Blockchain, like many other technological developments, evolves over the years, breaking down into several generations. At the time of writing, the last generation is the fifth, to which Free TON belongs. In this article, we will consider the differences between generations.
The first generation of blockchains
The first generation of blockchains is characterized by the following elements: singleblockchain, the use of the Proof-of-Work algorithm, and the lack of support for smart contracts. The main problem of the first generation is scalability. An example of a first-generation blockchain is Bitcoin.
The second generation of blockchains
The second generation of blockchains is characterized by the ability to create secure smart contracts, using the Proof-of-Work algorithm, and a single blockchain. An example of a second-generation blockchain is Ethereum.
The third generation of blockchains
This generation of blockchains is famous for achieving a processing speed of more than 3,000 transactions per second. This is still a single, however, using the Proof-of-Stake algorithm and supporting smart contracts. An alternative third generation is also noted, where multi-blockchain prevails, but there is no support for smart contracts. Example: Cardano.
The fourth generation of blockchains
The fourth generation of blockchains is characterized by multi-blockchain, the use of Proof-of-Stake, and support for smart contracts. Example: PolkaDot.
The fifth generation of blockchains
Finally, the fifth generation of blockchains, to which Free TON belongs, is characterized by dynamic sharding, the use of the Proof-of-Stake (BFT) algorithm, support for smart contracts, and a multi-blockchain.
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