![]() ![]() ![]() However, despite its success, problems soon became evident on the Ethereum blockchain. Since then, Ethereum has been on a rolling spree, cementing itself as the go-to platform for launching dapps, NFTs, and defi protocols.ĭevelopers and adopters embraced Ethereum and began generating their own ERC20 tokens, so much that the social media platforms started talking about “the flippening” - where ETH would overtake BTC in terms of market capitalization. Ethereum’s Problems Continue to Pile UpĮthereum opened the doorway to decentralized finance (defi) by enabling “conditional transfer” of data and value on-chain. As Vitalik Buterin introduced the smart contract functionality on the blockchain, it sparked a paradigm shift that enabled cryptocurrencies to transition from financial tools to serve a more practical purpose. This led to the emergence of Ethereum in 2015, marking the dawn of the second generation of blockchain protocols. It laid the foundation for a decentralized financial ecosystem, but the Bitcoin network offered limited functionalities, required immense computational power to operate, and suffered from a severe lack of interoperability. ![]() The first-gen blockchain started with Bitcoin, a proposed alternative to the hegemony of centralized financial services. What Is Pool Mining? How Crypto Mining Pool Works? Blockchain Metamorphosis to Catalyze Future Defi GrowthĪlthough many people may only be discovering it recently, blockchain technology has been around long enough to have moved on from first to second, and now third-generation protocols. ![]()
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