The history of blockchain technology and the Next generation blockchain technology.
The journey of Blockchain started in 1991:
A structure which was similar to that of Blockchain was mentioned in a research paper titled “How to Time-Stamp a Digital Document” in 1991 by Haber and Stornetta. According to that paper, a client sends a document to timestamp to a timestamping server and the server would sign the document with the current timestamp. Also, the server would link the document to the previous document. The pointers pointed to specific data and not the location of the document. So if the data changed, the pointer would become invalid. It ensured no one could tamper the data that had once passed through the server.
According to this paper what was needed was a method of time-stamping digital documents with the following two properties.
- Finding a way for automated time-stamping, without any reliance on the characteristics of the medium on which the data appears, so that it is impossible to change even one bit of the document without the change being apparent.
- It should be impossible to stamp a document with a time and date different from the actual one.
Next and definitely the most important innovation leading to Blockchain was the Bitcoin. In 2008, Satoshi Nakamoto published a white-paper titled “Bitcoin: A Peer to Peer Electronic Cash System”. The paper claimed that it had a solution to the double spending problem in digital currency using a peer-to-peer network. The main aim of the paper was to build a peer-to-peer version of digital currency that would enable people to spend it directly without it going in a financial institution. It was a huge innovation that enabled the user to transact directly without relying on a third party.
Around 2014, attention shifted from Bitcoin to Blockchain. The world realized that Blockchain can be separated from the currency and can be applied to various other use-cases. That’s history. Now, let’s talk about the future of Blockchain for a brief moment.
According to Gartner Trend Insights,
· By 2022, at least one innovative business built on Blockchain technology will be worth $10 billion.
· By 2025, the business value added by Blockchain will grow to slightly over $176 billion, then surge to exceed $3.1 trillion by 2030
Blockchains features like immutability, privacy, trust, reliability makes this technology suitable for every industry.
Born is Cube Chain, The 4th Generation Blockchain
Parallel Processing for TPS, Block Generation, Confirmation
Fourth-generation blockchain that creates a cube with 27 blocks and connects our cube to other cubes along with it.
We’ve created a new algorithm of Block Chains called “Cube” to solve the problems of speed reduction and scalability caused by the existing linear connection architecture. Cube Chain creates data blocks quickly and securely in parallel through 24 transaction pools.
A cube consists of 24 data blocks and 3 special blocks. It has a structure that creates 24 data blocks at the same time and combines 3 special blocks into a cube. 24 concurrent data blocks of a transaction pool extend to the loading of the cube, enabling fast and secure processing. It manages the parallelization of large volumes of data blocks with its dual hash function and pattern-block structure designed for rapid access between blocks.
In that sense, Cube Chain combines parallel processing and special blocks to expand the functional elements of the database through the concept of cubes instead of blocks, enabling speed enhancement and data aggregation. Therefore, the development of Cube Chain will show various online services that require the developed block-chain source technology to issue the encrypted currency and require the public database.
Features
Cubing Technology
Special Blocks Containing Data Index, Data Statistics Processing, and Escrow Function
Multiple Pattern Block Technology (Algorithm: SHA256, CH-S1, CHF, SHA384)
Power of Hybrid Consensus
Double Approval Method
Be a part of this tremendous project and follow these links for more information;
Website: http://cubechain.info
Youtube: https://www.youtube.com/channel/UCYDEC2HP8oVRXuKsAeUtrLA
Telegram: https://t.me/joinchat/GpHbwQ3NGztrj8ZcwJjg_g
Facebook: https://www.facebook.com/cubechain
Twitter: https://www.twitter.com/cube_chain