Paper 2023/315 Original: eprint.iacr.org/2023/315 ↗

SoK on Blockchain Evolution and a Taxonomy for Public Blockchain Generations

Abstract

Blockchain has been broadly recognized as a breakthrough technology of the world. Web3, recently, is emerging as a buzzword, indicating the next generation of Internet based on Blockchain, envisioning the Internet of Money to store and transfer value. However, when people want a comprehensive view throughout advancements in the Blockchain space, there is a missing in the academic domain and scientific publications regarding distributed ledger technology (DLT) classification and taxonomy for the evolution of public Blockchain generations. In this research, the author attempts to classify DLTs in terms of data structure (ledger type), governance and accessibility. Furthermore, based on the well-known problems and the most technical challenges in Blockchain space, the author studies breaking and significant inventions of various blockchain protocols to give a taxonomy for the evolution of four public Blockchain generations, blockchain layers (0, 1, 2, 3). The first and second generations are dominated by Bitcoin and Ethereum, respectively. The latest state-of-the-art blockchain protocols are developing and shaping the third and fourth generations, where several ``Ethereum-killer" candidates are trying to solve major problems, to offer fantastic functions and capacity, by their own outstanding innovations and distinguished architectural designs. This work helps readers quickly capture historical evolution and innovations of Blockchain, envisioning the next advancements of Web3 as well as the Internet of Value (Internet 2.0).