The blockchain technology is here to stay for a long time because it has a wide array of applications that you can truly enjoy right away. Well, we are going to talk a little about what public and private blockchain protocols are too.
Public Blockchain Protocol
A public blockchain protocol will allow you to use the technology within a framework free from restrictions and open source. Yes, this is true and Ethereum is one of those platforms that will allow you to do just that. This platform is truly awesome because it allows to build your very own smart contract if you want to, and you will not have to build any kind of ecosystem at all. Yes, this is true and you can truly take advantage of this technology right away without spending a lot of money down the road.
You just have to buy some Ether via the Ethereum framework so you can truly develop any Dapp or decentralized application right away. The Ether you purchase will be the important fuel you have to use to run your truly lovely application as soon as possible.
Private Blockchain Protocol
A private blockchain protocol requires permission to access, and it also uses the centralized operation in the design. The procedures of entry control might vary a lot and you can find a lot of different stuff here. A new user might have to deal with a set of steps that he or she has to pass before using the protocol and things like that. Yes, this is quite interesting too.
The user will have to play a role just to keep the blockchain with a decentralized design. To secure this network, you will not find any incentive mechanic. This is so because the participants will have to make sure that the network remains secure. The problem with these types of networks is the fact that they will realize in a centralized governance and this makes them vulnerable to any kind of attack. However, private blockchain networks are better than public ones when it comes to dealing with regulatory requirements down the road.
Consortium or federated blockchains are just a subset of the famous private blockchain platforms. The leaders within this network will predefine the consensus mechanism. Let me give you a quick example that will allow you to understand what we are talking about right here right now. If a group of twelve financial institutions wants to do business, eight out of twelve might have to approve the transaction before it can be executed. These types of blockchains are often faster and even more scalable than any public blockchain out there. They also tend to offer greater privacy in any transaction.
Remember that blockchain is here to stay for a long time because this will allow people to have trust in this system. This, in turn, will make the Internet a better place. We have talked a little about private and public blockchain protocols and we have given you the important information you need about this.
Author of this article is Ruth Oldenburg from New York. She is a crypto journalist with almost 5 years of experience. She is a contributor at Xtrabit.