BLOCK CHAIN PART 5
In the previous part we discuss about the some aspect of the block chain In this part we discuss the another part of the block chain such as the block body and the different type of the block chain network. The body of the block chain It contains all transactions that are confirmed with the block nothing else we will discuss how block chain done all of this things in the coming blog.
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but up till this is enough that what the block actually contain. After this we discuss the different type of the network in which we discuss about the first network called as the public bloc chain network.
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A public block chain is one that anyone can join and participate in, such as Bitcoin. Drawbacks might include substantial computational power required, little or no privacy for transactions, and weak security. These are important considerations for enterprise use cases of block chain.with the help of the public block chain network we didn't have any restriction. Anyone with the internet connection can get access to the network and start validating blocks and sending transactions. Typically, such networks tend to offer some kind of incentive for users who validates the blocks. Anyhow, this network tends to use Proof of Work or Proof of Stake consensus algorithms for validating the transactions. It is a “Public” network in a true sense.It’s like that definition of democracy – of the people, by the people and for the people!
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There are certain characteristics of public block chain architecture. Obviously, these features are different from other types of block chain. Let’s see what these are –
* Every node has access to read and write on the ledger
* Anyone can download and add nodes to the system
* The technology is fully decentralized in nature
* It offers anonymity, which means no one can track your transactions back to you
* It’s a bit slower compared to the private block chain.
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* Transparency
The main advantages of the public block chain network is the good transparency .The very reason the block chains are considered the new monetizing system is it’s transparent, and no has control over anything.
* True decentralized structure
all the nodes in the system will have their very own copy of the ledger. And using the consensus algorithms they can update the ledger efficiently.As there is no need for any central authority in any step, this type of block chain offers the truly decentralized structure.
* User Empowerment
Anyone with an internet connection can download the copy of the block chain and has complete authority to read or re-write it. Meaning, the general people have the control panel, not an evil corporation!
* immutability
This means, no one can tamper with the system or steal away the money. If someone tries to tamper with the blocks like double spending, all the other nodes will reject the transaction. So, cases like tax fraud and many other problems can be mitigated with this technology.
Example of the public block chain
Almost all the big names in the crypto world are based upon the public block chain like – Bitcoin, Ethereum, and Litecoin etc.
Ethereum is actually the most popular public block chain at the moment. In reality, Ethereum took the concept of a public block chain to a whole new level. At present, there are so many applications based on this block chain.
That's enough for today.
