Project HOPE | Blockchain and its types | club75
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If we say about the blockchain simply, without going into technical details - this is a database or a set of cells in a spreadsheet. The main feature of this database is that it cannot be changed, what got into the blockchain remains in it forever. A record in the blockchain is called a block, each new block is associated with the previous one, i.e. an immutable chain of blocks is obtained. We can say it is a decentralized network which means that there is not any single party to control the network.
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Immutability is achieved by assigning each block a fingerprint - a hash and since the hash of the previous hash enters the next block, it is impossible to change it imperceptibly.
There are several varieties of blockchain, the classification is not established and in different sources, the types of blockchain are classified differently, here's what I dug up:
👉 Public blockchains
👉 Private blockchains
👉 Exclusive blockchains
👉 Blockchain consortia
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In the Public Blockchain technology, any user can join with their network such as anyone can join for mining their coin. Example: Bitcoin.
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Such type of network is managed by a specific organization, can be located in an on-premises environment, behind a firewall. These blockchains will not be open to everyone.
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To gain access to the network, the user must receive an invitation and restrictions may be imposed on him. Then, anyone who has a specific invitation to the network can easily join with it.
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These types of blockchain are managed by several organizations with different rights. We can also define it as a semi-private blockchain which means that it has the quality of both private and public blockchains.
Thank you for all the Project HOPE members
Hello @shehan8
Thank you for posting within our project.hope community on STEEMit.
Please spare few minutes and read how project.hope is organized and learn about our economy.
That would help you understand more our goals and how are we trying to achieve them. Hopefully you will join our community and become strong part of it :)
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Yours,
@project.hope team,
Of course, I will join. Thank you very much for the invitation.
Blockchain can be changed... There is two reasons why someone would want to change the blockchain.
First reason is that the original tip caused an error in the daemon that resulted in miners unable to mine more blocks. One common cause is difficulty overhead, which is caused by sudden drop in effective network hash rate that the daemon can't counteract because the next target difficulty would underflow.
Second reason is when there is network split and cumulative difficulty of two or more network segments are identical up to the maximum irreversible length. Because after certain chain length, the daemons refuses to switch to alternate chain, segments continue on their own chain until stopped and rewound.
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Thanks for sharing public blockchain is the real definition of decentralization which entail bitcoin network the fact that blockchain remains immutable makes it very unique.
Thanks for your comment