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Different types of crypto blockchains you must know - WazirX

If you are a beginner in crypto world and don't know much about the crypto and blockchain. Explore different types of crypto blockchains you must know.

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Different types of crypto blockchains you must know - WazirX

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  1. Different Types of Crypto BlockchainsYou Must Know GRAPES DIGITAL PVT. LTD.

  2. Public Blockchains These types of blockchains are permissionless in nature. They allow everyone to join and are wholly decentralised blockchains. Plus, they allow all nodes of the blockchain to have equal rights on access, new block generation and the validation of blocks of data. Public blockchains are majorly used to exchange and mine cryptocurrency. Mosttop cryptocurrencies in India like bitcoin uses public blockchain.

  3. Private Blockchains Private blockchains are also known as managed blockchains. They are permissioned blockchains powered by a single organisation. In this type of blockchain, the central authority determines who can be a node or who cannot. Furthermore, the Private blockchain does not provide equal rights to perform different functions.

  4. Consortium Blockchains These are the advanced Private blockchains, thus having a higher level of security. However, setting up consortium blockchain is quite a hustling task as it requires the cooperation of a number of organisations or entities. Moreover, R3 is the firm to develop a popular set of this blockchain solution for the finance industry.

  5. Hybrid Blockchains These types of blockchains are controlled by a single entity, but the overall sight is under the control of public authorities. This Public blockchain feature ensures certain transaction validations as well. Whereas, Private blockchain is similar in this type of blockchain network but with restricted amalgamation. These are the different types of blockchain to be aware of in the crypto world. However, the most significant among all are Public and Private Blockchains. You can easily learn the functionalities and processing of Public blockchain as it is the easiest and is used in different cryptocurrencies in India. The blockchain is all linked with crypto trading platforms and wallets to help make the transaction successfully.

  6. DISCUSSIONS

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