Option of open and closed blockchains from Bitfury
FORKLOG previously reported that Bitfury has published another study regarding cryptocurrency. The #TakemyBitcoin project submitted to the editorial office of FORKLOG the translation of materials into Russian. This time, the document conducts a comparative analysis of open and closed blockchains (private and public -. Ed). The published materials reveal in detail the essence of various blockchains, highlighting the corresponding advantages and disadvantages of distributed systems.
The study provides the following typification of blockchains:
Open blockchain (English. Public Blockchain) – blockchain, in which there are no restrictions on reading data data (the data may be encrypted) and restrictions on the transfer of transactions for inclusion in the blockchain.
Closed blockchain (English. Private Blockchain) – blockchain, in which direct access to data and to sending transactions is limited by a certain narrow circle of organizations.
Publicly available (inclusive) blockchain (English. permissionless Blockchain) – blockchain, in which there are no restrictions on the personality of transactions processors (T. e., users who can create transaction blocks).
Exclusive blockchain (English. permissioned Blockchain) – blockchain, in which transactions processing are carried out by a certain list of subjects with established personalities.
Particular attention is paid to exclusive and open blockchains, however, according to the authors of the study, for the successful development of technology it is necessary to use hybrid systems or entire blockchain complexes. To the latter, however, the developers have been going on for a long time-it is worth recalling the concept of Sidchans, successfully implemented in many crypto projects.
“If exclusive blockchains can create an innovation basis in the short term, publicly available blockchains are naturally less vulnerable to attacks, since they are designed on the basis of the assumption that the parties may not trust each other. Public blockchains minimize the influence of the human factor and focus on the algorithmic approach to the protection and integrity of the data, the properties that are key in blockchain technology. Consequently, publicly available blockchains can become the basis of blockchain infrastructure, and exclusive applications can be built on their basis “ – The study says.
The use of sideshins is seen by rational and many developers when creating Tao (decentralized autonomous organizations), in any case, the concept of the Ethereum cryptopter involves the interaction between different sidechans and the main blockchain. It is reasonable to assume that the more like such a network of blockchains will be, the more stable it will be for possible attacks.
A striking example of the practical implementation of a combination of a public blockchain with exclusive registers is Crypti Cryptform, which allows the development of decentralized applications. Each application on the Crypti network has its own blockchain, which Staking vs. mining: not only optimizes the network, but also models the conditions of the free market.
In addition, the document contains a general overview of the development and distribution of blockchain technology, in particular, banks, companies, state structures and private financial organizations, conducting research and implementation of technology are mentioned. Among them were listed, among other things, the Bank of England, IBM, Santander Bank, Citi Bank, Deutsche Bank, the financial department of Singapore and others.
Further, FORKLOG gives the full text of the research “Open and closed blockchains”. Translation and adaptation are made with the assistance of the #TakemyBitcoin project.