With its specialized and constantly evolving ecosystem, Blockchain is certainly beyond the boundaries of the Finance and Banking industry, paving the way for a broader range of other areas globally. Blockchain 3.0 will soon be named as global integration in the context of the digital revolution 4.0.
It is true that the sooner a technology is, the faster it will become outdated. With the rapid development of mankind, it is understandable that previously powerful protocols and technologies have now become useless in the new digital era with many visible shortcomings.
Learn more: What is Blockchain 1.0
Why was Blockchain 3.0 born ?
Why was Blockchain 3.0 born ?
The obsolete Blockchain 1.0 and 2.0 platforms are the most obvious evidences.
- Transaction speed is too slow (only 5 to 7 transactions per second) because there are too many users. This is somehow unacceptable in the financial industry where the IBM network can handle 20,000 transactions / seconds quickly.
- High security is a two-blade knife, making users feel uncomfortable. If you accidentally forgot your password and want to get a new one, it would be as challenging as «looking for a needle in a haystack» because in Blockchain's structure, there is no third party to verify users’ behavior.
- Most importantly, the old Blockchain platform is vulnerable to attack by the users themselves when users in the same network come together as a group (also known as 51% attacks).
There are too many things to worry about; therefore, this brings up the question whether there is another innovation that helps Blockchain 1.0 and 2.0 improve all the weaknesses, upgrade to a higher level and adapt to the society of technology. And at that time, Blockchain 3.0 technology, with the typical representative of ArcBlock, emerged.
Learn more: What is Blockchain 2.0
What is Blockchain 3.0 ?
What is Blockchain 3.0?
The structure of the Blockchain 3.0 platform includes: Data + Smart Contract + Cloud Node + Open Chain Access Protocol + Blocklet + Incentive For Self-evolution, etc.
In a nutshell, the Blockchain 3.0 is a new platform upgraded from the old Blockchain (1.0 + 2.0) with a series of additional features, including:
- Data: Data is encoded on the integrated block from the Blockchain version 1.0
- Smart Contract: Integrated smart contract feature from Blockchain 2.0
- Cloud Node: Scripts implemented in the Cloud platform. The partners ArcBlock is aiming include: Amazon, Microsoft, Google, and other large-scaled service providers in the world
- Open Chain Access Protocol: The Open Chain Access Protocol is a blockchain open protocol developed by the ArcBlock team.
- Blocklet: New architecture of computer network when operating without server to access.
This model allows the user's computer to participate in the Blockchain system can work together at the peer level.
Accordingly, Blockchain 3.0 technology is able to overcome the drawbacks of the old platform. Moreover, Blockchain 3.0 provides users with friendly features and the capacity to build up their own customized blockchain. Blockchain 3.0 brings human beings to the world of digital technology in a better, faster and more remarkable way.
What do experts say about Blockchain 3.0?
Leading experts in blockchain are now commenting on the new platform: "In the near future, Blockchain 3.0 will be the" source platform "for all Blockchain platforms at the moment. More accurately, ArcBlock will represent a new platform, which is Blockchain 3.0.
Learn more: What is Blockchain 3.0