Phases of Evolution of Blockchain

07/05/2024, 22:51 Phases of Evolution of Blockchain - GeeksforGeeks
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Phases of Evolution of Blockchain

Last Updated : 26 Nov, 2022
A Blockchain is a series of blocks that each contain a specific piece of
information. Consequently, a Blockchain is a ledger, or file, that continuously
expands and permanently records every transaction. Every transaction occurs
after the one before it in a secure, sequential, and unchangeable manner during
this procedure. A new block is generated each time an information storage
block is finished.
What is Blockchain?
A blockchain is a particular sort of distributed ledger technology (DLT) that
consists of a growing list of records, known as blocks, that are safely connected
to one another using cryptography. Each block also includes transaction data, a
timestamp, and a cryptographic hash of the preceding block (generally
represented as a Merkle tree, where data nodes are represented by leaves).
The timestamp demonstrates that the transaction data was present at block
creation. A chain is effectively formed by the blocks since each one links to the
blocks before it because each block includes information about the blocks
before it (see linked list data structure). Therefore, once a transaction is
recorded, it cannot be undone without also undoing all subsequent blocks,
making blockchain transactions irreversible.
The impact that blockchain technology is having on a variety of industries,

including banking, healthcare, supply chains, education, and other fields,
makes it one of the most innovative technologies of the twenty-first
century.
A number of applications have emerged, all but underscoring the kind of
impact that blockchain is likely to have as the race for digital economies fast
grows up since it was first launched in the early 1990s, at which point its
popularity began to expand.
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https://www.geeksforgeeks.org/phases-of-evolution-of-blockchain/ 1/13
The initial work on a cryptographically protected blockchain where the time

stamp of documents was unaltered was done in the 1990s by S. Haber and W.
Scott Stornetta, and that is how the Blockchain came to be.
Evolution of Blockchain Technology

1. Bitcoin: The peer-to-peer network used by Bitcoin, the first decentralized
cryptocurrency, eliminates the need for middlemen. A person or group of
persons going by the moniker Satoshi Nakamoto created the Bitcoin
cryptocurrency in 2008. Transactions for Bitcoin are kept on the public
ledger known as the blockchain. Right now, there are more than 18.
compared to the current ceiling of 21 million Bitcoin tokens in circulation.
2. Litecoin: Charlie Lee, a former Google employee, invented Litecoin in 2011.
Shorter transaction speeds, cheaper fees, and a concentration of miners
AI ML DS Data Analysis Data Visualization Machine Learning Deep Learning NLP Computer Vision AI ML
were some of the improvements he made to Bitcoin technology.
3. Ethereum: Vitalik Buterin introduced Ethereum in July 2015. The second-
largest cryptocurrency by market cap right now is Ethereum, behind only
Bitcoin. The blockchain platform Ethereum has its own programming
language, Solidity, as well as its own digital currency, Ether (ETH).
4. Ripple: Like Litecoin or Bitcoin, Ripple is a sort of cryptocurrency that runs
on an open-source, peer-to-peer, decentralized platform that enables easy
money transfers in any format. A blockchain-based digital payment network
and protocol called Ripple has its own money called XRP.
5. NEO: NEO, formerly known as Antshares and developed in China, is actively
aiming to overtake other key cryptocurrency players on the international
stage. It focuses on smart contracts, or digital contracts, which let users
draft and carry out contracts without the aid of a middleman.
6. IOTA: IOTA, a 2016 invention, is an Internet of Things (IoT) application. By
2020, there would be billions of gadgets online. Smart devices can
communicate data and payment information with numerous other devices in
transactions carried out throughout the day inside this Internet of Things
environment. IOTA wants to replace other methods of performing
transactions on smart devices as the norm.
Phases of Evolution of Blockchain

