Third Generation Blockchains

Crypto platforms remain poised for a quantum leap.

May 30, 2018 · 3 min read

Crypto innovation is moving quickly. If Bitcoin was the first generation blockchain; Ethereum was the second. Now we are entering a 3.0 phase, where features such as scalability, interoperability (side chains), treasury systems and on-chain governance play key roles; according to Charles Hoskinson.

Analysts and crypto experts believe Cardano could be it.

Cardano is an academically driven technological platform that will be capable of running financial applications currently used every day by individuals, organisations and governments all around the world.

Blockchain 3.0 is Coming

Does it, NEO, Stellar, EOS or another dApp platform have the potential to improve upon Ethereum’s foundation and limitations? The 3rd generation blockchain platforms is speculative, but from Ethereum’s sharding to other more scalable platforms, before 2021 we should know which platforms are the real heir apparents.

EOS actually raised a record breaking $4 Billion from crowdsale. However, it’s still not entirely clear what EOS or the likes of cardano will become. How are they superior to Ethereum?

Like others have mentioned, there are a lot of barriers to widespread adoption including according to INC:

  • Underperforming functionality
  • A lack of consumer “friendliness”
  • Prohibitive costs
  • The fact that it was a locked-in platform
  • And a general lack of features

All to say that the utility token economy isn’t very functional yet. Will Facebook’s adoption of blockchain change this, or will something else occur in the meantime while the market is still ripe for a few winners besides Ethereum. If Binance and the likes of Coinbase are ushering in user growth in cryptocurrency trading, how can it penetrate the mainstream with a few killer apps?

It could happen through China’s Tencent, who are a likely candidate to beat out western apps to integrate blockchain tech. Or perhaps the Chinese Government will boost NEO in ways that are difficult for us to anticipate.

What will be the Killer App of Blockchain 3.0?

Block.one, the developer behind EOS, has already raised a record-breaking $4 billion USD from its yearlong ICO ending on June 1.

The word Blockchain 2.0 gives people a better feeling than Blockchain 1.0. But Blockchain 3.0 is now looming, and dApp platforms need to solve the scale bottleneck to truly let it loose upon the world, somewhat like 5G, VR and the battle for the next AR tech glasses between Apple, Google and the likes of Magic Leap, Blockchain 3.0 has a somewhat mythical potential to it in the tech and crypto space.

Compared to Ethereum, it must be pointed out that EOS, Cardano, NEO and Stellar have a long ways to go. But can they beat Ethereum to a next-gen plateau of what smart contracts might become? Or will big Tech and enterprise level solutions overtake these “crypto startups”?

BLOCKCHAIN 3.0 Waiting List

In 2018 crypto assets are on a price correction but there is a lot of buzz on crypto platforms. So what would be the characteristics of such a leap in blockchain feasibility? Namely the following:

  • High Scalability
  • Interoperability
  • Sustainability
  • Privacy
  • Governance
  • Brand Recognition
  • Enterprise and Government adoption
  • Price and marketcap social proof
  • Lower fees per transaction

The Big Five Blockchain 3.0 Contenders

The crypto space is moving fast, and the pressure is on the big five: Ethereum, EOS, Cardano, Stellar and NEO.

It’s doubtful come 2025, more than a couple of these will still be in existence given the failure rate of altcoins and crypto projects in general.

2009–2013: Bitcoin and first gen cryptocurrencies.

2013–2018: Ethereum and smart contracts.

2019–2022: Blockchain 3.0.

Michael K. Spencer

Written by

Blockchain Mark Consultant, tech Futurist, a prolific writer. Always writing. 🌞 DM me on Twitter for quotes: https://www.linkedin.com/in/michaelkspencer/

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