Have you ever heard of Blockchain 3.0 ? If you are more or less involved in the crypto world you will definetly have seen this being discussed as it is a very popular topic to talk about in this community. But what exactly is Blockchain 3.0 and what is so great about it?
Blockchain 1.0 and 2.0
Blockchain 1.0 was brought to us by Bitcoin, the first successful cryptocurrency. It provides us with a decentralized way of tranfering money without a central institution involved. This gave us the trustless money ecosystem that is secure from censorship and that doesn't need any middlemen.
The birth of Blockchain 2.0 can be attributed to the founding of Ethereum. It can also transfer money just like Bitcoin and it is also decentralized. But it can do a lot more than just tranfering money. It can host decentralized applications, often called DApps, by utilizing a so called smart contract. This is a big leap forward from the centralized apps we use everyday because there is no single entity that controls this platform and it does not produce a few industry giants that control the whole space.
The next step: Blockchain 3.0
Why do we need something new when we already have blockchain 2.0 that we can use to transfer money and host decentralized apps? In theory that is true, we don't really need somthing new. But Blockchain 2.0 has many problems. While it can run decentralized apps in theory the practical experience tells us that these DApps are slow, insecure and can clog up the whole network. One very prominent example was when the app Cryptokitties slowed down the entire Ethereum network. When one popular game can slow down the entire network how are we supposed to transition to decentralized apps with the thousends of extremely popular apps on the google or the apple app store?
This is the problem that Blockchain 3.0 is trying to solve. It is about hosting massive decentralized applications that are fast, safe and useable on a day to day basis. The most known projects in this are are Cardano(ADA) and EOS. They are both meant to host these massive DApps.
If you liked the article please upvote, comment or follow us!
Read our latest post about a promising ICO:
https://steemit.com/blockchain/@cryptoinvesthub/the-first-big-competitor-to-steem-typerium-io