A Brief Introduction to the Blockchain Era: From 1.0 to 3.0

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Blockchain Era 1.0: Represented by Bitcoin

The blockchain era 1.0 consists of digital currency and payment behavior, and mainly has the functions of a decentralized digital currency and payment platform. The blockchain era 1.0 can also be considered as the era of "digital cash" represented by Bitcoin.

On November 1, 2008, Satoshi Nakamoto published a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System", describing how to create a decentralized electronic transaction system, and formally proposed a An electronic cash system implemented entirely through peer-to-peer technology. On January 3, 2009, he developed the first client program that realized the Bitcoin algorithm and carried out the first "mining", and dug the first batch of Bitcoins (50 pieces in total), and officially launched Bitcoin since then. The blockchain 1.0 era represented by the currency, that is, the era of digital cash,

The prelude to the blockchain era has already begun, so what are the shortcomings and areas for improvement in the blockchain era 1.0 represented by Bitcoin? First of all, with the increasing frequency of transactions and the increasing demand of people, the block size of Bitcoin 1M makes the transfer speed slower and slower. This problem can be solved by capacity expansion, so a series of forked coins such as BCH appeared later. Secondly, only satisfying the transaction and payment functions of digital currency cannot achieve widespread adoption. That is to say, the blockchain era 1.0 is only an era for a few people, and people are still not "friendly" enough for most people.

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Blockchain Era 2.0: Relying on Smart Contracts

Blockchain Era 2.0 is an era of "programmable finance" based on smart contracts represented by "Ethereum". On January 23, 2014, Vitalik Buterin, the founder of Ethereum, was inspired by Bitcoin and published the white paper "Ethereum: Next Generation Cryptocurrency and Decentralized Application Platform". Ethereum is an open source public blockchain platform with smart contract functions, which provides a decentralized Ethereum Virtual Machine (EVM) through its dedicated cryptocurrency ETH to process peer-to-peer contracts.

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Blockchain Era 3.0: With the vision of creating a digital world

The "Blockchain 3.0 Consensus Blue Book" pointed out that the blockchain era 3.0 is an era of "digital tickets" based on the mapping of physical asset rights and interests. Will enter the digital world.

Blockchain Era 3.0 will innovate in three directions: technology, industry, and governance, and solve the problems and development bottlenecks faced by Blockchain 1.0 and 2.0. The main features of the blockchain era 3.0 include: related applications provide physical and virtual products, participants are not specific, and transactions in the market are extensive. The applications in the 3.0 era are mainly industry applications, which are reflected in the fields of government, health, science, industry, culture, and art. This means that the blockchain platform of the blockchain era 3.0 must have enterprise-level attributes.