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What is "public chain, private chain, alliance chain"? Coin express will give you a detailed explanation

Time : 09/08/2021 Author : ad2yvt Click : + -
        People inside and outside the industry have different views on which type of blockchain should be adopted, and have triggered many debates about public and private chains. Now the industry generally believes that the alliance chain is between the public chain and the private chain, and in essence it still belongs to the category of private chain. At present, most financial institutions prefer private chains, but some people believe that this is only temporary. Industry insiders said that the alliance chain can be regarded as "partial decentralization". The public can check and trade, but they can't verify the transaction, or can't publish smart contracts, so they need to obtain the alliance license. Publicblockchain refers to a blockchain that can be read by anyone in the world, that can send transactions, that can be effectively confirmed, and that anyone can participate in the consensus process &mdash& mdash; The consensus process determines which blocks can be added to the blockchain and clarifies the current status.
        Public chains are often considered "completely decentralized". Features of the public chain 1) protect users from the influence of developers. In the public chain, program developers have no right to interfere with users, so blockchain can protect users who use the programs they develop. 2) The access threshold is low. Anyone with sufficient technical ability can access it, that is, as long as there is a computer that can be connected to the Internet, the access conditions can be met. 3) All data is open by default, although all associated participants hide their true identities, this phenomenon is very common. They generate their own security through their publicity, where each participant can see all account balances and all their trading activities.
        The public chain includes bitcoin, Ethereum, super ledger, most counterfeit currencies and smart contracts, of which the originator of the public chain is the bitcoin blockchain. Ethereum is a new and open blockchain platform, which allows anyone to establish and use decentralized applications running through blockchain technology in the platform. Like bitcoin, Ethereum is neither controlled nor owned by anyone. Ethereum is a programmable blockchain. It does not give users a series of preset operations (such as bitcoin transactions), but allows users to create complex operations according to their own wishes. In this way, it can be used as a platform for various types of decentralized blockchain applications, including but not limited to cryptocurrency.
        Ethereum platform has no characteristics and value. Like programming languages, it is up to entrepreneurs and developers to determine its purpose. However, it is obvious that some application types can benefit more from Ethereum's functions than others. Ethereum is especially suitable for applications that automatically interact directly between points or promote group coordination activities across networks. Except for financial applications, any application scenario with high requirements for trust, security and durability &mdash& mdash; Such as asset registration, voting, management and the Internet of things &mdash& mdash; Will be affected by Ethereum platform on a large scale. Privateblockchain refers to a blockchain whose write permission is only in the hands of one organization.
        The read permission is either open to the public or restricted to any extent. Characteristics of private chain? 1) The transaction speed is very fast. The transaction speed of a private chain can be faster than that of any other blockchain, and even close to the speed of a conventional database that is not a blockchain. This is because even a small number of nodes have high trust, and each node is not required to verify a transaction. 2) Give better protection to privacy. The private chain makes the data privacy policy on that blockchain completely consistent as in another database; There is no need to deal with access rights and use all the old methods, but at least this data will not be publicly available to anyone with a network connection.
        3) The transaction cost is greatly reduced or even zero, and transactions can be completely free or at least very cheap on the private chain. If an entity controls and processes all transactions, they no longer need to charge for their work. However, even if the transaction processing is completed by multiple entities, such as competitive banks, for example, for the same reason, they can process the transaction so quickly, so the cost is still very small; This does not require a complete agreement between nodes, so few nodes need to work for any transaction. 4) It helps to protect their basic products from being damaged. It is this that makes banks and other financial institutions readily accept the private chain in the current environment. Banks and governments have a vested interest in taking care of their products. The national legal tender used for cross-border trade is still valuable.
        Since the direct application of public chain is to protect new non-state currencies such as bitcoin, which poses a destructive threat to core profit streams or organizations, these entities should avoid damage at all costs. Application of private chain? The hyperledgerproject of Linux foundation, r3cevcorda platform and gemhealth network are several different private chain projects under development. In fact, judging from the fact that major international financial giants have successively joined the r3cev blockchain plan, financial groups are more inclined to embrace private chains (here we say alliance chains).
        R3cev is a blockchain startup company headquartered in New York. The R3 blockchain Alliance launched by r3cev has attracted the participation of 50 major banks, including Wells Fargo Bank, Bank of America, Bank of New York Mellon, Citibank, etc. Ping An Bank of China joined the R3 blockchain alliance in May this year. In April 2016, R3 Alliance launched corda project, a distributed financial solution specially prepared for banks. Corda is a blockchain platform that can be used to manage and synchronize agreements between various organizations. Consortium blockchain refers to a blockchain jointly managed by multiple institutions. Each organization or institution manages one or more nodes, and its data is only allowed to be read, written and sent by different institutions in the system.
