The blockchain network underlines the working of bitcoin and many of the other altcoins in the crypto space, though there are many cryptocoin also working on the private network and many on the different network. Just like IOTA which doesn’t work on the blockchain network but on the network called tangle network.
In this article, we talk about the difference between public and private blockchain. We also enlight upon the wiki, working, mining process of the private and public blockchains and finally some opinions about it.
Also read: 10 Useful Tips for Success Working in Cryptocurrency
What is Blockchain Network?
The blockchain network which also knows as blockchain technology comprises of powerful miners, pools which work on the language of hashrates.
The blockchain technology consists of blocks with a bunch of maths equation generator on which miner works and verify/complete the transaction by solving the math binary problem hence solving the block. The difficulty of the problem is determined by the size of the block and the number of the miners working on it.
The main reason for the blockchain network existing is for the mode of a secure online transaction with complete privacy, giving rise to p2p (peer to peer) transaction.
The Bitcoin blockchain which has its official website named “Blockchain.info” keeps the record of all the blockchain activities, though tracking the transaction is really hard on the blockchain network.
The Public Blockchain
Hearing the work public is not really mean the public but in fact, it’s much secured. The only difference is that anyone can work on it from anywhere, anytime. The main working for these blockchains is secure by the power of cryptography, it’s the power of the decentralized nature which no one has the control over.
The Bitcoin and Ethererum itself are working on public blockchain which means it could be accessible from anywhere publicly and therefore its keeping record of all the transactions.
The mining process on the public blockchain is really simple, you just need a good computing power and you can simply connect with the blockchain network by a software.
- Get started with cryptocurrency mining
Another interesting part of public blockchain network is that the amount and the sender’s identity is completely anonymous. You can see the transaction happening in the blockchain status but the identity is not known, hence making it untraceable.
When someone sends you bitcoins, the blockchain network itself slipt the amount and make it into finite pieces and they further mixed up with other bitcoin chunks where finally miners have their task to verify and complete the transaction.
Private Blockchain
These blockchains are enclosed into a finite boundary and not been accessible by the general public without having private access keys. Though it could be controlled and connected by anywhere anytime with having the connection keys.
Since the blockchain technology is been decentralized, but in the private blockchains have full control over it hence making it a centralized blockchain network.
Private blockchain example: These Blockchain networks work best within implementing coin within the internal system like a country or a private firm onto which government or any 3rd have control over it. Also, ICOs and many cryptocurrencies work on the Private Blockchain.
Consortium Blockchain
These are another type of blockchain present onto which transaction and cryptocurrency work.
In consortium blockchain works onto the preselective computers. The transactions are preceded by the pre-authentication by the group of computer/ controlling network before it actually been made, giving the power of the secured transaction fully controlled by the community.
The consortium blockchain not considered as fully decentralize as of the public blockchain as many of the member’s party have control over the block transaction, hence calling it a Partial decentralize network.
Which problem of Bitcoin’s blockchain?
With thee decentralize nature comes with the issues and limitations, few of them includes the high transaction fee and slow transaction rate that we could see arising on the bitcoin blockchain network.
The difficulty concern is the biggest flaw in the blockchain network with the high demand of the miners mining raising the difficulty level of solving the block for completing verifying the transaction as a result required miner with increasing computing power.
The high transaction fee could be explained by the whole irony of the raising of the difficulty in the blockchain.
The solution is the hard fork which ensures the new chain network with improved technology with big block size and fast transaction rate.
