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Blockchain
Blockchain technology is being used more and more by companies. While there are many different types of blockchain technology stacks, they all have the same goal – to provide secure, transparent transactions. By using blockchain technology, companies can reduce costs, increase efficiency and build trust with their customers. If you want to draw some inspiration, analyze major blockchain technology stocks. These companies are highly rated on the stock market, meaning they perform well. Therefore, they have the right mix of technologies in their stack. But before we get into that, it’s important to understand what technology stack is in the blockchain.
The term “technology stack” is often used in the context of software development. A technology stack refers to the collection of software components and tools used to build a software application. In the blockchain world, a technology stack refers to the underlying protocols and platforms used to develop a blockchain application.
Note: The technology stack for web 3.0 is very different from web 1.0 or web 2.0.Let’s analyze some of the most significant changes:
Web 3.0 is often described as the “semantic web,” a concept first proposed by Tim Berners-Lee, the inventor of the World Wide Web. The basic idea is that web pages would be marked up with metadata tags describing the pages' content. This would allow computers to understand the meaning of web pages better and make it easier to find relevant information.
Things look different in practice: Semantic Web technologies have not yet been widely adopted, and the term “Web 3.0” is often used to refer to more general ideas about the future of the web. One way that Web 3.0 might differ from previous iterations of the web is through the use of artificial intelligence.AI can help process and understand information in ways beyond human capacity. For example, AI could automatically generate summaries of web pages or offer personalized recommendations based on a user’s browsing history. Ultimately, AI could help make the web more useful and accessible. The following are examples of how big companies are using AI and blockchain networks:
- Amazon is using AI to improve its customer service. The company has developed a chatbot that can answer customers’ questions.
- Facebook is using AI to improve its news feed. The social media giant uses machine learning to identify and prioritize news stories most important to users.
- IBM is using blockchain to create a global food tracing system. The company is working with Walmart and Nestle to trace the origins of food products.
- Microsoft is using AI to improve its search engine. The company has developed a new algorithm to understand searchers’ intent better.
These are just a few examples, though. As blockchain networks and technologies become more widely adopted, we expect to see more applications for them.
Web 1.0 was the first generation of the World Wide Web, characterized by static, text-heavy websites. Web 2.0 emerged in the early 2000s and ushered in a new era of interactivity and collaboration. Social media platforms like Facebook and Twitter became commonplace, and user-generated content became the norm. Now, we’re on the cusp of web 3.0, billed as the “decentralized web". With web 3.0, users will have more control over their data, and there will be a shift away from centrally-owned platforms like Facebook and Google. Instead, we’ll see a rise in distributed applications that run on decentralized infrastructure. The existing cloud solutions will improve. So will the network and protocol suite. This new generation of the web has the potential to empower individuals and give them greater control over their online identities.
The internet is now an integral part of our lives. People use it for everything from keeping in touch with friends and family to doing their jobs and managing their finances. This ubiquity is what sets web 3.0 apart from its predecessor. Whereas web 1.0 was primarily a tool for accessing information, web 3.0 is a platform for social interaction, commerce, and much more. Also, consider the Internet of Things (IoT).
This concept refers to the growing trend of interconnected devices that can communicate with each other. For example, you might have a smart thermostat in your home that can adjust the temperature based on your schedule. Or you might have a fitness tracker that can monitor your activity and give feedback on your progress. The possibilities are endless, and as more and more devices become connected, we can expect the IoT to significantly impact our lives. Ubiquity is also tied to decentralization. Instead of storing your info in a computer that any major company can access, your personal information can stay safe in an intelligent fridge.
Web 3.0 is set to take things to a new level, focusing on 3D graphics and virtual reality. With web 3.0, users can immerse themselves in a completely realistic online world. You will interact with others in a way that is far more realistic than anything possible before. In short, web 3.0 is set to revolutionize the internet as we know it and take us into a brave new world of digital possibilities. More widespread use of Augmented Reality, Virtual Reality, and 3D printing are just a few examples. Remember: Virtualization can transform traditional computing starting from the hardware and architectural levels.
Web 3.0 is the next evolution of the internet. It’s characterized by decentralization, ubiquity, and the rise of new technologies like blockchain and AI. With web 3.0, we’ll shift away from centrally-owned platforms and towards distributed applications that run on decentralized infrastructure. This new generation of the web has the potential to empower individuals and give them greater control over their online identities. So far, web 3.0 is still in its infancy, but it’s poised to have a major impact on how we use the internet.
For investors, the rise of Web 3.0 presents several opportunities.
New infrastructure to support the shift to a more intelligent web: Investments in decentralized cloud storage and networking
New applications that take advantage of the data generated by the Semantic Web: Investment in AI, machine learning, and natural language processing
New business models that take advantage of the opportunities presented by Web 3.0: Investment in e-commerce, online advertising, and the sharing economy
Blockchain is one of the world’s most innovative and exciting technologies. Here are three of the key technologies behind the blockchain network:
Distributed Ledgers: A distributed ledger is a database spread across a network of multiple computers, allowing increased decentralization and transparency. Blockchain technology relies on distributed ledgers to record transactions and store data on all the computers in the network.
