The benefits of blockchain technology have not gone unnoticed, resulting in many blockchain implementations existing today. Most of these use and operate on computer networks that are easy to join and participate in. These permissionless implementations are often known as “public blockchain protocols” (such as Bitcoin and Ethereum). However, the use of an existing blockchain comes with many problems for existing businesses, mainly due to the lack of control over its features and development. While private/permissioned blockchains aim to fulfil the promise of becoming “fit-for-purpose”, they entail immense costs in terms of infrastructure and forfeit the ability to evolve at the speed of open source.submitted by Joshuaaniekwe to Aergo_Official [link] [comments]
The vast majority of both public and private implementations are in the early stages of their development (and currently use 3rd generation technologies). Projects typically focus on one type of blockchain versus the other. As such, most are only used for simple proof-of-concept (“PoC”) test-cases. Despite many such projects, the evolution of the blockchain stack is still stagnating, due to difficulties with enterprise IT integration and a lack of developer-friendly and easy-to-use software tools. Many implementations also lack the enterprise grade capabilities that are critical to run real business applications in both private and public deployments. The technology behind blockchain needs to mature and become more accessible for it to become a widely used and deployed architecture. Additional services and capabilities are also needed for it to be a commonly used business platform.
What is public blockchain and private blockchain? Is blockchain meant to be privatized?
A public blockchain is a blockchain network that is fully open and decentralized, where anyone can join and participate in the network if they follow the protocol of the public chain.
The network typically has an incentivizing mechanism to encourage more participants to join the network. Bitcoin is one of the largest public blockchain networks in production today, and provides the potential for maximum participation and increased participation results in more computer “nodes” with the network.
One of the drawbacks of existing public blockchains is the substantial amount of computational power that is necessary to maintain a distributed ledger at a large scale. More specifically, to achieve consensus, each node in a network must solve a complex, resource-intensive cryptographic problem (called proof-of-work (“PoW”)) to ensure all nodes are synchronised and trust is maintained.
This process is complex, slow and consumes vast amounts of energy (electricity).
Another disadvantage for particular users is the openness of many existing public blockchains, which provide little to no privacy for transactions (subject to pseudonymity). They also only support a weak notion of overall system level control as they are open to anyone to participate in the network.
These are important considerations for future enterprise use of blockchain.
However, despite the above, in a public blockchain, no one person, group or organisation controls the information which is on the blockchain; or the series of rules that underpin the protocol itself. No member can unilaterally change the protocols of the blockchain and the information contained within it. Users should be able to fully trust the public blockchain and therefore put their complete trust in a third party that uses the same blockchain.
In short, public blockchains can provide maximum trust but are slow and expensive to run. They can also be extremely difficult to upgrade, because they require consensus amongst a large group of participants, many of whom may have different (and even competing) interests. Further, their trusted status may be undermined by various factors, such as malicious activity (such as so-called “front-running” by miners); by concerted behavior (e.g. when mining power is concentrated in a small number of participants); or even legal complexities that arise from having transactions recorded and validated in numerous jurisdictions all at once.
Private blockchain is a blockchain network with united openness and decentralized compared with a public blockchain, where authorization under specific rules is required for a new node to join the network.
A private blockchain network requires an invitation and must be validated by either the network starter or by a set of rules put in place by the network starter. Businesses that set up a private blockchain, will generally set up a permissioned network. This places restrictions on who is allowed to participate in the network, and in what transactions. Participants need to obtain an invitation or permission to join. The access control mechanism can vary: for example, existing participants could decide future entrants, a regulatory authority could issue licenses for participation or a consortium could make the decisions instead. Once an entity has joined the network, it will play a role in maintaining the blockchain in a decentralized manner.
Private blockchains can (with careful system level IT design) permit greater scalability in terms of transactional throughput.
In short, private blockchains provide improved privacy, maximum throughput and are potentially cheaper to run, however they lack the level of trust and network effects that are gained from the more widely deployed public blockchains.
