The blockchain is the key technology for the cryptocurrency. It can be mainly categorized into two types according to the access rights and the range of participation.
Public Blockchain
Public blockchain has strong decentralization character that breaks away from the conventional method well-known to the public.
Anyone can join the network without much constraint, and all participants share and verify transactions over the network. As such, the entry barrier is low, people can enter and exit freely without interference from developers, and the transparency is high since there is less risk of fraud. Moreover, public blockchain can reduce cost significantly since smart contracts can facilitate transactions at almost no fee compared to transactions using a centralized agency (e.g., escrow service) as a mediating body with the charge of around 5%.
Public blockchains have created consensus methods that can be verified over the network for transactions or contracts through a series of processes such as Proof of Stake (PoS) and Proof of Work (PoW). The leading public blockchains include the cryptocurrencies such as Bitcoin, Etherium, Bitcoin Cash.
Private Blockchain
Also called closed blockchain, private blockchain has a subject (central agency) that manages the system.
Anyone intending to participate in the network must obtain the approval of the central agency, and only those verified through the authentication measures created by the network can participate. Also, only the approved agencies can generate the transaction. Its advantages include the increased processing increases since the number of participants is limited and the improved security since the network can be designed specifically to the objective.
Although the transaction transparency is relatively low because only the few approval agencies have the authority to correct or verify the transaction, it is easier to modify the network rule or transaction details. Moreover, the approval agency can intervene to correct the wrongful transactions quickly.
The leading examples of private blockchain include Linux Fund, R3CEVcorda, and NASDAQ.
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