✨💢What are the types of blockchain?💢✨🔸🔸🔸
Learn about the types of blockchains and how they are used according to the context in which they operate:
🧑🦱👱🧑🦰 Public🔸✨
Public blockchains are accessible to all users around the world who have a computer with internet. An example of blockchains with this type of access are Bitcoin, Litecoin, and Ethereum.
In the case of the security of the blockchain with a public network, it increases as the number of users expands. The consensus that occurs with miners allows the verification of the network's own protocols.
In this type of blockchain, miners or participants form blocks and are verified by other members of the chain. There are cases where rewards are offered; these incentives are cryptocurrencies.
🧑🦱 Private🔸✨
In the case of private blockchain technology, the control is held only by the entity that maintains the chain. Among the actions and permissions that this entity receives are:
✏️Allow users to access and participate.
✏️Propose transactions.
✏️Accept or reject the blocks that are proposed.
Unlike public blockchains, there is no consensus to allow the block; all of this only concerns the entity.
🏥 Federated🔸✨
Governments and companies often opt for a federated blockchain network because it makes it possible to create and share solutions. Although it is not open to all users, various organizations, entities, and companies will be able to participate in the network.
If there is more than one company in a federated blockchain technology, they can work together. The idea is to generate copies of data that are updated with each synchronization.
In the health and finance sector, this type of network is the most recommended if large amounts of transactions are handled, as they always maintain the security standards required for data storage.
When entering a federated network, there are no rewards as in the case of public ones. However, it is the network administrators who provide the technological resources to generate the required hash.
Another advantage of federated networks in blockchain technology is that they are open source. This is a good option if there is a need to recycle codes or program the chain according to the contributions and types of transactions.