CRYPTO SKILL || The Differences Between Public And Private Blockchain || @anzaksen

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Introduction

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Good day dear members of steem skillshare, I'm honoured to be participating in my first contest in this community and I hope to participate in more upcoming contests. This contest was set up by @ronindboss and it focused on our knowledge on Cryptocurrencies, so today I'll share to you all my knowledge on Blockchains, without wasting much of your time. Let's begin.

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Different Types Of Blockchain

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There are two main types of Blockchain which cryptocurrencies and platform can be built on, they are;

• Public Blockchain
• Private Blockchain

The above blockchain are the major types of blockchain most Dapps run under. Below are the features and characteristics each Blockchain offers.

• Public Blockchain

Public Blockchain are networks that enables a person to participate in it openly. This type of Blockchain offers the ability to read, write and engage within it. It's decentralized in nature which means it doesn't have any central authority that controls it. The data in a public Blockchain is very secure and can't be modified or altered once they're validated. An example of this blockchain is our very own Steem blockchain.

Some features of public blockchain are :

• High Security

• Open Environment

• Anonymous Nature

• No regulation

• Full Decentralization

• Immutable

• Private Blockchain

Private Blockchain are supervised by group of administrators and requires validation before platform join the network. This type of blockchain is controlled and supervised by a central authority and before a person or group can be allowed into it, they must seek approval first. As the name implies, the transaction and activities are private. An example of this blockchain is Ripple.

Some features of private blockchain are :

• Full Privacy

• More centralized

• High Efficiency and Faster Transactions

• Better Scalability

Difference between Public and Private blockchain

Public Blockchain	Private Blockchain
Is Decentralized	Is Centralized
It's slow in transaction	It's fast in transaction
The network is more secure	the network is less secure and vulnerable to attacks
It consumes lots of energy	it's consumes less energy
It's a permissionless blockchain	it's a permissioned blockchain
It mostly used POW, and POS consensus	it uses Proof of elapsed time (POET) and Raft

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Conclusion

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This is the end of my article, I can't said that one of these blockchain is better because it's unique in their own way, it just depends on the investor and how which blockchain will favour them more. Thanks for reading.

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