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Blockchain OneCoin Leads The Way [Technology]

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Blockchain Technology
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Introduction

Today we will see what is blockchain technology and how it is better than traditional technology. Also, we will see the different generations of Blockchain technology in detail. We are trying to represent the exact definition in very simple language. So that everyone can understand it properly. Blockchain is a safe, secure, fast and transparent technology based on the blocks system. Till now there are three Blockchain generations.

Table of Content

1. What is Blockchain Technology?
2. Advantages Of Blockchain Technology over Traditional technology
3. When Was Blockchain Launched the First Time?
4. Generation Of Blockchain
4.1 Generation 1.0
4.2 Generation 2.0
4.3 Generation 3.0

What Is Blockchain technology?

📚Blockchain: It is the system of connected blocks. In which with the same time, the same data is recorded on multiple blocks.

BlockChain technology is a technology that accurately and securely transmits information from point A to point B. Using algorithms and encryption/decoding technology, packaging and transmitting information according to chain theory. Once information is encapsulated into a block, it is impossible to intervene, edit or block together in a chain-like manner. Blocks and chains are transmitted according to the principle of decentralized consensus. So hackers cannot attack or DECODE information during transmission. In addition, Blockchain technology stores decentralized data at all the nodes it passes through. So hackers cannot interfere, modify or attack when the data is saved.

Advantages Of Blockchain System

👉Security mechanisms cannot be hacked during information transmission and storage.

👉Blockchain stores data in a decentralized mechanism. So even when an objective incident (natural disaster, war …) occurs, the data is not lost as a centralized mechanism.

Àng The more nodes it travels through the network, the greater its security (due to the nature of decentralized consensus)

👉Blockchain helps solve the problem of trust between two individuals and organizations who do not know each other. But still, trust each other completely for transactions to happen without a third party thanks to Smart CONTRACT. Smart Contract (start found in Blockchain 2.0 generation developed by Ethereum). This helps to promote e-commerce transactions.

👉The technology that makes Bitcoin. Bitcoin is the first application in the world to use Blockchain technology. And is also the application that makes BlockChain widely known. Although it was almost 18 years before Bitcoin.

When Was The Blockchain Introduced To The World?

Blockchain technology was born in 1991 by a group of researchers. But nearly 18 years later, in 2008 when Santoshi Nakamoto launched Bitcoin – the world’s first cryptocurrency. The first application running on the Block Chain platform. Blocks Technology is just beginning to be widely known. Because of this detail, many people assimilate Blockchain as Bitcoin and Bitcoin as Blockchain. And mistakenly believe Santoshi Nakamoto invented it.

Versions(Generations) Of Blockchain

1 _ BLOCKCHAIN 1.0:

launched in 1991 with Bitcoin as a representative

Bitcoin It can be said that Bitcoin has completed its MISSION to make the world known about Blockchain widely. And is the premise for cryptocurrency to be accepted in e-commerce transactions.

👉Currently, with a number of unique and unique characteristics, Bitcoin is no longer a Cryptocurrency. A simple cryptocurrency that has become a valuable asset that gold has no age to compare with. By the end of 2017: 1BTC = $ 20k more than 💯 9999 gold only (there will be a separate article about Bitcoin. Why Bitcoin price is so great, is it because Shark made the price as some AC think).

The limitation of Blockchain 1.0 is that there is not yet a smart contract (Smart Contract). Likewise, That helps to promote transactions between two partners who do not have faith in each other. So it still needs a third party for the transaction to occur. And the limitation of Bitcoin is SPEED because it has not completely overcome the principle of “The more network nodes the speed decreases.” Bitcoin’s transaction speed is currently 10-15 minutes but in fact, many transactions are in hours. At this rate, Bitcoin cannot compare with ATM transactions and existing transactions.

2_ BlockChain 2.0:

launched in 2015 represented by Ethereum

👉Ethereum was proposed in late 2013 by Vitalik Buterin. And was officially launched on July 30, 2015. When ETH Cryptocurrency was officially traded.

👉Ethereum (ETH) was born to solve part of the problem of Blockchain 1.0. Also, Bitcoin is to launch Smart Contract 1.0 smart contracts and improve speed.

ETH’s block creation speed is 14-15 seconds, transaction speed increases to about 6 minutes/transaction. ETH was born, followed by a series of Cryptocurrency. Many Cryptocurrency was created on the technology platform of ETH through ERC20 protocol.

The limitation of Blockchain 2.0 is that Smart Contract is limited to the financial field. And some exist when the practical application needs to be completed. The limitation of ETH Cryptocurrency is that it has not fully solved the SPEED problem. (6 minutes/transaction compared to 10-15 minutes of Bitcoin).

Although compared to Bitcoin, ETH improved significantly. And ETH has always tried to improve in order to improve SPEED. But so far it has not completely overcome the principle. The speed will reduce with increasing the nodes. Should not apply widely. But anyway, it also contributes greatly to the overall development of Blockchain technology, Cryptocurrency, and fulfillment of its MISSION.

3 _ BLOCKCHAIN 3.0:

born after Bitcoin exactly 10 years, represented by: ………………………… WHO?

👉Blockchain 3.0 was born with a MISSION to solve the limitations and shortcomings. Generation 1.0, Gen 2.0 represented by Bitcoin, ETH are facing the problem of SPEED and Smart Contract to eliminate completely. third in deals.

Conclusion

3.0 technology is fast then 1.0 and 2.0. Also, It has a KYC system. Likewise, It is more transparent and secure. Also, This technology is the most advanced. We can use it for transactions on the e-commerce website.

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