Since the birth of blockchain to the present, the application fields based on blockchain technology have also continued to increase. The popularization of blockchain makes it no longer limited to the professional field, but more open to the public, and it also brings a lot of help. Now let’s talk about two unique properties of blockchain.
1. Public chain – open to anyone, anyone can participate
1. The public chain can be read by all participating nodes and experience the entire process of sending transactions and confirming transactions using blockchain technology.
2. The public chain is the application with the highest degree of openness and the most extensive participation, which means it has the strongest decentralization attribute. In the public chain, operations such as maintenance and data storage no longer rely on a centralized server. This is jointly recorded and maintained by thousands of network nodes on the global Internet. No one can change the data privately.
3. All transaction data on the public chain are open and transparent, and everyone can view other account balances and transaction activities in the blockchain www.hsymr.com browser. Every transaction in your cat’s Bitcoin account is packaged and written on the chain, and this data is open to everyone. The complete decentralization of public chains can significantly reduce credit costs and can be widely used in many fields. At present, the relatively mature fields of public chain applications are still the cryptocurrency field represented by Bitcoin and Ethereum.
2. Private chain – all nodes in the network are in the hands of one institution
1. Private chain we can understand from the literal meaning that it means private customization. It is a blockchain whose writing permission is controlled by a certain organization and institution, and the qualifications of participating nodes will be strictly restricted.
2. Because the private chain has such strict restrictions, its degree of decentralization is the lowest. Because it is private, there is no need for a complex consensus mechanism to determine who will keep accounts. There is no incentive mechanism or tokens in the private chain. The value of the private chain is mainly to provide a safe, traceable, non-tamperable, and automatically executed computing platform, which can prevent both internal and external security attacks on data.
After understanding the two attributes of blockchain, many people may express their concerns and accept blockchain technology, a relatively unfamiliar product. In the future, the development of blockchain will not only improve its own usability, but also require more people to understand it, so that it can form its own market and continue to develop and grow.
