There is a blockchain project that has already granted itself the status of “blockchain 3.0.”
Can you guess which one?
Cardano is a blockchain platform that is somewhat similar to Ethereum. It is the first distributed ledger technology built on Haskell code, but this is not the most important aspect.
Cardano allows developers to build decentralized apps that permit smart contracts. According to the creators, the entire technology was built around research and scientific philosophy. With its own algorithm called Ouroboros, Cardano is a Proof-of-Stake platform that has advanced security, represents a multi-layer system, and has great scalability capabilities.
Soon after its development, Cardano started to grow very fast and became the fifth largest cryptocurrency by market capitalization. Cardano’s token, called ADA, has gained over 4,500% in about 6 weeks, which was one of the most impressive rallies in 2017.
The project is backed by three entities – Cardano Foundation, IOHK, and Emurgo.
The project has already found its first use case – some Greek universities will put diploma data on a Cardano blockchain.
Cardano is still in a development process.
Some crypto watchers suggest that Cardano is really a blockchain 3.0 system, as it fixes all the issues of the current blockchain platform like Ethereum or Bitcoin. These issues refer to security, the speed of transactions, features, scalability, and so on.
I don’t know whether Cardano can be referred to as a third-generation blockchain – we have to see it in practice.
Any more candidates?
Yes, crypto projects like EOS and IOTA can also be put on the list of third-generation blockchain, though IOTA doesn’t actually apply a blockchain system but a specific technology called Tangle. EOS has a special algorithm called Delegated Proof of Stake, which boosts the way blockchain is managed.