The first generation of blockchain

Not many people know that blockchain is divided into three generations, And nowadays we live in the third generation. So, let’s find out what it is and start with the first two!

In the first and the second generation, different programming languages are used as well as the POW algorithm, or in other words a special algorithm for verifying and confirming transactions in which the computing power of the device plays the main role.

The first generation This is commonly known and referred to as Bitcoin and other coins, based on its code. Compared to other generations, it was created as a replacement for real-life money and for transactions. Bitcoin is a secure, user-friendly and fast blockchain. Due to decentralization, it is considered to be completely anonymous and transparent.

The second generation The second generation was marked by the creation of Ethereum. It’s written with a much more multifunctional programming language. Specifically, it can be used as a currency on ether and blockchain which are used to create smart-contract. For example, such contract are really convenient as they are anonymous for both parties, no third party is involved, and compliance with the terms of the transaction is mandatory. Developers use Ethereum to create apps that other chain participant Can interact with, as well as new cryptocurrency. It is happening due to the fact that Ethereum blockchain provides developers with a lot of tools and features and it is more of an ecosystem than just a database for creating Digital coins. #blockchain #BTC #theory