Public vs. Private Blockchain

What is the difference between a public blockchain and a private blockchain? Does it matter? Which is better? Gallactic believes that currently there are pros and cons between both Private and Public Blockchains, but time and “convergence”, a term that is gaining prominence in the Blockchain Industry, is clearly showing that the lines between these categories, once clear, are starting to fade.

Public Blockchains

Public blockchains are just that, public. Anyone that wants to read, write, or join a public blockchain can do so. Public chains are decentralized meaning no one body has control over the network, ensuring the data can’t be changed once validated on the blockchain. Simply meaning, anyone, anywhere, can use a public blockchain to input transactions and data as long as they are connected to the network.

Some well know examples of Public Blockchains would be Bitcoin and Ethereum, with Bitcoin being among the first Blockchain application to prove that value could be moved across the globe without third-parties like banks or remittance companies.

Private Blockchains

Blockchains that are private or permissioned work similarly to public blockchains but with access controls that restrict those that can join the network, meaning it operates like a centralised database system of today that limits access to certain users. Private Blockchains have one or multiple entities that control the network, leading to the reliance on third-parties to transact. A well-known example would be Hyperledger.

Why are different Blockchains required?

Necessity is the answer to that question, well for the short term anyway. Currently public & private blockchains still have a lot of challenging technological problems that need to be sorted out, with privacy and scalability being foremost. Gallactic’s blockchain can certainly help with scalability due to its multi-chain architecture that allows for massive scaling to rival and in most cases surpass other blockchains in the market with transactions at 300 per second on mainchain with the ability to scale up to hundreds of thousands per second when the multi-chain model is configured for speed.

The concerns over privacy will continue to be an issue due to the transparent nature of blockchain but as public blockchains introduce privacy measures, the value proposition of public blockchains will become obvious and turn most to-day’s private chains obsolete.

Saying that, Interoperability has been the missing link in conquering the obstacles faced by both private and public blockchains by empowering them to interact and exchange values across platforms seamlessly. Developers use of the Gallactic blockchain technology, that allow for private and public blockchains within its eco-system, will drive the potential to combine both public and private blockchains with innovative new solutions, designed to accomplish cross-chain exchange and greater compatibility is the way forward for all parties and their concerns.

Facebook Comments

More Stuff

Six and a Half Projects Bridging the Gap Between A... As topics of discussion go, the often disparate fields of art and technology rarely share the same breath, but at the cutting edge of the blockchain...
The Go-Getters Guide to Weak Ties Weak ties are more likely to be bridges to new networks Granovetter’s original article distinguishes between regular network paths and “bridges.” All...
Project Datum’s DAT Token: How’s it Flowin’? A Gargantuan Stockpile Let’s go over a few DAT token basics. And we’ll start with the DAT token’s towering total. Yes, it’s huge. But it’s also defla...
The Best Cryptocurrency Investment Advice… Is to invest in the learning and understanding of the technology If you are in tuned with the technology or finance worlds, you most definitely would ...
Spread the love

Posted by News Monkey