A lot of businesses are experimenting with building their own private blockchains. A number of these initiatives (and associated consortia) are facing difficulties to get these private blockchains into real life production systems.
Some of the reasons for this are perhaps:
This is a fundamental paradox when dealing with combined public and private blockchains.
Due to stringent security and compliance requirements, large companies have traditionally implemented their IT systems in private computer architectures (such as private internal clouds). For the same reasons, many of these firms are experimenting with private blockchains, and choosing not to use any form of public protocol.
A number of industry consortia (such as R3 and Hyperledger) - may be limiting their potential long-term value and usefulness - by perhaps only considering one type of blockchain architecture.
In fact, much of the innovation in blockchain is actually happening in the public protocol space. This is evidenced by the sheer level of new ideas, projects and services that have been fueled by the many large scale (primarily crypto-currency driven) blockchain projects. The majority of these projects do focus on direct dApp development but this also drives certain innovations in the underlying (primarily public) blockchains that run them.
We believe that truly transformative business benefits can be achieved if a hybrid approach to blockchain is used. This approach would help maximize the benefits (and reduce the drawbacks) of a combined public and private blockchain architecture. We see the benefit in having a business architecture that - uses a public blockchain to provide enterprise integrity, immutability and a trustless network environment, for data and value (asset) transactions - coupled with a private blockchain that helps enable regulatory compliant record-keeping, privacy and that is configured and optimized for the required enterprise level performance.
The key distinguishing features of the two forms of blockchain (i.e. public and private protocols) include the level of trust and control in each system. Trust and control often vary depending on the nature of the blockchain architecture and the software consensus algorithms being used. Often increases in control can result in a decrease in decentralized trust, and vice versa. Performance throughput is also becoming a serious issue for blockchain as deployments grow.
Public blockchains, like Bitcoin as mentioned, provide the potential for maximum participation and increased participation results in more computer “nodes” within the network. A larger network of nodes running a blockchain consensus algorithm increases decentralized trust. However, control can become a serious issue in this instance, if an entity gains a majority position over these computer resources. Large blockchain networks running current generation protocols and Proof-of-Work consensus algorithms are very inefficient. They draw a huge amount of energy to run the nodes and validate new transactions. The distribution of transactions is also very slow (especially for business-critical actions).
In private blockchains (such as Hyperledger Fabric) there is much more stringent control of which parties (nodes) are part of the specific blockchain network. Throughput can be increased by using state-of-the-art computers, memory and solid-state disks; coupled with well-designed network interfaces between the nodes. However, this often results in lesser decentralized trust as the networks tend to be much smaller in size than in public protocols. Newer and more innovative consensus algorithms are required. (The figure depicts the two models).
Permissionless (Public) vs. Permissioned (Private) Blockchains
The decision on whether a business chooses a public or private blockchain will depend on a few key considerations.
Such as a careful balancing act between
(I) the need to maximize trust in the transactions
(II) control over the system and finally
(III) overall performance throughput
AERGO PLATFORM (Bridging the gap between public blockchain and private blockchain)
AERGO seeks to leverage and extend both public and private blockchains, supported by modern cloud architectures.
Just like the development, evolution and adoption of “hybrid cloud” over the past 10 years, AERGO intends to facilitate the creation of hybrid blockchain based products and business models. AERGO proposes to use state-of-the-art technology that is implemented and manifested as a simple to use practical blockchain protocol.
This protocol is intended to be designed so that it can be used in any combination of (i) a public, (ii) a private or (iii) a combined public plus private blockchain architecture configuration. This is depicted in Figure below. AERGO aims to become the de facto enterprise blockchain. One that bridges the gap between both public and private networks. A platform that uses core blockchain technology and deployment blueprints that have already been proven in real-life in-production systems across the world by Blocko (a leading blockchain technology and enterprise IT integration-services company with operations in the UK, South Korea and Hong Kong. COINSTACK-based blockchain systems have already been deployed to 25 million users in over 20 in-production systems).
