Versions of blockchain technology have grown in popularity to store transactions and data in a decentralized and transparent manner. Blockchain technology has been evolving and growing since 2009; it is now more than just bitcoins and cryptocurrency. The progression of blockchain technology from version 1.0 to version 3.0 is demonstrated in the following description.
Blockchain 1.0 is the first cryptocurrency to safeguard the recording of Bitcoin transactions on a public ledger. Its original iteration was made possible by the use of distributed ledger technology. It is a permissionless blockchain in which any participant can complete a legal bitcoin transaction. It functions as a simple state machine that can be used as a bitcoin transaction platform. In the same way, as a state machine handles the transition between valid states, a blockchain records and administers bitcoin transactions between valid network participants.
Smart Contracts, which are tiny self-executing computer programs that exist on the blockchain, are new concepts in version 2.0 of the blockchain. Bitcoin is replaced by ethereum in Blockchain 2.0. One of the most successful blockchain applications is the smart contract, which aids in the cost-effective reduction of transactions. The Ethereum network is the most refined platform for designing and executing smart contracts. As an alternative to standard contracts, this is employed.
Dapps in Blockchain 3.0 Unlike centralized apps that run on a single computer, decentralized applications run in the opposite direction. A Dapp functions similarly to a traditional app in that it can have a frontend (written in any language) that can communicate with its backend. A Dapp's frontend can be hosted on decentralized storage, such as Ethereum's Swarm. A network of blockchains is not required for decentralized apps to run. Many decentralized programs, such as BitMessage, BitTorrent, Tor, Popcorn, and others, run on a P2P network.
The goal of the fourth generation blockchain, known as blockchain for industry, is to fix all of the issues that have plagued the previous three generations. Blockchain 4.0 highlights the tactics and approaches that enable businesses to use blockchain technology. Various firms are attempting to create a scalable, versatile, and economic blockchain. Enterprises are eager to adopt blockchain technology, but it must be safer and more resilient. Because the fourth blockchain generation has not yet arrived, we do not have a clear idea of what it will look like. Blockchain 4.0, according to some developers, will be a hybrid of third-generation blockchain and artificial intelligence.
