SMART CONTRACT BLOCKCHAINS
PERMISSIONED AND PERMISSIONLESS BLOCKCHAIN
ALGORAND PLATFORM — GIVING THE BENEFITS OF BOTH PERMISSIONED AND PERMISSIONLESS BLOCKCHAIN
The Blockchain, as a technology is no longer a recent tool in the digital space due to how fast it is finding its way into the framework of numerous systems.
This rapid rise to prominency is as a result of the numerous great features embedded in the Blockchain, and how much effect it is having on these industries, towards a positive direction.
One might ask, what really makes Blockchain unique and highly placed amongst other digital technologies?
Now, let’s answer that…
Every Blockchain is supposed to have certain features, that will make it unbeatable when compared to other technologies, and will in turn help the systems adopting it, to become reliable and efficient.
● DECENTRALIZATION
This is the true representation of a Blockchain technology, a system which is not controlled by any central body, rather the users are in charge of their affairs and the operations of the system.
That is one of the reasons the Blockchain was created, so as to ensure that any system which adopts it, enjoys decentralization.
● SCALABILITY
This is the ability of a system to be improved, without having to break down the entire system, and start building it up from scratch.
Scalability is another feature of the Blockchain technology, this way, any system which embedds the Blockchain into its framework, can easily upgrade the features of its system, and so, every Blockchain needs to possess this.
● SECURITY
Every Blockchain is supposed to be fully secured, keeping all the details and transaction records safe.
By being fully secured, hackers will be unable to access the system making use of the Blockchain.
These and a lot more are the features of the Blockchain, which it needs to possess, in order for it to be seen as a distributed ledger technology.
Having indeptly dived into the Blockchain and its features, let’s talk about the two major types of Blockchain in the current Blockchain industry.
PERMISSIONED BLOCKCHAIN AND PERMISSIONLESS BLOCKCHAIN EXPLAINED
PERMISSIONED BLOCKCHAIN
This Blockchain type just as the name implies, requires permission before a user can join the network. It has a central authority in charge which could be the owner, and is responsible for granting permission or giving users access to join the system.
This owner upon which the authority of the system resides, is in full control of the system, and regulates the entire design of the Blockchain, activities carried out on it, as well as every updates to be effected on it.
This is why the permissioned Blockchain is also called, private Blockchain, as it is technically private owned.
Hence, the owner decides those to enter and become part of the system and has the right to decline some permission requests from users who wish to join the network.
To verify Blocks on the system, the owner of the Blockchain, authorizes some individuals to carry out this activity.
In most cases, information on the Blockchain is made viewable for users on the system but could also be restricted by the owner, depending on their choice.
Permissioned Blockchain is seen to be more secured, fast and scalable, as a result of its small structure and control of the Blockchain owner.
But admist all these merits, Permissioned Blockchain lacks the main feature of a Blockchain, which is Decentralization, as it is still in the full control of a central authority, making decisions about how the system is being run.
PERMISSIONLESS BLOCKCHAIN
Permissionless Blockchain which is also called public Blockchain is the opposite of the permissionless Blockchain.
It does not require any form of permission before a user can join and participate in the system, because no central body is in charge of the operations of the system.
Rather, Blocks generated are validated and confirmed by the public through consensus.
Permissionless Blockchain is a true meaning of a decentralized system, but this is attained at the expense of the transaction speed, seeing as this system is far more slower than the permissioned Blockchain.
So, a system has to adopt either a permissioned or permissionless Blockchain, which will obviously make them miss out on certain features, depending on the type they choose.
This places a demand for a system with which users can have all the benefits of these Blockchains, with ease.
ALGORAND CO-CHAINS MEETS THESE DEMANDS THROUGH INTEROPERABILITY
INTRODUCTION TO ALGORAND
Algorand is a Blockchain system, seeking to improve the entire Blockchain industry, by presenting a protocol which beats the inefficiencies of the current Blockchain industry
Looking at the current Blockchain, where a system either operates a permissioned Blockchain which is fast, scalable and secured, but at the expense of decentralization, or a permissionless Blockchain, which is fully decentralized, but slow in executing operations, due to its design, it is obvious that a permanent fix is needed for this, so as to give the full benefits of both types of Blockchain, to the global system.
Algorand platform is ready and well equipped to meet the demands of both a permissioned and permissionless Blockchain, through the use of the Algorand protocol and majorly, the Co-chains.
The co-chains are simply, the Algorand permissioned chain that is easily integrated into the Algorand permissionless chain, as well as other chains.
This means that with the Algorand co-chains in play, users do not just have to use only a single type of Blockchain, having access to its benefits alone, because it brings together these two types of chains, to create more profits and efficiency for its users.
Algorand Co-chains makes the Blockchain capable of delivering scalability, decentralization, security, speedy operation and even interoperability, to the users, all in one place.
Isn’t this wonderful? These are just the features of both types of Blockchain, made available on the same Blockchain, Algorand.
FEATURES OF THE ALGORAND CO-CHAINS
● GREAT LEVEL OF INDEPENDENCY
● EASY INTEGRATION WITH OTHER CHAINS
● IMPROVABILITY
● INTERACTIONS WITH OTHER CHAINS
Tell me, what more could anyone ever ask for?
Algorand through its Co-chains, have solved the problem of having to sacrifice some of the features of the Blockchain, for just a few, as experienced in the permissionless version and permissioned Blockchain.
CONCLUSION
The Algorand Co-chains and platform at large, is a whole new light in the Blockchain industry, and this means a great turn for the entire system.
Now, Blockchain can be more beneficial and enjoyable with the emergence of Algorand co-chains, as it creates a one-stop-shop, where systems, businesses and other establishments who are using the Blockchain, can readily enjoy all its features, thereby attaining a great level of productivity.
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