Blockchain 3.0 Is Just Around the Corner: Why This Matters

In our last article, 5 Obstacles Currently Facing Blockchain Technology, we identified five factors that were impeding the rapid evolution and adoption of new blockchain technologies. These were:

-Underperforming functionality

-A lack of consumer “friendliness”

-Prohibitive costs

-The fact that it was a locked-in platform

-And a general lack of features

These shortfalls in blockchain technology prompted the team at ArcBlock to develop new technologies aimed at making blockchain technologies more robust, easier to employ and more ubiquitous.

Thanks to years of research and engineering, ArcBlock is on the verge of blockchain 3.0, a time when blockchain technologies will fuel and business processes across industries and endeavors.

“We believe that ArcBlock represents a major technological advance that will usher in the 3.0 generation of blockchain applications,” ArcBlock’s Chief Scientist Flavien Charlon says.

ArcBlock set out to design and develop its revolutionary platform at the beginning of 2017. Eighty percent of the first-stage system’s development has already been completed.

According to ArcBlock founder Robert Mao, building and deploying decentralized blockchain applications with ArcBlock will have significant advantages over the vendor-specific frameworks available in today’s market:

1. Built for the New Token Economy

ArcBlock is a self-evolving ecosystem – it’s not just a software platform built by one centralized organization. ArcBlock, Inc. and the ArcBlock Foundation are hoping to ignite the project; the platform is driven by the token economy and will continue to develop and grow on its own.

2. Optimized for the Best Experience

The ArcBlock platform is using a “top-down” strategy that centers on the user experience. Applications built with ArcBlock will offer reactive, real-time experiences. Users will simply access them from a web browser (no additional plugins required), or download a mobile app directly from an app store.

3. Built for the Cloud

ArcBlock is designed to run natively in the cloud. Initially built build on top of AWS and Windows Azure, it will later expand to support Google Compute Engine, major cloud computing players in China, and other platforms.

4. Built with an Open Standard

In addition to open sourcing their core components, ArcBlock will actively contribute to a variety of blockchain communities. ArcBlock’s team members are actively involved with a range of standards organizations, non-profit foundations, and committees.

ArcBlock’s Open Chain Access Protocol enables the application to adapt to a variety of blockchain protocols including Bitcoin, Ethereum, Hyperledger, and more.

5. The new “Blocklet” component will drive much of the revolution

Blocklet is a high-level application protocol that can be implemented with any platform or language. Blocklet does more than access blockchains. It connects to any existing data source, and performs both on-chain and off-chain computing. Its unique design aims to provide a high-performance, user-friendly, cost efficient, and protocol-agnostic platform.

“Cryptocurrencies are red hot today, but we should always keep in mind that cryptocurrencies are just one type of application that can be built on the blockchain,” Mao said. “There are millions of additional possibilities. “With blockchain 3.0, I foresee many applications other than cryptocurrencies being built. At ArcBlock, we are working to make the future of cryptocurrencies and blockchain even brighter.”

|INC