System, Innovation, “Blockchain” Course, The Evolution of Blockchain”, The basic working principle of blockchain has been developing rapidly in the past few years from the original Bitcoin protocol to the second generation of the Ethereum platform. And now we are building the so-called blockchain 3.0 In this evolution.
We can see how this technology has evolved from an initial form of a database to a fully-fledged globally distributed cloud computing. In this session, we will trace the past present, and future of blockchain technology.
The first blockchain was proposed in 2008 by an anonymous person or organization named Satoshi Nakamoto. The concept and technical details are described in a public white paper, titled “Bitcoin A Peer-to-Peer Electronic Cash System”.
These ideas were then first realized in 2009 and became the core elements supporting Bitcoin making Bitcoin the public ledger for all transactions.
The Evolution of Blockchain: From Bitcoin to Ethereum and Beyond
The invention of the Bitcoin blockchain makes it the first digital currency that does not need to go through any trusted authority or central service provider. To solve the double payment problem. It wasn’t until later that we really separated the concept of the blockchain from its concrete application as a currency.
Like Bitcoin, we see a more general application of the technology behind blockchain that goes beyond digital currencies.
It can act as a distributed. ledger that tracks and records any form of value exchange, Bitcoin’s design, has been an inspiration for other applications and has played an important role as a relatively large-scale proof of concept.
Within a few years. The second generation of blockchain emerged. It is designed as a network on which developers can build applications, opening a new chapter of blockchain as a “, decentralized virtual computer”. This technology was first realized by the ” Ethereum” platform.
Ethereum: The Second-Generation Blockchain Platform Revolutionizing Decentralized Applications and Smart Contracts
Ethereum is an open-source public, blockchain-based decentralized computing platform with smart contract functionality. It provides a decentralized Turing-complete virtual machine that can execute computer programs using global network nodes.
Ethereum was originally mentioned by Vitalik Buterin in a white paper at the end of 2013, with the goal of building decentralized applications. The system went live on July 30 2015 and has been very successful in attracting a large and active community of developers, supporters, and businesses.
The important contribution of Ethereum as the second-generation blockchain is that it expands the blockchain from the database that is mainly used in Bitcoin to more general-purpose platforms that run decentralized applications and smart contracts. We’ll cover this more fully.
Ethereum Leads the Way in Decentralized Application Development on Global Distributed Cloud Computing Platforms.
In upcoming lessons As of 2018, Ethereum is the largest and most popular platform for building decentralized applications, and many different types of applications have been built on it from social networks and identity systems to prediction, markets, and many types of financial applications. Ethereum is a big step forward.
The emergence of the Ethereum platform has made the development direction of technology more and more obvious, that is, towards the development of globally distributed computers and huge global distributed cloud computing platforms.
On top of it, we can run any application at scale and speed with the security resilience and trustworthiness that blockchains have today.