Bitcoin introduces the blockchain technology to the world. We all know Bitcoin was developed in 2008 and the first Bitcoin was get the mind in 2009. It is started with the vision to make the best substitute for p2p currency. Bitcoin was copied to update and make better cryptocurrency such as Dash, bitcoins and much more bye numerous cryptocurrency enthusiast. These alternative coins called as coins. After the popularity of altcoin Companies, just started searching into technologies behind the cryptos. In order to mine a different kind of coin, it requires a different kind of blockchains. In this blog we are discussing about the different kind of blockchains:
Different types of blockchain: In current there are three different kinds of blockchain available in the market.
as you can see in the name, it is a blockchain which is for the people by the people and of the people. In these blocks and no one can take charges to participate in reading, writing, auditing the blockchain. The other point is these kinds of blockchains are open and show transparent transactions so that anyone can review anything at a given time.
Private blockchain name is suggested to make it a private property for a business entrepreneur for the organization. You need to pay some charges to look into this blockchain such as read and write. And auditing only done by the owner and access only particular authorized people. This blockchain makes Crypto graphical secured for the individual and company point of view. Your data is completely secured with the private blockchain and you can do the transaction without any worry.
Consortium or federated blockchain-
this blockchain removes the solidarity which gets you in private blockchain. So here anyone can make changes after paying charges and for every change, you need to pay. In simple word, you have a group of companies or business entrepreneur was coming together making discussion and decision for the best-benefited things of whole cryptocurrency network. Such type of groups is called consortium or Federation.
Hope you understand all the blockchain easily by our explaining. Every week we come up with new topics related to cryptocurrency to make aware people of South Africa about the different aspects of the cryptocurrency industry. If you think, the content is relevant to your search, then please give it feedback oh you want some improvement in our content, then you can comment below give a suggestion. You can also share our block in your network. Thanks for sharing!