Blockchain News.Depending on its uses, blockchain can be placed into one of three categories: a public blockchain, a private blockchain, or a consortium blockchain.
A public blockchain is basically open to everyone in the world . Everyone can participate in it and can and be part of the validation process for transactions. Data on a public blockchain are likewise accessible to everyone. Reaching a distributed consensus on this type of blockchain makes the whole system run transparently and securely. Examples of public blockchains are Bitcoin and Ethereum.
A blockchain is a digital public ledger that records transactions across many computers so that they are verified and cannot be altered. Blockchain technology is currently being explored as a way to securely share data that have been separately saved on each private blockchain.
Private blockchains, as the name suggests, are confined to a single organization or group of organizations. Private blockchains are often used for internal business applications, such as sharing data among employees or recording business transactions. Most of today’s private blockchains were developed in-house and are maintained by a small group of employees .
Many different institutes and organizations have designed private blockchains based on their unique needs and will continue to do so in the future.
The term “consortium blockchain” refers to a type of private blockchain where a group of organizations come together to create a shared ledger. You might say that it’s in between a public blockchain and a private blockchain—partially decentralized. This enables two companies to share data that have been separately saved on each private blockchain, without the risk of the data being altered or deleted.
These three types of blockchains find their best uses in different situations. Public blockchain creates a decentralized environment for information to flow without barriers. Private blockchain and consortium blockchains are more efficient in terms of privacy and purpose but are most applicable to organizations and companies that need their information made available only within certain limits.
BLOCKCHAIN NEWS | SMART CONTRACT
Blockchain for Bitcoin the “first generation”, therefore we could call it Blockchain 1.0. The second revolution in cryptocurrency was the introduction of Ethereum smart contracts:Blockchain 2.0. Smart contract is critical to applying blockchain into broader use, so let’s explore it further.
The cryptocurrency Ethereum is a decentralized platform that runs smart contracts and allows developers to build their apps on the blockchain created by Ethereum. Smart contracts are the most important part of Ethereum, because they allow you to automate the enforcement of agreements.
They allow you to program the rules of a contract and then the rules themselves will automatically be carried out when a set of conditions are satisfied. Smart contract can function in the absence of trust, because it executes terms without intervention from the parties involved. Once a smart contract is generated, it cannot be reversed. Transactions are traceable but irreversible.
A smart contract works on an “if-then” language. If AA happens, th n ZZ will take place. So once a contract is set up, the terms will be executed automatically.
BLOCKCHAIN NEWS | ETHEREUM: REDEMPTION AND BIRTH OF BLOCKCHAIN 2.0
One way to understand his innovation—Ethereum—is to appreciate how it aims to replace third parties on the Internet through the use of blockchain.
What are third parties on the Internet? They’re services like Google, Facebook, and Apple that hold our personal data, financial data, and professional data on their servers. The importance of replacing third parties is all about security. Third parties makes it easier for hackers to hack, since everyone’s data are all in one place (or in just a few places). For instance, informations on your computer can be accessed by governments.
Ethereum is an open software platform based on blockchain technology that developers can use to build and deploy decentralized applications. The first generation of applications on blockchain is, admittedly, quite limited.
The blockchain Bitcoin uses merely focuses on transactions (and tracking of transactions) using Bitcoins. The use of first-generation blockchain is also very narrowly defined. However, Ethereum is offering a public blockchain that goes beyond a peer-to-peer electronic cash system.
By implementing smart contracts, the use of blockchain has the potential to expand beyond cryptocurrency. Anything of value can now be exchanged
with and through smart contracts. Agreements and exchanges of every sort
can theoretically run on Ethereum.
Apps built using Ethereum are called DAPPs. Developers create their DAPPs using smart contracts. In keeping with the theme of decentralization, DAPPs are all decentralized and are not owned by individuals or organizations. Rather, they are owned by multiple people specifically, everyone on blockchain
