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What are blockchain public chain, private chain, alliance chain and side chain.

Time : 11/07/2022 Author : bhu7r4 Click : + -
        Two days ago, a new player didn't come into contact with digital currency. He asked many questions about blockchain on wechat, one of which is how to classify the blockchain chain; Today, I'd like to summarize what blockchains are divided into and what are their characteristics. Public chain refers to a blockchain that can be read by anyone, that can send transactions, that can be effectively confirmed, and that anyone can participate in the consensus process. The public chain adopts the ways of workload proof mechanism (POW), equity proof mechanism (POS), share authorization proof mechanism (dpos), and combines economic rewards with encrypted digital verification, and establishes a principle that the economic rewards everyone can obtain from it are proportional to the workload.
 
        These blockchains are generally considered to be completely decentralized. 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;. 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. Private chain refers to a blockchain whose writing permission is only in the hands of one organization. The read permission is either open to the public or restricted to any extent. Related applications include database management, auditing, and even a company. Although in some cases it is hoped that it can have public auditability, in many cases, public readability is not necessary.
 
        The transaction speed of a private chain can be faster than 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. 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. 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. The openness and decentralization of the alliance chain are limited. Its participants are screened out in advance or specified directly. The read permission of the database may be public, or it may be limited to the participants of the system like the write permission. If something goes wrong, the alliance chain can be quickly repaired through manual intervention, and it allows the use of consensus algorithm to reduce the block time, so as to complete the transaction faster;. If necessary, the community or company running the private blockchain can easily modify the rules of the blockchain, restore transactions, modify the balance, etc.
 
        Case: ripo has established an alliance chain for international remittance between Japan and South Korea and inter-bank remittance in Japan. At the same time, Xunlei chain, which was popular for a while, is also a semi open alliance chain. Strictly speaking, side chain itself is not a blockchain, and can be understood as an extension protocol of blockchain. The early "side chain" is to solve the limitation of bitcoin blockchain technology. Side chains are like pathways that connect different blockchains together to realize the expansion of blockchains. The side chain is completely independent of the bitcoin blockchain, but the two ledgers can "operate mutually" to achieve interaction. The advantage of side chain architecture is that the code and data are independent, which does not increase the burden of the main chain and avoid excessive data expansion.
 
        The side chain has independent blockchain, independent trustee or witness, and independent node network, that is, the blocks generated by a side chain will only be broadcast between all nodes installed with the side chain. All blockchain parameters of the side chain can be customized, such as block interval, block reward, and the destination of transaction fees. Advanced users can also modify the consensus algorithm. For the whole digital currency field, this year may still be a competition for the underlying public chain project, because there are still obvious deficiencies in the public chain as the infrastructure of blockchain, and it is still unable to achieve real security, reliability and efficiency.
 
        This also obviously restricts the development of the whole blockchain industry.
 
        
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