Last updated on January 7th, 2020
The 4th generation blockchain is aiming to revolutionize the blockchain technology. It assures to bring us closer to mass adoption than ever before.
Blockchain 4.0 will make the technology accessible for following.
- Common Users
There is no crystal clear picture of fourth generation blockchain. The 3rd generation of blockchain is combining the blockchain with AI, IoT, and big data. But, scalability the main issue with the first three generations of blockchain.
The blockchain 4.0 will help in effectively combining the blockchain technology with artificial intelligence and the Internet of Things. We will witness the blockchain implementation in physical products.
Few projects are available in the market that are claiming to be the more advanced generation of blockchain. Before we explore that, let’s swiftly check out the three transformative stages blockchain innovation has gone through since 2008.
1st Generation Blockchain
The 1st generation of blockchain was designed by Satoshi Nakamoto and also led to the first ever cryptocurrency Bitcoin. The 1st generation blockchains utilized the Proof of Work (PoW) consensus algorithm to verify purchases.
2nd Generation Blockchain
Ethereum led the 2nd generation of the blockchain. The project introduced the idea of using smart contracts with blockchain technology. It ended up being widely prominent with developers.
Ethereum introduced the idea of POS (Proof of Stack) as POW consume a lot of energy. It leads the blockchain to worldwide adoption. The new projects started developing their decentralized application using the Ethereum platform.
It also provides the platform to new coming projects for building decentralized applications. NEO and WAVES are also leading projects of 2nd generation blockchain.
The 1st two generations of blockchain failed to provide the users with scalability and efficiency. The low transaction speed resulted in slow purchases.
3rd Generation Blockchain
3rd generation blockchain is trying to address the issue with scalability, speed, and also power efficiency, by utilizing approaches like POS with off-chain transactions and sharding technology. Cardano, Zilliqa, etc are the leading 3rd generation blockchain projects. Now, let’s have a look at 4th generation blockchain. Here is an awesome article Blockchain Generations Explained in 2019.
4th Generation Blockchain
The blockchain is still in its early phase. It is growing over time, and the businesses around the world are adopting it rapidly. 4th Generation blockchain aka blockchain 4.0 is also making its way to market.
The fourth generation blockchain is aiming to resolve all the issue with the previous three generations.
Different companies are trying to provide the world with a scalable, adaptable and affordable blockchain. Businesses are ready to adopt the blockchain technology, but we need a more secure and flexible blockchain.
As the blockchain applications are increasing over time, we need more powerful blockchain technology. The ‘4th generation blockchain’ is using advanced technology to meet the user’s requirements. We will discuss the leading projects that are working on fourth generation blockchain. The article will also discuss the new technology behind these projects.
Metahash is another leading project that claims to be the 4th generation blockchain. This project is introducing the new technology that has the potential to replace POW and POS consensus algorithms.
MetaHash is using MPOS(Multiple Proof of Stack) algorithms to carry out transactions. This algorithm let everyone to involve in the mining process.
All you need is to buy some metahash and become part of the network. You can easily start mining by following simple steps. You can also start forging to earn some Metahash.
The company is struggling to have a transaction speed of 100,000 TPS on each node. The aim is to provide quick and reliable transactions of any assets at a reasonable fixed price.
Meta hash is also providing the fast, secure, and decentralized platform for building dapps. The company is also introducing a tool that will help in sharing digital assets.
Technology is changing rapidly. To adopt this changing technology we need to think like a robot. We need to adopt the latest technology. The 4th generation blockchain technology is not the end of blockchain technology.
|Operational||9 Years||3 Years||Testnet||Testnet||Testnet|
|Consensus Mechanism||PoW||PoS||Delegated PoS||PoW With Sharding||MPoS|
|Transaction Load||7 TPS||15 TPS||10000 TPS in Testnet||3000 TPS||57,900 TPS|
Frequently Asked Question (FAQ)
4th Generation Blockchain is still in the development phase. Some cryptocurrencies like MetaHash are claiming to be the fourth generation blockchain. The 4th Blockchain Generation is the combination of Blockchain with AI, IoT, and big data. Some other prominent projects working on 4th generation blockchain are Matrix AI, Deep Brain Chain, SingularityNet.
There are three main types of blockchain:
Consortium or Federated Blockchain
The blockchain of Bitcoin is known as the 1st Generation blockchain. It was based on Proof of Work consensus algorithm.
The blockchain of Ethereum is known as the 2nd Generation blockchain. It works on the basis of Proof of stack consensus algorithm. The 2nd Generation of blockchain introduced the idea of smart contracts with blockchain technology. It totally revolutionizes digital contracts.
One of the major issue with blockchain technology is scalability. The 1st and 2n blockchain generations are not scalable enough to provide the world with the required transaction speed. We need a more scalable blockchain and this is what 3rd Generation blockchain is all about. The 3rd generation blockchain is utilizing sharding technology and cross-chain transactions to improve the transaction speed.
We will witness more blockchain generations in the future. You must plan to shift your business to the blockchain. Not today, but you have to adopt the blockchain technology in the near future.
Share this article with your friends and fellows to let them know the 4th generation blockchain. Are you also looking for 5th generation blockchain? Don’t forget to share your views regarding blockchain generations in the comment section.