What are the specifications of Cardano as a third generation blockchain compared to previous blockchains?

English General Discussions
1

Bitcoin is the first generation blockchain and Ethereum is considered as the second. Now, we are entering a so-called “3.0 phase”. This is a term coined in the industry to label a number of related ideas and technologies. For Cardano, it is involves doing things properly.

The Cardano project looks to use the best available research (or conducting original research where necessary) in each aspect of the system and in features that are to be implemented into the protocol. It involves a robust procedure in the development process.

For example…

  • cryptography research on how to do Proof-of-Stake correctly;
  • game theory research for the incentive mechanisms;
  • research on governance to ensure the system can evolve;
  • programming language design in the smart contract languages and execution platforms;
  • higher assurance development techniques to implement the ideas correctly
  • better architecture such as using sidechains to compartmentalize parts of the system from each other

Such research will be implemented to address problems observed in existing blockchains such as scalability, interoperability, and sustainability.

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3

Is it too early to speculate on the fourth generation :smiley:?

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I think we should peg the centralized cryptocurrencies as the fourth generation blockchains :grinning:, the third bieng scalable and interoperable and sustainable should be the last decentralized generation don’t you think?:thinking:

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I think there should be an entire category of specifications called “Commercial Applications” or “Retail Applications” where researchers are looking at how to deliver the Cardano exchange of value at the point of sale.

It looks like South Korea is already headed in that direction.