Going back to the theoretical side of things, I actually didn't know that there are different types of Blockchain out there. Did you know or you are just all about BTC and that's it? 🤔
There are three types:
- Public: in this type of Blockchain, ledgers are publicly available to verify or add blocks to the Blockchain. Basically what this means is that we can send and receive transactions from anybody in the world. Every node in the network has the same amount of transmission power. Examples of this type are Bitcoin or Etherium.
- Private: only authorized users can add or verify the blocks, but anyone can view it. Basically this is a closed network that offers its participants the benefit of the technology.
- Consortium: this type are semi-centralized Blockchains where only pre-defined set of nodes have the permission to write the block.
As an exercise 💡 Where do you see major advantages and disavantages of each type? Leave a comment below with your thoughts!