As the underlying application technology, blockchain is showing a trend of continuous development. Blockchain has evolved from 1.0 to 3.0, constantly breaking through itself and bringing help and empowerment to more application fields.
Blockchain 1.0 is also known as Bitcoin blockchain. It mainly supports the application of virtual currency, including transfer, remittance, digital payment and cryptocurrency. Bitcoin is the representative of blockchain 1.0 and the most successful digital currency. The blockchain system is maintained by everyone, without the need to consume manpower and material resources. The decentralized structure greatly reduces costs. At the same time, the openness of data makes it almost impossible to falsify accounts. Blockchain is backed by mathematical algorithms, and its rules are based on an open and transparent mathematical algorithm, which enables people from different political and cultural backgrounds to reach consensus and achieve cross-regional mutual trust. The damage or loss of any node in the blockchain system will not affect the operation of the entire system.
Blockchain 2.0 is a blockchain fundamentally based on 'Ethereum', also known as the era of smart contract development and application. Smart contracts are an innovative concept proposed by Ethereum and are one of the most socially relevant blockchain applications. A smart contract is essentially a collection of code and data that exists at the contract address on Ethereum, executing autonomously according to the contract's content under the guidance of code. With the help of smart contracts, the need for trust intermediaries in the internet era is effectively addressed. Theoretically, any complex transaction activity can be spontaneously and reliably conducted through Ethereum using coding. Aside from the currently most widely used financial sector, any application scenario with high demands for trust security and permanence can be realized through Ethereum. For example, applications in areas such as asset registration, voting, management, and the Internet of Things. If Bitcoin is the starting point of Blockchain 1.0, symbolizing the birth of a new financial currency system, then the core representative of Ethereum Blockchain 2.0 signifies the establishment of trust as a foundation and the transmission of value.
Blockchain 3.0 is also known as intelligent applications. It is mainly applied in the field of social governance, including identity verification, notarization, arbitration, auditing, city naming, logistics, healthcare, mail, visas, voting, and other areas, expanding its application range to the entire society. Blockchain technology has the potential to become a fundamental protocol for 'the Internet of Everything', capable of meeting complex business applications across various fields, including justice, administration, health, logistics, e-commerce, etc. This enables self-verification of information without relying on a third party or institution to gain trust or establish credit, facilitating information sharing and improving the operational efficiency of the entire system by resolving trust issues. The Blockchain 3.0 era transcends the financial sector, providing decentralized solutions for various industries. The application scope of blockchain extends beyond the financial industry, covering all aspects of human social life. Based on the internet, blockchain has traversed its most challenging decade, with technologies such as proof of work, hash algorithms, elliptic curve algorithms, and digital signatures becoming well-known and validated by public chains like Bitcoin and Ethereum. More and more geeks, building on the existing underlying technology,
are continually exploring the depth and breadth of blockchain, which in turn enhances underlying blockchain technologies, such as Proof of Stake (PoS), DPoS, DAG, as well as isolation verification, lightning networks, etc. More than one blockchain enthusiast predicts that high-performance blockchain operating systems will emerge in the future, capable of supporting millions of product applications and even facilitating comprehensive value circulation for humanity.
Blockchain has enormous potential in many aspects. Blockchain is a disruptive technology, not only because of the technology itself but also due to the greater impact it can have when combined with other technologies and fields. Blockchain is the cornerstone of the value internet, where the usage areas of 'Internet+' converge under network account transactions and settlements, digital assets being on-chain for preservation and appreciation, and the sharing and trusted collaboration of digital assets.
