Hello steemkids, this is another week of steemkids crypto academy. It is a pleasure being with you all once more. Today, we are going to further on blockchain types.

Blockchain types

There are four major types of blockchain. They are-:

● Public blockchains

● Private Blokchain

● Consortium Blockchains

● Hybrid blockchains

This week, we are going to only concentrate on two types

Public blockchain and private blockchain.

What is Public Blockchain?

This type of blockchain is the type where data in the blockchain are distributed with8n the network using the peer to peer system. It is very open source, encourages decentralization and supports total transparency. Any person can serve as a node in the network. It specifically makes use of proof of work or proof of stake consensus method.

.Pros and Cons of this type of Blockchain

Pros

● It is purely decentralized. The demise of an organization would not lead to the blockchain closing down. This is because there are many nodes connected to it.

● A public blockchain is very transparent. All the information, files can be accessed by all the users. The nodes connected to it can identify and fix bugs, propose and agree to any change in the networks as well as verifying transactions.

● A public blockchain is very secure.

Cons

● Due to so many nodes connected to the network, it is usually very slow.

● Sensitive information or data cannot be restricted from users

● The blockchain is open to malware attack and hackers.

● Very slow in transaction processing.

Private Blockchain

This is the type of blockchain that requires authorization before access to data or information is allowed within the network.
As a blockchain, it is supposed to be decentralized, but not entirely so, since only nodes with authorization are allowed to view some data. So the entire users cannot access all files.

It can also be referred to as a permissioned blockchain which can be run by smaller organizations.

Pros and Cons

Pros

● The organization have overall control of the blockchain. They decide who sees what and who does what.

● It is more secure than a public blockchain, not easily hacked by hackers

● The network is generally fast.

● It has very high scalability

Cons

● It is not entirely decentralized

● There is no anonymity in a private blockchain.

● The information in the blockchain cannot be trusted since the system is centralized.

Assignment

● Define and explain a public blockchain

● Define and Explain a private Blockchain

● Clearly write on the Advantages and Disadvantages of public and private blockchain.

Homework Rules

Must be a verified steemkid

Assignment should done using your steemkids verified account

Ensure there is no plagiarism.

The post must be in steemkids community.

Kindly tag me in your post

resteem and drop your link as a comment for the post.

use the following tags as the first four tags:

#steemkidscryptoacademy6 #steemexclusive #yourcountry(eg - #venezuela) #steemkids

The number of words should not be less than 200 words.

Entry will be closed at Saturday 23rd October, at 11.59pm GMT.

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Looking forward to having a great time with you all in steemkids crypto academy