Public/Permissioned Blockchain

 You do not need an invitation to join the public blockchain. It is an open space where anyone can read and write data, but no one has the power to control anything.

Distributed, Immutable Database

The public blockchain is a decentralized platform accessible to anyone. In other words, there is no permit, which means anyone can join, write and read the information on the platform. A blockchain is a distributed platform where transaction data is compiled and stored in a blockchain format.

Therefore, the combination of these “blocks” forms a blockchain. The main feature that separates one block from another is the timestamp. Once it’s verified, the data which is stored on the platform cannot be altered despite being publicly available.

The public blockchain uses a consensus mechanism to verify transactions. The two leading public blockchains, Bitcoin and Ethereum, use the proof-of-work (PoW) consensus method. However, Ethereum has embarked on a journey of transition to a proof-of-stake (PoS) approach to consensus.

The social blockchain offers greater transparency compared to private networks and is as fragile as anyone can join and no single organization manages the entire system. Unfortunately, many public blockchains also suffer from low transaction rates and other metrics. In addition, the public blockchain is also limited in a few ways of compliance compared to the private blockchain.

The private and public blockchains are similar in the sense that each node in their network has an exact copy of their block, their database is unchanged and both forums rely on authentication agents. Read More…

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