Below
site, you is an explanation
acknowledge that you have readofandthe several
understood ourphases in the
Cookie Policy evolution
& Privacy Policy of blockchain:
1. Phase 1 (Transactions)
2008-2013: Blockchain 1.0 (Bitcoin Emergence): Blockchain 1.0 is the first

blockchain type that supports Digital currency, Distributed Ledger, Merkle tree,
Blockchain data, and PoW. This is the first blockchain type to support Bitcoin
as a form of currency. Satoshi Nakamoto first presented it in 2008. Version 1.0
is the initial release. Cryptocurrencies or the Internet of Money enable financial
transactions over the internet. It uses a 16-bit architecture and is the most
basic type.
2. Phase 2 (Contracts)
2013-2015: Blockchain 2.0 (Ethereum Development): Blockchain 2.0

supports Smart contracts, Virtual machines, and Decentralized, Distributed
Applications.
Because Bitcoin has some restrictions, Vitalik Buterin started developing

what he thought would be a flexible blockchain that can serve a variety of
purposes in addition to acting as a peer-to-peer network.
A significant turning point in the history of the blockchain came when
Ethereum was introduced as a brand-new public blockchain in 2013 with
more features than bitcoin.
By allowing users to record other assets like trademarks and contracts in
addition to bitcoin transactions, Vitalik Buterin created Ethereum apart from
the Bitcoin
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The most recent addition expanded Ethereum’s capabilities beyond those of

a coin to include a platform for creating decentralized apps.
Given its capacity to support smart contracts used to carry out diverse
operations, the Ethereum blockchain has developed to become one of the
most popular implementations of blockchain technology in 2015.
The Ethereum blockchain technology has also been successful in uniting a
vibrant developer community, which has enabled it to create a true
ecosystem.
Due to its capacity to handle smart contracts and decentralized apps,
Ethereum blockchain innovations have the most daily transactions. In the
cryptocurrency industry, its market cap has also significantly increased.
2015: Hyperledger:
A blockchain project called Umbrella was made public by the Linux

Foundation in 2015.
They are referred to as Hyperledger, which up until now has served as a
joint effort for distributed ledger development.
Hyperledger aims to encourage cross-industry cooperation for the creation
of blockchain technology and distributed ledgers under the direction of
Brain Behlendorf.
Hyperledger is focused on enhancing the performance and dependability of
contemporary systems to support cross-border corporate transactions.
3. Phase 3 (Applications)
2016-2018: Blockchain 3.0 (DApps): Blockchain 3.0 supports scalable, good

user interface, user experience, and interoperable applications.
In recent years, a number of projects have emerged that use the possibilities
of blockchain technology. In recent years, a number of projects have
emerged that use the possibilities of blockchain technology.
Along with developing new features that make use of blockchain
technology, several projects have aspired to overcome some of the
shortcomings of Bitcoin and Ethereum.
Among the latest blockchain applications is NEO, which claims to be the
first open-source, decentralized, and blockchain platform to be introduced in
China.
Jack Ma, the CEO of Alibaba, has already endorsed NEO, which is
positioning itself as the Chinese Ethereum and aims to rival Baidu’s
influence in the nation.
The cryptocurrency platform was created for the Internet of Things
environment because it strives to offer no transaction fees as well as
distinctive verification procedures.
Some developers decided to use blockchain technology to hasten the
growth of the Internet of Things, and as a result, IOTA was created.
Additionally, the Second-Generation Blockchain Platform, IOTA, and NEO
are making waves in the market.
The blockchains for Monero, Zcash, and Dash were created as a way to
overcome some of the security and scalability problems related to
blockchain applications.
Describe as privacy The three blockchain platforms, including altcoins, aim
to offer very high levels of transaction security and anonymity.
When it comes to investigating the blockchain applications that are
emerging in what is now known as private, hybrid, and federated
blockchains, collaborations like Microsoft and Microsoft seem to have some
direction.
2017: EOS.IO:
A new Blockchain system powered by EOS as the native cryptocurrency

went into effect in 2017 thanks to the publication of a white paper by a
private business block outlining it.
The GPU and CPU are just two examples of characteristics that EOS
attempts to mimic. The decentralized operating system IO also functions as
a platform for smart contracts.
The primary objective is to encourage the adoption of decentralized
applications (dApps) via a self-sufficient decentralized organization.
The main objective is to promote the implementation of decentralized apps
through an independent decentralized business.
Decentralized peer-to-peer networks are used by DApps (decentralized
applications) to run their backend code.
A dApp can have user interfaces and frontend Blockchain example code
written in any language that can call its backend, just like a conventional
App.
2020: The Future: Blockchain 4.0 (Industry): Blockchain 4.0 describes

solutions and approaches that make blockchain technology usable for business
and industry needs.
Because so many businesses, governments, and other organizations are

