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How are crysto currency different from blockchain

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How are crysto currency different from blockchain

The differences between public and private blockchains

The terms public and private are self-explanatory.

Public blockchain:

Bridge Smart Contract Development Services It is an open source technology that everyone can use. Anyone can participate in a public blockchain and no one is in charge. Comparing it in terms of cryptocurrency to real world fiat currency, it is like the currency we use in daily life that is distributed by reserve banks. It is open to everything.

There are no restrictions or permissions required to use public blockchain services. Similar to government distributed fiat currency, there is no access or rights management for a public blockchain and anyone can be part of the consensus. Bitcoin is an example of public blockchain technology. The main characteristics of public blockchain technology are:

Anyone can run a BTC/LTC full node and start mining.

Anyone can transact on the BTC/LTC chain.

Anyone can review/audit the blockchain on a blockchain explorer.

This type of blockchain is autonomous and decentralized. Therefore, there will be questions about the cyber security services of a public blockchain. The cybersecurity services of a public blockchain are guaranteed by a complex algorithm that is almost impossible to understand or manipulate. So basically, even though it’s not reliable, it’s basically hack-proof.

Therefore, creating a bitcoin wallet requires complex programming to ensure its security. Therefore, the development of bitcoin wallet applications will require a set of good programmers. The Bitcoin protocol has its own unique features. For developers planning to code developing a Bitcoin wallet app from scratch, a variety of skill sets are essential as they relate to blockchain technology.

private blockchain:

Private blockchain technology is the exact opposite of bitcoin’s public application technology. Most of the features that are open to the public in public blockchain services are not open to the public at all in private blockchain technology. Here you cannot read/write or audit the blockchain at any time unless you have permission to do so.

In private blockchains, the owner of the blockchain is a single entity or company that can override/remove commands on a blockchain if needed. No one else without the permission of the company can not override or edit commands. it is not decentralized and so can simply be called a distributed ledger or database with crypto to protect it. Unlike public blockchain technology, the characteristics of private blockchain technology are:

Not everyone can run a full node and start mining.

Not everyone can transact on the chain.

Not everyone can review/audit the blockchain on a blockchain explorer.

Artificial intelligence on a blockchain

Artificial intelligence solutions can be used in blockchain technology to improve security and efficiency.

Build a token bridge

Some of the artificial intelligence solutions in blockchain would be:

AI markets

Predictive crowdsourcing models for hedge funds

Investment management platforms

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