What is blockchain 3.0?

The blockchain technology has continued to experience growth, and this is due to the constant input by developers who are always discovering better ways to use the technology. When Blockchain 1.0 was released, it was basically about the cryptocurrency called Bitcoin, and the Bitcoin has grown to become the most valuable digital currency in terms of value. After Blockchain 1.0 came Blockchain 2.0 which is the Ethereum blockchain, and with it came Smart Contracts which revolutionized the blockchain technology, as it enabled the execution of trustless transactions among other features. Now it is the concept of the Blockchain 3.0 which will become the perfect platform for the creation of decentralized applications (DApps).

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Blockchain 1.0 had some problems it was trying hard to overcome, and these problems were responsible for making it difficult for the blockchain technology to experience rapid development, including a quicker adoption of the technology for other uses. However, the release of the blockchain 2.0 was an improvement on the 1.0, and it dealt with some of the problems facing the blockchain 1.0.

A company called ArcBlock is working to develop the blockchain 3.0, and this new blockchain will facilitate data processing across different sectors. Development of the blockchain 3.0 technology began in 2017, and some parts of the project have already been completed.

Why Blockchain 3.0?

The blockchain 3.0 is coming with so many improvements, all in a bid to create a platform that will be suitable for the creation of decentralized applications, and enhanced functionality of the blockchain technology.

Blockchain 3.0 is an ecosystem that is self-developing, hence, it goes beyond just being a software platform that will be controlled centrally, a token economy will drive the platform, and this will make the platform experience development and growth on its own. It also uses a strategy that is a function of the user experience, blockchain 3.0-based applications will from web browsers or downloaded directly from application stores without plugins, hence, users will get experiences in real-time.

The new blockchain will allow applications adapt to different blockchain based systems like Ethereum, Hyperledger, Bitcoin, etc. The technology comes with a blocklet structure which acts as a direct access to the blockchain technology, it can be used to connect to data sources, and perform computing operations (off-chain and on-chain), and the blocklet protocol is intended to provide for its users a user friendly, high performance, agnostic, and cost-effective platform to carry out seamless operations. The blockchain 3.0 is created to function as an integral part of the cloud, its cloud structure consists of Windows Azure and AWS, and intends to support other cloud computing engines and platforms including Google Compute Engine, among others. Transactions on the new blockchain will be at the rate of 100,000 Transactions per second, and this will make it very easy for decentralized applications to function simultaneously on the platform.

Indeed, the blockchain 3.0 has what it takes to tackle the problems of the earlier blockchains, and its implementation will see the birth of powerful applications.