In this video, we are going to trace the past, present and future of blockchain technology.
We have talked about the basic workings of the original blockchain concept, but over the past few years it’s been evolving fast.
From the original Bitcoin protocol, to the second-generation Ethereum platform, to today where we are in the process of building the third-generation of blockchains.
In this evolution, we can see how the technology has evolved from its original form as essentially just a database to becoming a fully-fledged, globally distributed cloud computer.
The First Generation of Blockchains
The first blockchain was conceptualized in 2008 by an anonymous person or group known as Satoshi Nakamoto.
The concepts and technicalities are described in an accessible white paper, termed “Bitcoin: A Peer-to-Peer Electronic Cash System”.
These ideas were then first implemented in 2009 as a core component supporting Bitcoin, where it served as a public ledger for all transactions.
We came to see that the underlining technology had a more general application beyond digital currencies in its capacity to function as a distributed ledger that tracks and records the exchange of any form of value.
The Second Generation of Blockchains
Within just a few years, the second generation of blockchains emerged, designed as a network on which developers could build applications; essentially the beginnings of its evolution into a distributed virtual computer.
This was made technically possible by the developments of the Ethereum platform.
Ethereum is an open-source, public blockchain based on a distributed computer platform that features smart contract functionality.
It provides a decentralized Turing-complete virtual machine, which can execute computer programs using a global network of nodes.
Ethereum has been a major step forward and with its advent, it has become ever more apparent where blockchains are taking us – to the development of a globally distributed computer.
However, it has several constraints…
The Third Generation of Blockchains
In response to these constraints, a third generation of blockchain networks are currently under development.
Suffice to say, the blockchain should be understood as an emerging technology whose existing implementation is like a large-scale, proof-of-concept running on a very inefficient system.
Nonetheless, through a lot of experimentation and iteration, it will hopefully evolve into this globally distributed computer in the coming years.
Follow along with our accompanying blog post here:
Learn everything you need to know about the blockchain here:
• Blockchain Introduction:
• Blockchain Overview:
• How Blockchain Works:
• Blockchain Evolution:
• The Decentralized Web:
• Distributed Organizations:
• Distributed Ledgers:
• Smart Contracts:
• Distributed Applications:
• The Internet of Value:
• Token Economies:
• Decentralized Autonomous Organizations:
SUBSCRIBE to watch more exclusive tech videos now!
Visit our store and blog!
Follow us on Instagram and Facebook!