Evolution of Blockchain Technology
- Bitcoin: The peer-to-peer network used by Bitcoin, the first decentralized cryptocurrency, eliminates the need for middlemen. A person or group of persons going by the moniker Satoshi Nakamoto created the Bitcoin cryptocurrency in 2008. Transactions for Bitcoin are kept on the public ledger known as the blockchain. Right now, there are more than 18. compared to the current ceiling of 21 million Bitcoin tokens in circulation.
- Litecoin: Charlie Lee, a former Google employee, invented Litecoin in 2011. Shorter transaction speeds, cheaper fees, and a concentration of miners were some of the improvements he made to Bitcoin technology.
- Ethereum: Vitalik Buterin introduced Ethereum in July 2015. The second-largest cryptocurrency by market cap right now is Ethereum, behind only Bitcoin. The blockchain platform Ethereum has its own programming language, Solidity, as well as its own digital currency, Ether (ETH).
- Ripple: Like Litecoin or Bitcoin, Ripple is a sort of cryptocurrency that runs on an open-source, peer-to-peer, decentralized platform that enables easy money transfers in any format. A blockchain-based digital payment network and protocol called Ripple has its own money called XRP.
- NEO: NEO, formerly known as Antshares and developed in China, is actively aiming to overtake other key cryptocurrency players on the international stage. It focuses on smart contracts, or digital contracts, which let users draft and carry out contracts without the aid of a middleman.
- IOTA: IOTA, a 2016 invention, is an Internet of Things (IoT) application. By 2020, there would be billions of gadgets online. Smart devices can communicate data and payment information with numerous other devices in transactions carried out throughout the day inside this Internet of Things environment. IOTA wants to replace other methods of performing transactions on smart devices as the norm.
Phases of Evolution of Blockchain
A Blockchain is a series of blocks that each contain a specific piece of information. Consequently, a Blockchain is a ledger, or file, that continuously expands and permanently records every transaction. Every transaction occurs after the one before it in a secure, sequential, and unchangeable manner during this procedure. A new block is generated each time an information storage block is finished.