Cryptography: Cryptography is a technique used for protecting data and ensuring security. Blockchain uses cryptography to secure transactions and prevent fraud.
Smart Contract: A smart contract is a self-executing contract stored on the blockchain. This enables two parties to enter into an agreement without needing a third party. Blockchain smart contracts are tamper-proof and enforceable.
These are three Features of the blockchain. Together, they create a robust and secure platform that changes businesses’ operations.
Some sources discuss three layers in the blockchain technology stack – the protocol layer, the platform layer, and the application layer. Other models (the OSI model) analyze seven layers of standardizing communication between multiple computers. However, some of these layers intermingle in the blockchain. Other times, a separate technology layer can appear.
Source Digital assets, user interfaces, data feeds, and even your internet connection can affect the layers below. So, we will stick to the 3-layer mode:
The protocol suite created is the foundational layer of the blockchain technology stack. It is responsible for consensus, communication, and security. The protocol layer is the backbone of the blockchain, making blockchain technology so unique. Without the protocol layer, the blockchain would be a database. That’s because the protocol layer:
- Allows for trustless consensus among all parties in the network.
- Is responsible for ensuring that all transactions are secure and cannot be tampered with.
- Enables communication between all parties in the network.
The platform layer is where the actual blockchain software runs. This layer ensures that transactions are securely recorded, and that data is immutable. It also provides the infrastructure for application development. Some of the most popular platforms in this space include Ethereum, Corda, and Hyperledger Fabric. While each platform has unique features, they all share one common goal: to provide a secure and efficient way to record and store data.
The application layer is where all the action happens in the blockchain technology stack. This is where transactions are processed, and smart contracts are executed. It’s also where users interface with the blockchain, whether through a wallet, a dApp, or some other type of application. The application layer is essential for enabling users to interact with the blockchain and transact on the network. Without it, there would be no way to use the blockchain. The application layer is also where most blockchain innovation happens because it’s relatively easy to build applications on top of existing platforms like Ethereum. As a result, we’re seeing a lot of creative uses of blockchain technology emerging at the application layer.
After reviewing all that information, let’s see how the biggest blockchain technology companies stocks in the world implement web 3.0 technologies:
Founded in 2012, Coinbase is the most trustworthy platform for trading cryptocurrency in the US. Coinbase functions in over 100 countries worldwide, with 6.1 million monthly active users and revenue amounting to $4.03 billion in 2021.The technology stack that Coinbase uses includes:
React Native. This Javascript open-source UI framework allows Coinbase to increase scalability and performance, leading to accelerated growth on both the web and mobile platforms. Besides, it’s a highly secure development framework for building mobile apps.
Coinbase Wallet. Using Web 3.0 technology, this self-custody wallet allows you to be the sole owner of your wallet. Therefore, users are completely in control of their assets, with no centralized authority hovering over them. This business logic is especially useful for a peer-to-peer network.
Amazon Web Services (AWS). Coinbase uses AWS as a proficient cloud data storage solution for its proficient control, data analysis, and scalability.
Digital Currency API. This system allows people to create wallets and addresses for their crypto, trading and securing that crypto in a secure environment. Besides, they can get real-time price info and notifications.
NVIDIA offers an excellent example of implementing AI. After its GPU accelerated the development of the PC gaming market, NVIDIA also revolutionized graphics and computing. Unlike the original GPU of 1999, today, this system is a true virtual brain of computers, thanks to its vast deep learning abilities. That way, NVIDIA can leverage the power of AI.Tech stack that NVIDIA uses includes:
OptiX SDK: Programmable ray tracing framework
MDL SDK: High material portability
CUDA: Parallel programming model; accelerates the AI pipeline
2D vector animation: Best for graphics
Video Codec SDK: Accelerated encoding and decoding
PayPal originally started as security software for handheld devices but has now progressed to being a giant in the world of sending/receiving money. And as cashless transactions seem to be the way of the future, PayPal only stands to gain. The technology stack it uses includes:
Squbs: This event-loop reactive framework allows the platform to process billions of messages each day.
Node.js: Node.js is an open-source, free, cross-platform JavaScript run-time environment that allows blockchain developers to write command line tools and server-side scripts outside of a browser. Node.js uses an event-driven, non-blocking I/O model that makes it lightweight and efficient, perfect for data-intensive real-time applications that run across distributed devices.
IBM is famous around the world. One reason the company continues to grow is adopting different technology stacks, such as the:
Hyperledger technology: Hyperledger technology is a distributed ledger technology (DLT) designed to build enterprise-grade blockchain applications.
