Explain Evolution of Blockchain Networks

Blockchain is a revolutionary technology that is continuously evolving with time. Let’s hear from Shebin how the evolution of blockchain networks has shaped the blockchain space.

In the previous session, you learnt about the first network that Satoshi created. Since Satoshi's network was an open source network, the developers across the world started working on it and created many variants of the same technology, also known as forks.

Two main networks have evolved in the market today:

1. Cryptocurrency Networks: The main intention of these networks is to introduce cryptocurrencies that work the same as common currencies such as rupees, dollars etc. However, these currencies only have a digital life and can be used only on a digital network. Examples of this type of network are Ethereum, Bitcoin etc. These are used to process transactions without the use of any central organisation like a bank

2. Enterprise Networks: Enterprises use these networks for record keeping and many other purposes. Examples of these networks include Hyperledger, R3 Corda etc.

   All the networks mentioned above are open source and are constantly evolving with time.

You can refer to this link to read more about the different kinds of cryptocurrencies and their pros and cons.