Do you know which chain you are playing on?
Understand the four different types of blockchains
1. Public chain
The first type of blockchain technology is the public chain. Anyone with access to the internet can join the blockchain platform as an authorized node because public blockchains are open and permissionless. This person has access to recent and old data and can perform mining operations - the complex calculations required to confirm transactions and add them to the ledger. On the network, no valid record or transaction can be changed, and because the source code is usually open source, anyone can verify transactions, find bugs, and suggest fixes.
2. Private blockchain
A private blockchain is a blockchain network that runs in a restricted environment (such as a closed network) or a blockchain network managed by a single institution. Although it operates similarly to a public blockchain network in that it uses peer-to-peer connections and decentralization, this type of blockchain is much smaller in scale. Private blockchains are usually run on small networks within a company or organization, rather than anyone can join and provide computing power. They are also called permissioned blockchains or enterprise blockchains.
3. Hybrid blockchain
A hybrid blockchain is a blockchain technology that includes aspects of public and private blockchains. It enables businesses to build private, permission-based systems and public permissionless systems, allowing them to control what data is available to the public and who can access it.
In a hybrid blockchain, transactions and records are usually private but can be verified as needed, such as by granting access through smart contracts. Although protected inside the network, confidential information can still be verified. A hybrid blockchain may be owned by a private organization, but it cannot change transactions.
Individuals who join a hybrid blockchain have full access to the network. The identity of users is protected from other users unless they participate in a transaction. Then, their identity is exposed to each other.
4. Alliance chain
The fourth type of blockchain, the alliance chain, also known as the federated blockchain, is similar to the hybrid blockchain and has the characteristics of private and public blockchains. However, it is different in that the decentralized network is used collaboratively by numerous organizational members.Consortium chains essentially act as private chains with restricted access to specific groups, eliminating the risks associated with only one entity controlling the network on a private blockchain.
The consensus process in a consortium chain is managed by predetermined nodes. It has a validator node that performs transaction initiation, reception, and verification. Member nodes can receive or initiate transactions.
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