The world of blockchain can feel overwhelming, with different models offering unique features. You have likely encountered public blockchains, known for their transparency and open participation. Private blockchains, however, prioritize security and control within a permissioned environment. But what if there’s a way to leverage the benefits of both?
This guide will unveil a DLT-powered public-permissioned blockchain to get you started with this exciting new model. But first, we will delve into the strengths and limitations of traditional public and private blockchains before unveiling what the innovative public-permissioned blockchain brings to the table.
Get ready to discover a future where permissioned access meets public transparency, paving the way for secure and collaborative blockchain applications.
Blockchain Models: Choosing the Right One
Blockchain’s features like tamper-proofing, agreement-based transaction checks, and secure data storage are major reasons why it’s used in many industries. Though they share this basic structure, variations exist in how nodes are organized and governed. Now, let’s explore the different types of blockchains.
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PUBLIC-PERMISSIONLESS
Public blockchains are all about decentralization, meaning anyone with a computer and internet can join. They’re not owned by anyone, hence the name “public”. Anyone with decent hardware and internet access can jump in. In this setup, all computers in the network store copies of each other’s blocks. Plus, you can verify transactions or records yourself on this public blockchain. It’s like a big, open book that anyone can read and contribute to.
Key features include:
- Open Participation: Anyone can join the network, read and write data, and participate in consensus.
- Full Decentralization: Participation from unknown actors creates a fully decentralized system.
- Enhanced Security: A larger number of participants can potentially lead to higher security. (Note: Security in public blockchains is a complex topic with trade-offs)
- Slower Transaction Finality: More participants can lead to longer times for transaction finalization compared to private networks.
- Suited Consensus Algorithms: Algorithms like Proof of Work and Byzantine Fault Tolerance (BFT) variants are better suited for public blockchains due to their ability to handle large numbers of participants.
Private Permissioned Blockchain
Private blockchains are like exclusive clubs, not everyone can join. Only certain people with permission can use them, which makes them safer. They work within a closed group, often in a company or organization, with only a few members. While they’re not as spread out as public blockchains, this limited access means better control over transactions and information.
Key features include:
- Permissioned Access: Only authorized participants can join the network, write data, and participate in consensus.
- Partial Decentralization: Limited participation creates a partially decentralized system, relying on known actors.
- Security: Security can be high depending on the network size and chosen model.
- Faster Transaction Finality: Fewer participants can lead to faster finalization of transactions compared to public blockchains.
- Suited Consensus Algorithms: Specific algorithms like Proof of Elapsed Time, Paxos, RAFT, or Proof of Stake are better suited for private blockchains.
Public-Permissioned Blockchain
Public-permissioned blockchain is a new type of blockchain model that offers more than just controlled access. This innovative model is being pioneered by Kalp DLT, a leader in regulated design layer 1 blockchain solutions.
Key features include:
KYCed Participants: All participants undergo verification to access the network. The system rigorously verifies the identities of all users through a Know Your Customer (KYC) process.
True Decentralization: Facilitates the transition of digital assets from unregulated networks to a regulated, safer, and decentralized network.
Security with Compliance: Permissioned and regulatory compliant cross chain bridges to merge the liquidity across popular public chains
High Transaction Throughput: Light weight Kalp virtual machine to increase transaction throughput by intelligently scheduling smart contracts for execution (only one in the market)
Consensus Mechanism: Uses the SMART Byzantine Fault Tolerance (BFT) algorithm, a state-of-the-art consensus mechanism designed to provide high resilience against malicious activities while ensuring transaction finality.
CONCLUSION
Different blockchains offer various levels of security, transparency, and control. Public ones like Bitcoin and Ethereum are well-known, but KALP DLT’s public-permissioned blockchain ecosystem is paving the way for the future, especially in real estate.
In the world of blockchain game development, a blend of public and private elements is key. A public-permissioned blockchain ecosystem offers the best of both worlds. Public blockchain shines in showcasing game assets like NFTs, while private elements efficiently manage in-game transactions. This combination is best for a seamless gaming experience with enhanced security and flexibility.
Source@techsaa: Read more at: Technology Week Blog
