Entering the cryptocurrency world is no easy thing. Knowing Bitcoin, Etherium, and XRP is not enough. So let’s just go to the basics. Obviously, at this point, you must have known what a blockchain is. But do you know that there are two different kinds of blockchains? Have you heard of public and private blockchain?
Compared to the hard and soft fork, public and private blockchain is a lot of talks. It is often said that cryptocurrency communities are private blockchain over the contents of partnership. Within the same division, how are private and public blockchains different?
Public vs Private blockchain
The biggest difference between the two lies in how open they are. Going back again to the literal meaning of the word ‘’public’ and ‘private’. The public is open to everyone, making it accessible to everyone. While private blockchain only has access to certain targets.
It’s easy to understand how to be a node. For once, take the public blockchain Bitcoin. In the case of bitcoin, when users download and launch the source program, it will automatically start to min. Then they will receive bitcoin as compensation.
To receive this reward, a block of bitcoin is created by the work of those who voluntarily participate in the mining and thus participate. However, the downside is that it is slow because everyone participates in the process.
On the other hand, only certain authorized people participate as nodes in private blockchain. They participate in the network with a sense of purpose rather than voluntary participation. Because the network is organized by a limited number of people, it has the advantage of being fast.
Now, the use of public blockchain is getting wider. HTC even has a phone to fully support the full bitcoin node activity of a public blockchain.
But what about the private one?
