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2. Blockchain technology from beginning

Blockchain versions

Now in this Blockchain development tutorial, let’s learn about Blockchain versions.

Blockchain Versions

Blockchain 1.0: Currency

The implementation of DLT (distributed ledger technology) led to its first and obvious application: cryptocurrencies. This allows financial transactions based on blockchain technology. It is used in currency and payments. Bitcoin is the most prominent example in this segment.

Blockchain 2.0: Smart Contracts

The new key concepts are Smart Contracts, small computer programs that “live” in the blockchain. They are free computer programs that execute automatically, and check conditions defined earlier like facilitation, verification, or enforcement. It is used as a replacement for traditional contracts.

Blockchain 3.0: DApps:

DApps is an abbreviation of decentralized application. It has their backend code running on a decentralized peer-to-peer network. A DApp can have frontend Blockchain example code and user interfaces written in any language that can make a call to its backend, like a traditional Apps.

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