Over the years, blockchain has grown significantly while evolving from the first version of its iteration to the fourth version. Let’s take a deep dive into the evolution of blockchain from version 1.0 to 4.0.
The evolution of blockchain has seen the technology emerge from one amazing phase to another. With loads of upgraded and more advanced features, blockchain technology has grown from blockchain 1.0 to blockchain 4.0.
Although blockchain has become a buzzword and is undoubtedly among the most trending techs in this generation, a number of people are still yet to get a better understanding of what blockchain means. As such, it is better we understand what blockchain is and what it entails before delving further into its growth stages over the years.
Blockchain can simply be described as a digital system in which cryptocurrency transactions are recorded and maintained across several computers in a peer-to-peer network. It is basically a digitally distributed, decentralized, public ledger that exists across a network of computer systems.
Blockchain 1.0
The era of blockchain 1.0 saw the iteration of the whole concept of decentralization and it was all centered on the evolution of cryptocurrencies. The initial emergence of the blockchain began at the initiation and development of the first cryptocurrency, Bitcoin (BTC).