The blockchain revolution is here to stay, and better yet, it is inevitable. When Satoshi Nakamoto launched Bitcoin a decade ago, it was the first generation of blockchain technology. Back then transactions were validated using a Proof-of-Work algorithm, a protocol that Bitcoin still applies.
The introduction of Ethereum-based smart contracts signified the beginning of the second generation of blockchain technology. This made tokenization of assets possible, causing a massive proliferation of ICOs. Other notable protocols of the 2nd generation blockchain are the WAVES and NEO platforms.
Despite the breakthroughs of the first two generations, speed, energy efficiency and scalability were still raising concerns among crypto enthusiasts. This resulted in creation of the Proof-of-Stake algorithm, the genesis of the third generation of blockchain technology.
The fourth generation of blockchain technology is here, and will look to introduce radical concepts such as complex data types, data sharding, multidimensional structures and above all, the all-new Proof-of-Integration validation algorithm. This protocol will provide unrivaled speeds as well as energy efficiency, making PoW obsolete. These new concepts will ease the integration of blockchain technology into commonly used applications.
Recently, Bi Fintech, a startup based in Singapore, announced that it will launch the BibleCoin utility token, a cryptocurrency based on the 4th generation blockchain technology. The issuance of the token is already underway, according to Bi Fintech. As opposed to conventional digital currencies which are used a tool of speculation, BibleCoin will have a real intrinsic value. In addition to BibleCoin, Bi Fintech is also working on other services based on this fourth generation blockchain technology.
Bi Fintech also disclosed that it will acquire the Korea Framing Institute, a firm that has a security patent. Using the firm’s technology, Bi Fintech will prevent hacking of the BibleCoin, an issue that has impeded the distribution of other digital currencies.
BibleCoin is gaining traction at an incredible rate, thanks to support from churches and other Christian institutions. Moreover, the coin is expected to hit popular crypto exchanges before 2018 ends alongside GNN, a worldwide news platform.
In exchange, GNN will promote BibleCoin through its media network. Apparently, Bi Fintech and GNN are teaming up to develop a blockchain-based ecosystem. Challi Jung, GNN’s CEO, revealed that the media giant has already tested and will roll out a Beta Version of a CDN-based system that created using four prominent cloud computing systems, including Amazon’s AWS and Google’s App Engine.