What does it mean based on public blockchain (public blockchain alliance blockchain and private blockchain are based on)

08/06/2023 06:22 • Tech Ticker • 119 views

Based on what the public blockchain means, in November 2017, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against a company named “based on the public blockchain”. And this case was the first legal action filed by a New York state court in May 2018 against the fraudulent nature of Bitcoin. According to a public document, the SEC accuses the company of violating federal laws, involving illegal digital assets of over $100 million, unregistered investment contracts, and up to $3 million in investment amounts The mainstream view in the current market is that “based on public blockchain refers to the application of distributed ledger technology in specific applications.” What does public blockchain mean? Simply put, it means storing some data on a public blockchain. For example, we can see that many databases and servers have been encrypted; Some data is transmitted through centralized servers, but it cannot be fully tracked and there is no reliable source of information to ensure user data security. So if a certain type of data itself cannot guarantee privacy, it may lead to hacker intrusion or other problems, so it can be used as a new tool to make it more convenient for people to view data and obtain more information

Public blockchain alliance blockchain and private blockchain are based on

Public blockchain alliance blockchain and private blockchain are based on their consensus mechanism, supporting a specific network by forking and upgrading a data source. The network jointly created, maintained, and operated by alliance members or nodes is called a “hybrid” blockchain system, or “shared blockchain”. These two ledger technologies are based on the same protocol, so they can communicate with each other and be independent of each other. Using the same method, each node in the alliance can verify each transaction and update it to the latest version; The private chain will automatically perform different operations based on the different functions used in their respective applications. Babbitt

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