investing heavily in blockchain technology to encourage new developments
and uses, the future of the technology appears promising.
Both supply management and the cloud computing industry are already
making extensive use of the technology.
Future applications of the technology should include fundamental tools like
internet search engines.
By 2022, at least one blockchain-based company will reportedly be worth
more than $10 billion, according to Gartner Trend Insights.
The research firm predicts that as a result of the blockchain digital
transformation, the business value would surpass $3.1 trillion by 2030 and
reach over $176 billion by 2025.
Blockchain 3.0 (DApps):
Blockchain 4.0 (Industry):
Year Blockchain 1.0 Blockchain 2.0 Blockchain 3.0
Normal Ledger
High
transaction
2008- fees
2013 Efficiency: 4-6
TPS
Example:
Bitcoin
Smart Contract /
DApps
Resource based
2013-
transaction fees
2015
Efficiency: 7-14
TPS
Example: Ethereum
Year Blockchain 1.0 Blockchain 2.0 Blockchain 3.0
Smart Contract /
DApps
Programmable
Connected to IOT
2016-
Transaction fees no
2018
required
Efficiency: up to 10k
TPS
Example: EOS
Blockchain Evolution Timeline
Timeline Blockchain Bitcoin Ethereum NEO
Working on the first

1991- blockchain are
2008 Stuart Haber and
Scott Stornetta.
White Paper
on Bitcoin is
2009 published by
Satoshi
Nakamoto.
10,000BTC
is spent on
2010 Bitcoin for
the first
time.
The Bitcoin Ethereum

market now White Paper is
2013
exceeds $1 Published by
billion. Vitalik Buterin.
Crowdfunding
Provides
2014 Support For
The Ethereum
Blockchain.
For the purpose of

implementing
blockchain
technology,
Blockchain
2014 Technology R3 is
established, along
with a consortium of
more than 40 legacy
financial
institutions.
Erik Zhang
and Da
Hongfei
2014 Introduce
the NEO
Project as
Antshares.
Release of
Ethereum’s
2015
Second
Blockchain.
2015- Continued
2018 Development of
Blockchain
Technology
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cryptocurrency use
and businesses
using technology to
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07/05/2024, 22:51 Phases of Evolution of Blockchain - GeeksforGeeks

The impact that blockchain technology is having on a variety of industries,

The initial work on a cryptographically protected blockchain where the time

Evolution of Blockchain Technology

Phases of Evolution of Blockchain

2008-2013: Blockchain 1.0 (Bitcoin Emergence): Blockchain 1.0 is the first

2013-2015: Blockchain 2.0 (Ethereum Development): Blockchain 2.0

Because Bitcoin has some restrictions, Vitalik Buterin started developing

The most recent addition expanded Ethereum’s capabilities beyond those of

A blockchain project called Umbrella was made public by the Linux

2016-2018: Blockchain 3.0 (DApps): Blockchain 3.0 supports scalable, good

A new Blockchain system powered by EOS as the native cryptocurrency

2020: The Future: Blockchain 4.0 (Industry): Blockchain 4.0 describes

Because so many businesses, governments, and other organizations are

Blockchain 3.0 (DApps):

Blockchain 4.0 (Industry):

Year Blockchain 1.0 Blockchain 2.0 Blockchain 3.0

Year Blockchain 1.0 Blockchain 2.0 Blockchain 3.0

Blockchain Evolution Timeline

Timeline Blockchain Bitcoin Ethereum NEO

Working on the first

The Bitcoin Ethereum

Timeline Blockchain Bitcoin Ethereum NEO

For the purpose of

Timeline Blockchain Bitcoin Ethereum NEO

Blockchain of Things (BoT)

Share your thoughts in the comments Add Your Comment

Create simple Blockchain using Python Implementation of Blockchain in Java

Flutter and Blockchain - Hello World Integration of Artificial Intelligence and

How to use GANACHE Truffle Suite to Introduction to Blockchain technology |

Introduction to Blockchain technology | What is Blockchain Wallet?

Smart Contracts in Blockchain Hyperledger Explorer in Blockchain

Article Tags : Technical Scripter 2022 , Blockchain , Technical Scripter

A-143, 9th Floor, Sovereign Corporate

Data Science & ML Web Technologies

Python Tutorial Computer Science

School Subjects Commerce

UPSC Study Material Preparation Corner

Competitive Exams More Tutorials

Free Online Tools Write & Earn

@GeeksforGeeks, Sanchhaya Education Private Limited, All rights reserved

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