Topic: Genesis — The Culmination of Blockchain Development Into The 3.0 Era (Read 54 times)

The early day of the Internet is an open tool that everyone can share. It has been born in the 1950s, and gradually evolved into a smooth network that can be branched, bringing the world unlimited convenience. With the development of technology and capital involvement, the Internet has developed into several unique situations, and the head enterprise has established its own data center to manage the huge, centralized data cluster, and the impact of the network is in a state of imbalance and gets tilt. Today’s Internet is too concentrated, the problem has already influenced our best way to interact with science and technology.

With the concept of Web3.0, human beings hope to have a fairer and looser network structure. The concept of Web3.0 is to use the peer-to-peer network structure, that makes it up of many computers to connect to the actual content, rather than to the location of the information so that each website and data will be hosted at the same time by thousands of devices, there will never be any central server controlling all things, and the content can remain in multiple locations.

The concept of Web3.0 was proposed by the industry in 2016, but the process to carry forward is very slow. Web3.0 is not only a technological innovation conceptually but an integrated technology with a unified communication agreement, via a simpler way to offer the users more personalized Internet information. And the change of network infrastructure is the premise of web3.0, according to that we introduce the concept of the public chain.

The public blockchain means a large network of the world, that anyone else can read from all over the world, and the transaction can be sent and effectively confirmed, and it can also be participated in under the mechanism of consensus. And this network system does not rely on any person or organization. On this basis, the role of the public chain is divided into the following points:

1.The Public Blockchain can Protect Users’ Rights from Program Developers

The program developer of the public chain does not have the right to interfere with users, so the public chain can protect the user rights from the program. In addition, highly decentralized and distributed data storage is also one of the largest features of public chains, it leads that the transaction data is disclosed, and the data cannot be tampered with so that the public blockchain can effectively protect the data security of the users.

2. The Public Blockchain can Generate Network Effects

One information product that has an interconnected need for people, to produce and to utilize is to better collect and communicate. With the expansion of the network, users can get more value, and demand gets to meet. Since the openness of public blockchain, there are more chances to be applied by many external users, generating a certain degree of the network effect.

1.The Public Blockchain can Be Applied in Real Business Scenarios

Except for financial applications, any 3.0 era applications that require high levels of trust, security, and persistence, such as asset registration, voting, management, and the IoT, will be affected by the public blockchain on a large scale.

One of the most famous examples of early public blockchains was Bitcoin, which was a radical innovation that allowed any node in the public blockchain to join or leave the network at any time without any permission. Unlike traditional distributed systems with C/S, B/S, or three-layer structures, the bitcoin system is based on a P2P network, where all nodes are peer-to-peer, and all run the same node programs.

The bitcoin structure is very limited to supporting applications out of digital currency, and as the blockchain technology became independent from Bitcoin, its development concept as a programmable distributed credit infrastructure is gradually established, and the transition to blockchain 2.0 mode is characterized by supporting smart contracts and decentralized applications. Ethereum is a classic example of the blockchain 2.0 mode.

Recently DeFi has led the crypto world with innovation in the last two years, and NFT has again driven the market crazy with hot concepts one after another. The network performance becomes the key. However, Ethereum faces the problems of high Gas fees and expansibility. Therefore, Genesis, representative of blockchain 3.0, becomes a good medicine to solve the market problems.

Genesis was founded by Genesis Lab, The U.S. Ivy League University Labs, the Silicon Valley Developer Geek Alliance, and others, and is one of the first members of the World Blockchain Organization (WBO). Genesis is committed to creating a borderless, industry, cross-platform peer-to-peer transaction method, to create a larger network as well as a more efficient transaction system.

The Genesis is the culmination of blockchain development into the 3.0 era, building decentralized, ownership-free operating systems on the cloud to create and execute smart contracts to host the rapidly growing global digital economy. In general terms, the Genesis public chain is a world computer that cannot be shut down and will run forever.

Compared with ETH, the masterpiece of Blockchain 2.0, Genesis public chain has higher expandability, faster transaction processing speed, more stable all-node operation mechanism, stronger security protection, more reasonable transaction fees, and more reliable sources of token value. These innovative and excellent technical specifications will enable Genesis to truly practice efficient operation in decentralized applications (dApp), decentralized finance (DeFi), and non-fungible token (NFT), distributed storage, supply chain finance, depository, etc.

The Genesis in the 3.0 era builds a powerful decentralized infrastructure for business and finance in our society, and it will be the first Turing-complete and large-scale commercial-level world computer. Genesis provides more solutions to social problems such as activating global business vitality, breaking the capital monopoly, reducing the gap between the rich and the poor, and building a fair social environment. The path it explores is opening a new chapter of human social civilization.