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What is the use of Ethereum private chain (Ethereum public chain private chain)

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What is the use of Ethereum private chain? Ethereum is a decentralized public ch

What is the use of Ethereum private chain (Ethereum public chain private chain)

What is the use of Ethereum private chain? Ethereum is a decentralized public chain consisting of a basket of digital currencies, including Ether, Bitcoin Cash, and Litecoin. Ether is the native token of Ethereum. So, what is the use of Ethereum private chain? We know that Ethereum has its own smart contract system. But in the world of blockchain, this mechanism is very simple: anyone can create and run an Ethereum smart contract platform. This system is called “Ethereum.” Users can send Ether to this platform and use these coins to pay for transactions on the network (the most common way is to purchase in ETH units).

Since each user’s Ether has an address, and there is no wallet for operating and storing Ether, it is easy for developers to encounter situations where funds are attacked by hackers. If someone discovers the existence of a hacker or malicious account, they will immediately suspend the entire project. Therefore, the team decided to close all wallets and dApp services that support Ether, preventing others from entering this platform and making profits. This has led many developers to choose to abandon or switch to blockchain-based DApps to achieve their goals.

Ethereum Public Chain Private Chain

The difference between Ethereum public chain and Ethereum private chain: Ethereum public chain and private chain. Among them, the ERC20 standard token (ETH) is mainly used in the Ethereum network. The issuance and circulation of ERC-20 protocol has been optimized by developers based on the EIP-1559 proposal. The transaction, mortgage, and payment of ERC-20 have also passed the security audit of the blockchain alliance BeaconChain, which means that decentralized exchanges in its ecosystem can use this mechanism.

Currently, there are several projects on the Ethereum public chain: Ethereum Classic (ETC), Bitcoin Cash (BTC); On the ETH chain, there are Ethereum Classic (ETC) and Ethereum 2.0. (BlockBeats)

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