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en:iot-reloaded:second_generation_applications [2024/12/09 11:50] – pczekalskien:iot-reloaded:second_generation_applications [2025/05/17 09:17] (current) – agrisnik
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 Second-generation blockchains also serve as platforms for decentralised applications, or dApps, which are applications that run on a blockchain instead of centralised servers. Ethereum, again, was the first platform to popularise the use of dApps by providing a robust infrastructure for developers to build decentralised applications with the Ethereum Virtual Machine (EVM). Second-generation blockchains also serve as platforms for decentralised applications, or dApps, which are applications that run on a blockchain instead of centralised servers. Ethereum, again, was the first platform to popularise the use of dApps by providing a robust infrastructure for developers to build decentralised applications with the Ethereum Virtual Machine (EVM).
  
-dApps are transparent, autonomous, and can operate without a central authority. Their decentralised nature means they are less vulnerable to censorship and hacking, as they run on a distributed network of nodes rather than a single point of failure. This has led to the creation of various decentralised services, including decentralised exchanges (DEXs), prediction markets, gaming platforms, and more.+dApps are transparent, autonomous, and can operate without a central authority. Their decentralised nature means they are less vulnerable to censorship and hacking, as they run on a distributed network of nodes rather than a single point of failure. This has led to various decentralised services, including decentralised exchanges (DEXs), prediction markets, gaming platforms, and more.
  
 __Programmability and Turing-Completeness__ __Programmability and Turing-Completeness__
  
-Unlike Bitcoin, which was specifically designed for financial transactions, second-generation blockchains like Ethereum introduced Turing-completeness. This means the blockchain can process any computational logic and execute any program, given enough resources. This allows developers to create complex and sophisticated blockchain-based applications that can address various problems.+Unlike Bitcoin, which was specifically designed for financial transactions, second-generation blockchains like Ethereum introduced Turing-completeness, which means the blockchain can process any computational logic and execute any program, given enough resources. This allows developers to create complex and sophisticated blockchain-based applications that can address various problems.
  
-Other platforms that focus on programmability include EOS, Tezos, Tron, and Solana. All of these allow for the deployment of smart contracts and dApps. These platforms differ from first-generation blockchains by being application-oriented rather than transaction-oriented.+Other platforms that focus on programmability include EOS, Tezos, Tron, and Solana. All of these allow for the deployment of smart contracts and dApps. These platforms differ from first-generation blockchains because they are application-oriented rather than transaction-oriented.
  
 __Interoperability__ __Interoperability__
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 __Decentralised Finance (DeFi)__ __Decentralised Finance (DeFi)__
  
-One of the most transformative developments of second-generation blockchain applications is Decentralised Finance (DeFi). DeFi refers to a collection of financial services and platforms built on blockchain technology that aims to recreate traditional financial systems such as banks, exchanges, and lending platforms in a decentralised and permissionless way.+One of the most transformative developments of second-generation blockchain applications is Decentralised Finance (DeFi). DeFi refers to a collection of financial services and platforms built on blockchain technology that aim to recreate traditional financial systems such as banks, exchanges, and lending platforms in a decentralised and permissionless way.
  
 DeFi applications leverage smart contracts to create financial services like decentralised lending and borrowing platforms (e.g., Aave, Compound), decentralised exchanges (DEXs) (e.g., Uniswap, Sushiswap), and yield farming platforms. These services allow users to borrow, lend, trade, and earn interest on digital assets without relying on centralised entities. The global DeFi market has exploded in recent years, with billions of dollars locked in DeFi protocols, transforming how people access and manage financial services. DeFi applications leverage smart contracts to create financial services like decentralised lending and borrowing platforms (e.g., Aave, Compound), decentralised exchanges (DEXs) (e.g., Uniswap, Sushiswap), and yield farming platforms. These services allow users to borrow, lend, trade, and earn interest on digital assets without relying on centralised entities. The global DeFi market has exploded in recent years, with billions of dollars locked in DeFi protocols, transforming how people access and manage financial services.
  
-__Governance and Decentralised Autonomous Organizations (DAOs)__+__Governance and Decentralised Autonomous Organisations (DAOs)__
  
-Second-generation blockchain applications have introduced new models for decentralised governance, most notably in the form of Decentralised Autonomous Organizations (DAOs). DAOs are blockchain-based entities governed by a set of rules encoded in smart contracts. Token holders typically have voting rights and can collectively decide the organisation's direction, including funding, development, and protocol changes.+Second-generation blockchain applications have introduced new models for decentralised governance, most notably in the form of Decentralised Autonomous Organisations (DAOs). DAOs are blockchain-based entities governed by a set of rules encoded in smart contracts. Token holders typically have voting rights and can collectively decide the organisation's direction, including funding, development, and protocol changes.
  
 DAOs aim to provide a transparent, decentralised governance model, eliminating the need for traditional hierarchical structures. Many DeFi projects and blockchain ecosystems have adopted the DAO model for decision-making processes. For instance, MakerDAO is a popular DAO that governs the Maker Protocol, which allows users to generate the Dai stablecoin. DAOs aim to provide a transparent, decentralised governance model, eliminating the need for traditional hierarchical structures. Many DeFi projects and blockchain ecosystems have adopted the DAO model for decision-making processes. For instance, MakerDAO is a popular DAO that governs the Maker Protocol, which allows users to generate the Dai stablecoin.
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 __Cardano__ __Cardano__
  
-Cardano is a second-generation blockchain platform that provides a secure and scalable infrastructure for decentralised applications and smart contracts. It uses a unique Proof of Stake (PoS) consensus mechanism called Ouroboros, designed to be more energy-efficient than Ethereum's original Proof of Work. Cardano's research-based development approach emphasises formal verification to ensure the security and correctness of its blockchain protocols.+Cardano is a second-generation blockchain platform that provides a secure and scalable infrastructure for decentralised applications and smart contracts. It uses a unique Proof of Stake (PoS - selects validators in proportion to their quantity of holdings in the associated cryptocurrency) consensus mechanism called Ouroboros, designed to be more energy-efficient than Ethereum's original PoW. Cardano's research-based development approach emphasises formal verification to ensure the security and correctness of its blockchain protocols.
  
 __Polkadot__ __Polkadot__
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 __Solana__ __Solana__
  
-Solana is known for its high-performance blockchain, which is capable of handling thousands of transactions per second. It uses a novel consensus mechanism called Proof of History (PoH), which enables fast block confirmation times. This makes Solana suitable for high-frequency trading, gaming, and other high-demand dApps.+Solana is known for its high-performance blockchain, which is capable of handling thousands of transactions per second. It uses a novel consensus mechanism called Proof of History (PoH - a technique which ensures that historical data is accurate and hasn't been tampered with), which enables fast block confirmation times. This makes Solana suitable for high-frequency trading, gaming, and other high-demand dApps. 
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en/iot-reloaded/second_generation_applications.1733745029.txt.gz · Last modified: 2024/12/09 11:50 by pczekalski
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