1st Generation Blockchain

1st Generation Blockchain refers to the initial iteration of blockchain technology, which was first introduced with the creation of Bitcoin in 2009. This type of blockchain is characterized by its focus on decentralization and security through the use of cryptographic techniques.

In 1st Generation Blockchain, all transactions are recorded in a public ledger that is distributed across a network of nodes. This ensures transparency and immutability, as all parties can view the transaction history and verify the validity of transactions.

One of the key features of 1st Generation Blockchain is the use of Proof of Work (PoW) consensus mechanism, which requires nodes in the network to solve complex mathematical puzzles to validate transactions. This process is energy-intensive and has been criticized for its environmental impact.

Overall, 1st Generation Blockchain laid the foundation for the development of more advanced blockchain technologies, such as smart contracts and decentralized applications. Despite its limitations, it remains a critical building block in the evolution of blockchain technology.