This means that all these blockchain protocols are limited in terms of transaction throughput and speed. In practice, however, the situation has been somewhat different.Ĭurrently blockchains such as those of Bitcoin and Ethereum are subject to an unresolved restriction: to date, they have not yet achieved substantial scaling success. There seem to be hardly any fields that could not be fundamentally changed by the blockchain. In theory, first- and second-generation blockchain technology has already turned the world upside down. But why are investors and blockchain users to replace the original blockchain technology with a new “DLT variant”? The Apparent Weakness of Current Blockchains Instead, IOTA, Nano, and Byteball are described as post-blockchain concepts. Projects based on this technology aren’t really blockchains. Rather, the keyword here is DAG or directed acyclic graph. Splitting the development into these individual stages is a simplification, because the latest generation of the blockchain technology is not even properly characterized as being a blockchain. The birth of the Bitcoin blockchain 1.0 was followed by the programmable Ethereum version as the blockchain 2.0 and soon the third generation, the blockchain 3.0 in form of IOTA, Nano, or Hashgraph. The Bitcoin blockchain is generally regarded as the original blockchain, since it is the first implementation of a new technology that is commonly described today as distributed ledger technology (DLT). “I do think Bitcoin is the first encrypted money that has the potential to do something like change the world.”
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