The Evolution of Blockchain Technology: Past, Present, and Future

The blockchain technology keeps evolving and evolving every blessed day and currently now is seen as the foundation of the digital space and I am so sure this is just kick-starting. Over the years, Blockchain has grown beyond just been a technology but also a foundation for many projects that we celebrate today. In fact it is the foundation for the Web3 everyone of us craved for and which we actually desire.

Looking back to the past, origins and the early adoption of the crypto space, you will definitely agree with me that the Blockchain technology has come a long way. Starting in the year 2007 by someone called Satoshi Nakamoto and that follows by the introduction of a token that will soon become the world toke called BITCOIN. Little do we know that in 2008, the introduction of Blockchain technology will kickstart something that projects will based on.

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The first Blockchain which is mostly referred to as the Blockchain 1.0 first of us started with the peer-to-peer payments and thanks to innovation has grown to become something magnificent that now helps to improve security, scalability and even the adoption of other tokens and generally in the crypto space.

Talking about the present stage of the Blockchain as it is called the Blockchain 2.0. Well that was also introduced when Ethereum was launched in the year 2015 and till now has been a major point of evolution that takes place of the Blockchain technology. This comes with the main feature of self-executing contracts as compared to the Blockchain 1 p and this opened the ways for Blockchain applications to be developed.

Not only that, the Blockchain 2.0 also helps to introduce something called the smart contracts. This also like I said allow DApps to be build on the Blockchain technology and this introduced DeFi to be specific. Decentralised Finance has gained massive adoption over the years because it helps the users to be able to lend, to borrow and even trade without not been restricted by centralised authority. One of the major things I will say has helped the Blockchain to drive is the transparency, the security and the fact that it is appealing towards different sectors across the world.

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Talking about the Future of blockchain technology that is been long anticipated and which is called the Blockchain 3.0. I am so much optimistic about the future as I know something big await the crypto space. I believe this will kickstart the same period web3 comes to reality. We should start seeing the implementation of PoS which is the proof of stake. By this shift happening in the future, I am so sure it will help in the sustainability of the Blockchain network and future in general.

The fact that decentralised governance is been practiced in the Blockchain technology is also a very strong edge and the fact that users are not limited by centralised authority any longer by whatever is a big win. Users now have full ownership of their transactions and this can be the future standards when we come to the web3 generation.