        Alliance chains are suitable for transactions and settlements between organizations. At present, the more influential alliance chains in China include chinaledger, CbrA and wechat bank. Viewpoint analysis many people believe that private chains are generally used by private enterprises and are of little use, because private chains allow users to rely on third-party institutions &mdash& mdash; The company that manages the blockchain. Many people believe that the private chain is not a blockchain at present, but an existing distributed ledger technology. Others believe that private chains can provide solutions to many financial enterprise problems that cannot be solved by public chains, such as compliance with rules and regulations: Medical Insurance Portability and Liability Act (HIPAA), anti money laundering (AML) and know your customer (KYC) system.
        Eugenelopin, CEO of Chex, said: "The private chain is basically no different from the traditional database. The private chain has the same meaning as the beautified database. But its advantage is that if public nodes are added to it, there will be more nodes. Ericlarchevê que, CEO of ledger, supports the public chain view. Ericlarchevê que, CEO of ledger, believes that the anti censorship public chain has the potential to subvert society, and the private chain is only a cost-effective tool in the back office of banks. The neutral view, but the founder of ork Ryan Charles said, "the private chain can effectively solve the efficiency, security and fraud problems of traditional financial institutions, but this change is cumulative.
        Private chains will not disrupt the financial system. However, the public chain has the potential to replace most functions of traditional financial institutions through software and fundamentally change the operation mode of the financial system. ". In fact, public chain, private chain and alliance chain are all subdivisions of blockchain technology, and technology is only a tool. How to apply different tools in different scenarios is the key to technological progress. Blockchain is a new application mode of computer technology, such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm, etc. Is a shared distributed ledger in which transactions are permanently recorded through additional blocks. In bitcoin network, data will be permanently recorded in the form of files, which we call blocks.
        A block is a record set of some or all of the latest bitcoin transactions and is not recorded by other previous blocks. Decentralization is a phenomenon or structure that can only appear or exist in a system with many nodes or in a group with many individuals. The influence between nodes will form a nonlinear causal relationship through the network. The consensus mechanism is to complete the verification and confirmation of transactions in a very short time through the voting of special nodes; For a transaction, if several nodes with unrelated interests can reach a consensus, we can think that the whole network can also reach a consensus. Proofofwork refers to how much money you get depends on the amount of work you contribute to mining. The better the computer performance, the more mines you will be given.
        Proofofstake, a system of interest distribution based on the amount and time of money you hold. In the POS mode, your "mining" income is proportional to your currency age, and has nothing to do with the computing performance of the computer. Smart contract is a computer protocol that aims to disseminate, verify or execute contracts in an information-based manner. Smart contracts allow trusted transactions without third parties, which are traceable and irreversible. It is an open source application that runs automatically, stores its data on the blockchain, encourages it in the form of a password token, and operates with a protocol that shows valuable proof. It can be considered as a company that operates without any human intervention, and gives all forms of control to a set of unbreakable business rules.
        A private key is a string of data that allows you to access a token in a particular wallet. As passwords, they are hidden except for the owner of the address. Try to create a block and add it to the computing device or software on the blockchain. In a blockchain network, when a new effective block is created, the system will generally automatically give a certain amount of tokens to the block creator (miner) as a reward. It is a fully automatic mining platform, which enables miners to contribute their own computing power to mine together to create blocks, obtain block rewards, and distribute profits according to the proportion of computing power contribution (that is, mining machines are connected to the ore pool — provide computing power — to obtain income).
        A fully open blockchain means that anyone can read, anyone can send transactions and transactions can be effectively confirmed, people all over the world can participate in system maintenance, and anyone can read and write data through transactions or mining. The write permission is only for the blockchain of an organization or a specific few objects. The read permission can be opened to the public or restricted to any extent. Peggedsidechains technology will realize the transfer of bitcoin and other digital assets among multiple blockchains, which means that users can access the new cryptocurrency system when using their existing assets.
        Cross chain technology can be understood as a bridge connecting blockchains. Its main applications are to realize atomic transactions between blockchains, asset conversion, information exchange within blockchains, or solve Oracle problems. There are permanent differences in the blockchain. After the release of the new consensus rules, some nodes that have not been upgraded cannot verify the blocks produced by the upgraded nodes, and usually hard forking will occur. After the new consensus rule is released, nodes that have not been upgraded will produce illegal blocks because they do not know the new consensus rule, and temporary forking will occur. Generally, hash is translated, and hash is also transliterated directly. Simply put, it is a function that compresses messages of any length to message summaries of a fixed length.
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