The four blockchain generations

By MikeZillo | Blockchain Insights | 1 Oct 2020


We talk about Blockchain as a God, as it is a unique source of uniqueness, of transparency, of trustworthy. Anyway this conception is wrong and Verge and Ethereum Classic are crystal clear examples that also blockchains can fail.
The first generation was the Bitcoin one. Democratic and public money, that could be transferred among addresses (public keys) and the public ledger recording all data.
The second generation, with smart contracts and the opportunity to insert more and more information into the blockchain. Anyway, the first smart contract is not connected to blockchain and cryptocurrencies. The first Smart contract goes back to the 70s with a logical check for the renewal of a computer license. If the user paid the renewal, the license would still be active. If the user did not pay the renewal the licence was shutting down. Logical check, to control congruence and consequentiality of data.
The third generation, introducing sharding and network speed optimization.
The fourth with oracles. The real revolution, where the real world can actually integrate with the smart contract and the blockchain. Do you think that a smart contract can track the sun radiation on a orange field? Well, no. But an oracle can translate those inputs to a smart contracts that will record data in a fixed manner on the Blockchain, and the customer will then know if the oranges will be of a high quality or a high water content.
I will go deeper into the blockchain things. I have just started writing here and I find it very funny and a great way to share ideas and thoughts!

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MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Blockchain Insights
Blockchain Insights

Working as a consultant for Blockchain projects, an operative experience comes by itself. In this Blog I am share Blockchain applications, pros and cons, practical use cases I got in touch with. Of course, a good understanding of the topic will be provided with dedicated contents

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