LEARN ABOUT FIRST APPLICATION OF CRYPTOCURRENCY ON THE BLOCK CHAIN PLATFORM.

 

                TYPES OF BLOCK CHAIN TECHNOLGY AND CRYPTOCURRENCE.

 

 

In this article I will explain you about block chain type and categories in block chain three categories

 1.   Public blockchain

 2.  Private Blockchain 

 3. Consortium or Hybrid blockchain 

In this article we'll understand each type with example.

1 Public blockchain.

Publicly accessible blockchains are termed as public blockchain 

Further these blockchains have no restriction on the participant and the validator also the 

Main advantage of this type of blockchain is the uncontrollably of the blockchain which means 

That nobody will have the complete control over the network hence it ensures that the data is 

Secure and helps in immutability of the records also all the nodes connected to this public 

blockchain will have equal authority and hence  this public blockchain becomes fully distributed 

bitcoin and ethereum are some of the examples  of public blockchain being used in real-world 

Scenarios #

2 Private Blockchain.

As the name suggests this particular blockchain 

Requires the participant to be invited before they can be part of the blockchain 

Here all the transactions are visible only to the people who are part of the blockchain's ecosystem 

These type of blockchain are centralized and much better controlled than public blockchains 

As the blockchain are more centralized here they can be governed and regulated by someone 

Who can make sure that the governors are guiding participants also these blockchain can have a 

Token or may not have one and can be manipulated based on the preference of the blockchain owner 

Private blockchains usually have a network administrator who can take care of the user 

Permission in case any particular user requires additional authority on the go these are 

Typically used in private organization to store sensitive data about the organization for example 

hyperledger .

3 Consortium or Hybrid blockchain

Now this blockchain can be divided 

Into two different types where some nodes are private while others are public as a result some 

Of the nodes will be allowed to participate in the transactions while the other nodes are supposed to 

Control the consensus process this comes out  to be as an ideal hybrid blockchain between 

Private and public blockchain here all the nodes can be accessed by the blockchain while the 

Level of information that can be accessed will be based on the node accessing that particular data 

In this blockchain there are usually two types of users one is the user who has all the control over 

The blockchain and decides the level of security for a particular user while rest others are the 

Ones who just access the blockchain as per their function for example ripple network so 

Now let's answer the biggest confusion what is the difference between blockchain and cryptocurrency 

Well the difference between cryptocurrency and blockchain is the same difference between mobile 

Application and your mobile platform for example the app can be whatsapp or uber while the platform 

Can be ios or android in the end the applications will run on the platform and in a similar tone 

blockchain is the platform while cryptocurrency  is the application this confusion is quite 

Common as both cryptocurrency and blockchain were introduced at the same time with bitcoin and do 

Remember that bitcoin was the first application of cryptocurrency on the blockchain platform