) payment system based on the blockchain that gradually became consolidated in the market. This first generation is based on a Proof-of-Work validation system (proof of stake: with a reward for the creation of a new block that is assigned to the miner who first resolves the operation)
During the innovation of this 1st generation of blockchain, the Goldman and Sachs bank decided to build its own blockchain and the first payment operation with BTC (bitcoin) was recorded in 2010 in the purchase of two pizzas, as well as the birth of others currencies: LiteCoin and SwiftCoin, added to Ripple in 2012.
This bitcoin blockchain failed to be able to provide efficiency to operations. From there arose the need to look for real applications of this technology to solve real problems.
2ND GENERATION
Ethereum was responsible for introducing us to this new stage with its concept of intelligent Electronic Contracts (Smart Contracts). Furthermore, ETH consolidated the idea of Proof of Stake (proof of stake: without a reward for the creation of a new block), laying the foundation for the development of decentralized applications through the use of the ERC20 standard token.
However, Ethereum had the same underlying problem that affected bitcoin: scalability and low transaction speed. To achieve the speed ratio of an operation carried out through the classic banking system, the existence of a much more powerful and powerful blockchain consulting services is necessary. Currently there are numerous projects aimed at improving this speed in operations: NASQAD in 2015 or the most recent attempts by IBM dating back to the beginning of 2016; Google, Amazon or Microsoft are currently doing tests aimed at improving that speed.
3RD GENERATION
New concepts and ways of understanding the blockchain are born within this type of projects: not only aimed at improving the speed of transactions but, for example, aimed at understanding and configuring new uses of it (parallel blockchains).
Governments that already adopt this technology in many of their structures; Estonia leading the way in adoption, Georgia with the tokenization of the Property Registry, Pakistan launching an official blockchain teaching and certification platform, are just some of the most notable examples of real applicability by States in relation to this technology.
While it is shouted that 2018 was the year of the blockchain (with the birth of ICOs), as we enter a new stage of the blockchain we cannot ignore the current problems that continue to exist in relation to it. One of the biggest concerns begins to be information security; referrals to third dApps or third contracts, to oracles for the use of Smart Contracts, to the possibility of inserting malicious code in the lines of Solidity code, begin to uncover one of the main problems we face today in the adoption of this technology. By recording the information in a blockchain, I will not be able to ignore specific security measures. Here it would be convenient to stop along the way and analyze what the Personal Data Protection regulations say in this regard, for which, luckily, we have the analysis guide between the GDPR and Blockchain from the European Union Blockchain Observatory.
4TH GENERATION OF BLOCKCHAIN
Despite everything, we are still in the development phase of this technology. The possibilities are truly endless, we are not even able to understand how blockchain is changing and will change the way we understand business.
The fourth generation or blockchain 4.0 aims to solve all these problems suffered by its predecessors. Businesses are ready to adopt this technology and I would not only say ready, but I would add, eager for it. But we need a more secure environment that sets up a much more flexible blockchain.
The creation of new applications based on blockchain is unstoppable. The aim of this new generation is to be able to meet the requirements demanded by the user. Several projects at the helm, in which one or two eyes must be kept open, currently prominently leading Metahash, which aims to change the aforementioned Proof-Of-Work and Proof-of-Stake systems allowing all involved in the chain can participate in the mining process, in addition to significantly increasing the speed of operations. Meta also provides us with the appropriate platform for creating decentralized applications quickly and securely.
Day after day we wake up with new projects and advances that have taken shape while we slept. Blockchain technology is capable of changing at this rate and I have no doubt that this fourth generation will not be the last one we will see.