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Jagroop Singh
Jagroop Singh

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Blockchain Version : Evolution from Currency to DApps

Hi there !! , I just started learning Blockchain and it's my new year resolution to become Blockchain Developer in 2023 .

In this article I will share the versions of Blockchain . If you want to know more about Blockchain please refer my first blog :
Introduction to Blockchain

Evolution of Blockchain from Version 1 to 3 are described below :

BLOCKCHAIN 1.0 [ CryptoCurrency ] :
In 2005 ,Hal Finney was firstly introduced the concept of Creating Money through solving computational problems.

He firstly introduced the concept of Cryptocurrencies.Here, he implemented the distributed ledger technology and this ledger allow financial transactions based on Blockchain Technology.

Example :
Bitcoin is the example of Blockchain 1.0 [ Currency] and It is popularly known as Cash of Internet.

Also, This type of Version is permissionless as any participant will perform valid transaction of Bitcoin.

BlockChain 2.0 [ Smart Contracts]
The new Version of BlockChain come because there is a problem in version 1.0 which was Mining of BitCoin was Wasteful and there was also lack of Scalability of Network in it. So this problem is improved in Version 2.0. In this version, the BlockChain is not just limited to Cryptocurrencies but it will extend up to Smart Contracts.

Thus, Small Contracts are Small Computer’s which live in the Chains of Blocks. These Small Computer’s are free computer programs that executed automatically, and check the condition defined earlier like facilitation, verification or enforcement and reduce transactions cost efficiency.

In BlockChain 2.0, BitCoin is replaced with Ethereum. Thus, BlockChain 2.0 was successfully processing high number of Transactions on Public network rapidly.

BlockChain 3.0 [DApps]
After Version 2.0, new version was introduced which includes DApps which is known as Decentralized Apps. A DApp is like a conventional app, it can have frontend written in any language that makes calls to its backend, and its backend code is running on decentralized Peer-To-Peer Network. It makes use of decentralized storage and communication which can be Ethereum Swarm etc.

There are many decentralized Applications like BitMessage, BitTorrent, Tor, Popcorn, etc.

So, that's for this Blog. I will surely add Blogs for Blockchain from now so that whenever I need Revision I will use these blogs. Also it will help others to gain knowledge from these blog.
If anyone is Blockchain Expert or also learning Blockchain feel free to add more content in comments.

Top comments (1)

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Jagroop Singh

Thanks for sharing.