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TYPES OF BLOCKCHAIN TECHNOLOGY

Blockchain technology comes in four types: public, private, hybrid, and consortium. Each type has unique advantages and disadvantages, influencing their ideal applications. The choice between them depends on specific needs and preferences, guiding you toward the blockchain solution that best suits your requirements.

PUBLIC BLOCKCHAIN

Public blockchain is the first type of blockchain technology, known for its role in the origin of cryptocurrencies like Bitcoin. It leverages distributed ledger technology (DLT) to eliminate centralization issues, providing enhanced security and transparency. Information is not stored in a single location but is distributed across a peer-to-peer network. To ensure data authenticity, a consensus algorithm is employed, with proof of work (PoW) and proof of stake (PoS) being common methods where participants agree on the current ledger state. #BTC #Web3Wallet #ftx $BTC $BNB $ETH