OneCoin cryptocurrency works on Hybrid Blockchain technology. That has features of both private and public blockchain. Let’s see everything in detail, with definitions and examples of each.
Dear OneCoin Users: Since OneCoin works on a hybrid blockchain, I want to give you a little help on how we differentiate from other cryptocurrencies! OneCoin is a central bank digital currency. It’s not a cryptocurrency/action/speculation, but a money concept, smart cash in the form of currency.
OneCoin Hybrid Blockchain
The hybrid blockchain is a revolutionary type of blockchain technology. In this guide, we’ll deepen the basics of a hybrid blockchain and learn how it works. Blockchain transforms the world in a unique way. It allows companies, governments, and other organizations to better manage their workflows and improve their systems with better solutions.
The way data is stored, accessed, and used is changing to improve the endless cycle of technological growth. This also affects other aspects of our technology, including how we build trust in the network.
The blockchain can be used in three different ways: private, public, consortia, and hybrid. However, the third route, the hybrid, can impact different sectors.
A hybrid blockchain is a mix of two worlds, private and public blockchain. This gives organizations greater control over what they want to achieve, rather than changing their plans to limit technology.
Blockchain technology can be used in both financial and financial ways. Blockchain makes it impossible to manipulate data or hack the system.
Opening the public blockchain brings people together from around the world, as the private blockchain ensures the closed ecosystem thrives on blockchain capabilities as well.
But first, let’s take a look at private and public blockchains.
What is a public blockchain?
As the name suggests, the public blockchain is public in nature. When Bitcoin’s white paper appeared, he also mentioned the blockchain in its public form. It also means that the public blockchain is open to everyone and anyone can participate.
The question, however, is why would anyone join a public blockchain? Here’s the incentive a public blockchain can offer. In return, this increases the number of users, improves blockchain conditions and growth.
Bitcoin does it extremely well. For example, miners can participate and provide computational performance to solve complex algorithms. This is where a transaction or block is pulled. On the other hand, miners are encouraged because they received bitcoins for the work they did.
There will always be users and employees in a public blockchain environment to function smoothly. Fluidity is important, and that’s why the incentive continues.
Another example of a public blockchain is NEO, Ethereum, and so on. Anyone can create a public blockchain without any restriction.
What is a private blockchain?
Now that we have a clear picture of what the public blockchain has to offer. Let’s move to a private blockchain. As you guessed from the name, a private blockchain is private.
In a private blockchain, the parties limit blockchain access to users. Users must have access to the network before they can use it. Moreover, access can only be taken by the authority that manages the private blockchain.
Because it’s a private blockchain, things can change at your pleasure. For example, an admin can limit transactions based on their nature, speed, or intent.
Checks here provide great use for private blockchain for companies or organizations that want to exploit the blockchain but in a closed environment.
Another thing to note here is that the private blockchain is not completely blocked by public access. They’re available based on what the admin sets things for. For example, Quorum is a blockchain-based private network that uses the Ethereum network. He uses a new consensus mechanism and also has strict transaction/contract data protection. J.P. Morgan is the founder of Quorum.
Other notable examples are Hyperledger and Corda.
Definition of hybrid blockchain
A hybrid blockchain is best defined as a blockchain attempting to use the best of both private and public blockchain solutions. In an ideal world, a hybrid blockchain means controlled access and freedom at the same time.
Hybrid blockchain architecture can be distinct from not being open to everyone, but still offers blockchain services such as integrity, transparency, and security.
As usual, hybrid blockchain architecture is completely customizable. Hybrid blockchain members can decide who can participate in the blockchain or what transactions to disclose.
This brings out the best from both worlds and ensures that the company can work with its stakeholders in the best possible way. Hybrid blockchain Verifiable transactions. Although transactions are not disclosed, centralized exclusive, unique, revolutionary model!!