📖Introduction

Blockchains have demonstrated great promise of util-ity over several fields including Decentralized Application , “Internet of Things”(IoT), finance, governance, identity management, web-decentralisation and asset-tracking. However, despite the technological promise and grand talk, we have yet to seesignificant real-world deployment of present technology. Blockchain 1.0 provided the underlying technology for the first cryptocurrency, Bitcoin by Pseudonymous Person Name Sathosi Nakamoto, which was issued in 2009. Six years later, in mid-2015, Ethereum was launched, making use of an improved blockchain architecture and promising a faster and lighter 6 proof-of-stake protocol for validating transactions. Thus blockchain 2.0 was born. The first two iterations of this innovative technology promised to be scalable, interoperable, sustainable, secure, cost-effective, and governed transparently and publicly. So far, not all of these promises have been kept. Though bitcoin was the first and has always promoted itself as an effective payment system, it is overly energy intensive and slow. Users often find it to be prohibitively complicated and it often simply won’t meet their needs. Ethereum, which offered the first smart contracts to its users, and eventually the concept of a streamlined proof-of-stake protocol for validating transactions, has its own problems. It is somewhat vulnerable to outside interference and is sometimes considered to be an expensive and impractical solution. This has opened the door to new and further-improved implementations of blockchain The problems that have faced Blockchain 1.0 and 2.0 iterations are well established and have been limiting factors to their mainstream adoption and acceptance for their true potential. Primarily, these problems stem from limited functionality in the following areas: - Scalability - Interoperability - Governance - Privacy - Sustainability - Adoption & Familiarity