Adobe: Flash, Illustrator, InDesign
Akamai: Fast DNS, intelligent platform
JavaScript: front-end development
Python, Celery, GEvent: backend development
Because AMD is a semiconductor company that has to design and develop many products, its tech stack has to be scalable, straightforward, and versatile.That’s why AMD uses:
Functional programming languages that work well together and use natural language processing (e.g., Java, Python, Perl, and Lua)
NGINX: High-performing web server for websites that get a lot of traffic
New Relic: Immense cloud-based observability platform
DocuSign helps people manage electronic agreements. Using its electronic signature, people can get rid of the hassle of signing paperwork by hand, which involves heavy printing, scanning, and faxing.Its tech stack includes:
PHP: General-purpose scripting language for web development
NGINX: Flexible web server
Google Analytics and Mixpanel: Analytics
Runscope: API performance monitoring
A Fortune 500 company, Accenture PLC specializes in information technology services and consulting. Known for its wide array of services, Accenture offers strategy, management, digital, technology, and operations consulting. As its name actually means “Accent on the future,” this company uses some of the following technologies:
Stripe: Online payment
Sopheon: Project portfolio management
Node.js: JavaScript platform for building quick and scalable network applications
Redis: open-source, in-memory data structure store
Oracle Corporation is a mammoth in the world of software companies, renowned for its wide range of cloud applications and platform services.
Oracle ADF: Technology that streamlines product integration
XML: Encoding data in an easy-to-read way for both humans and machines
Java: Back-end development
Selenium: Testing and QA
After reviewing the blockchain stock above and the technologies they’re using, it’s time to summarize the most popular blockchain technology stacks:
A programmable blockchain is a new type of blockchain that allows for executing smart contracts. A smart contract is a blockchain protocol that facilitates, verifies, or enforces the negotiation or performance of a contract. They are often used to automate the management of complex financial agreements, such as derivative contracts. Programmable blockchains are designed to give users more control over their transactions and to allow for the development of new applications, such as:
- Create a decentralized exchange where users could trade assets without the need for a central authority
- Developing a system for tracking ownership of assets, such as land titles or identity documents
A node is a point of connection in a network. It can be either:
- Physical. A physical node is a hardware device, such as a computer or a router.
- Virtual. A virtual node is a software-defined entity, such as a server or a switch. A node can also be an intermediate point between two devices, such as a repeater or a bridge. Nodes are connected by links, which can be:
- Wired. Wired links use cables.
- Wireless. Wireless links use radio waves.
Nodes are usually managed by node providers. Node providers are responsible for configuring the nodes and providing them with the necessary resources, such as power and connectivity. They also monitor the performance of the nodes and provide customer support. Some of the most popular node providers are Amazon Web Services (AWS), Google Cloud Platform (GCP), and Microsoft Azure.
An API is like a waiter in a restaurant. It enables two separate systems to communicate with each other. The system requesting the information is known as the client, while the system providing it is known as the server. Just like a waiter takes your order and brings you food from the kitchen, an API takes a request from a client and returns data from the server. Of course, in the real world, things are usually more complicated than that. APIs can request data from databases, files, or other software applications. They can also be used to send data to other applications or systems. Think of Coinbase’s digital currency API as an excellent example.
A development platform is a software environment that allows developers to create applications. Consequently, Blockchain platforms provide developers with a way to build decentralized applications. These platforms use blockchain to provide a secure and decentralized infrastructure for application development. Bitcoin, Ethereum, and Hyperledger are examples of the popular blockchain platforms mentioned above. Each platform has unique features and benefits, so developers must choose the right platform for their needs. For example, Ethereum is well-suited for applications that require smart contracts. On the other hand, Bitcoin is focused on payments and offers a more limited development environment. Choosing the right platform is essential for successful decentralized application development.
A decentralized application (dApp) is an application built on a decentralized network. Bitcoin, Ethereum, and other crypto tokens are examples of decentralized networks. Decentralized apps are open source and run on a blockchain. A dApp can have front-end code and user interface written in any programming language that can make calls to its backend, which is usually written in Solidity. Decentralized applications have many advantages over traditional applications.
- dApps are more resilient because they do not rely on a single failure point.
- dApps are more secure because they leverage the security of the underlying blockchain.
- dApps are transparent because their code is open source and runs on a public blockchain.
- dApps are censorship-resistant because no central authority can take them down.
On the other hand they require users to have a certain level of technical expertise, which can be slow and expensive to use due to the nature of blockchain technology and dApps are still in the early stages of development, and there is a limited number of quality dApps available.
Overall, decentralized applications have the potential to change the way we interact with the internet by giving users more control over their data and eliminating the need for central authorities. However, they still have some hurdles to overcome before mass adoption occurs.
As you can see, the companies above use many different technology stacks. And thousands of other important blockchain stocks are on the market, combining other tech stacks in new, exciting ways. It’s impossible to list all that in one article. However, you have several online tools to discover these tools on your own time. Wappalyzer is one of them. This intuitive software allows you to input a website’s name or URL to retrieve the tech stack it uses. As such, you can analyze your competitors, optimize your sales process by understanding your customers, and discover more unique programs to leverage. You can also research the popular blockchain tech stacks we discussed above. The Web 3.0 principles you learned at the beginning of this guide will help you make the right choice for your needs.
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