Publically Permitted Blockchain
The concept of blockchain has been evolving every day since the time it has come into existence. Since the past couple of years, they have been designed and configured in various ways because of which they have a vast variety of blockchain that has evolved. There are two different things that that are:
- what kind of data and content can be stored on the blocks
- What type of tasks can be done by the people who are accessing the content on the network of the blockchain?
Both the above-mentioned activities can be managed by configuring the blockchain as per our wish. One can figure out how it needs to be designed depending on the different functions you want the blockchain to fulfill so that it can work well for your business. Just like we can give public and private permissions to access some documents that are present within the network of systems similarly there is public and private blockchain that used to control various accessibilities. The most commonly used blockchains are public and private. They are being vastly used by different cryptocurrencies formed for cryptocurrency and private companies. Apart from the above-mentioned blockchain, one other type that is, permission blockchain has recently got a lot of attention recently.
This category of blockchain can be used to make an open type of blockchain which will be same as bitcoins meaning similar to how bitcoins allow everyone to make a transaction within the same network. This open type of blockchain which is known as public blockchain will let anyone add themselves and do the transactions. They have complete access to take participation in this public blockchain and can even get involved in the main activities of the network that have public blockchain. Even though it is a public blockchain it still manages to be a decentralized network. Read more about QProfit System here.
The operation of the public blockchain network happens on a scheme that will give encouragement to the customers in joining hence keeping the network nimble and grow quickly. The viewpoint of having a true decentralized, democratic and an operation that does not require any sort of authority is offered by public blockchain which this blockchain particularly values a lot. Meaning that public blockchain gives the actual solution for having this type of decentralized operations.
Even though this offers an easy to use a type of user interface the network that is publicly available has its own drawbacks. Since this makes use of a ledger that is of distributed public type there is the necessity of maintaining it continuously which means consumption of a huge amount of power.