AERGO bridges the Public and Private blockchain worlds for Enterprise IT
AERGO intends to combine the practicality and innovation of public blockchains, with the performance and security provided by private blockchains.
Just as with cloud computing, we hope to develop the technology to enable companies to develop and run their (dApp) applications on a secure public infrastructure. When needed, these companies will be able to easily and seamlessly migrate some (or even all) of these applications to a more high-performance private blockchain.
All of this and without losing any of the benefits of their previous public blockchain model implementation.
To enable such a comprehensive hybrid blockchain architecture, innovative technologies and a novel data bridging framework (proxy) are required to make these different types of system work together. The bridging proxy would allow bi-directional communication between multiple public and private blockchain networks.
The ability to develop, compile and embed smart contracts into such a diverse architecture will also be required. This also needs to be supported by a very high-performance and efficient virtual machine engine for future and more comprehensive smart contract development.
This principle is depicted in the illustrative diagram below.
AERGO ecosystem network illustrating public and each private chain bridged
AERGO aims to advance enterprise blockchain, by opening up a new era of mass market usage of blockchain. An era where businesses can benefit from both public and private blockchain innovation, while focusing on building, deploying and managing new services. In short, the AERGO Project aims to provide:
“The supernode [full node] is unstable — lots of issues with handling transactions” — AnonymousDid the ETH blockchain get pushed to the limit with it's current configuration?
“Geth could not finish synchronisation for 4 weeks on a good machine” — Alice
“Mainnet [is] behaving differently than testnets.” — FABG
“Slow. Huge hard drive space requirements.” — Quick Blocks
In the era of economic digitization, "connection" and "through" are all principles that must be followed, whether it is the digital asset market that rises with the hot blockchain technology, or the financial enterprise data assets, because of different equipment and architecture. Even the geographical location, the cloud and the local service are different, and the data of the device and the terminal are in a dispersed state. The inability to centrally control and efficiently manage has become a major problem in the financial market.submitted by ECOL123 to u/ECOL123 [link] [comments]
Especially in the digital currency market under the bitcoin market, the token project emerges endlessly, and does not say all kinds of "air coins" and "cottage coins" with no actual value. Even if there are high-quality tokens with landing value, they are all in a state of large data dispersion. At different nodes, using different blockchain applications, it is difficult to trade and circulate. At the same time, due to the lack of extensive trust and consensus mechanisms between digital assets, digital currencies cannot be transferred between different block nodes, which makes the value islands of digital assets more robust, just as the traditional Internet is not transparent. The value of data that cannot be interworked is the same.
ECOL seems to be the innovative technology that solves the value island of digital assets in the era of the blockchain 3.0. It supports multi-side chain parallelism, main side chain communication, and transfer between different digital assets. It is both integrated and divided, which is safe and convenient. Here, the main chain is mainly responsible for the maintenance of security and consensus. The side chain will provide token issuance, asset exchange, cross-chain intercommunication, and main side chain parallel. Through construction, slimming and other technologies can effectively prevent block swelling, garbage accumulation, and shortening. synchronised time. Clear the obstacles for the implementation of high concurrency and lightning networks. If the carrier of consensus mechanism and value is the key to the expansion of the endogenous capacity of the blockchain, then the sidechain technology is the technology that can connect the nodes of the foreign block, that is, the blockchain expansion and the external architecture solve the slow transmission speed. The key to inefficiency. ECOL enables efficient big data exchange, improved transmission performance, full control of asset flow, and comprehensive protection of asset data information.
In order to facilitate the transfer of digital assets between different block nodes, the side chain technology of ECOL is like a path, connecting different blockchains together to realize the expansion of blockchain. Cross-chain communication makes asset identification, mutual recognition, transfer and swap, equity trading, and property transfer easy. In the long run, the meaning is extremely significant.
For the financial market, the rapid development of digital assets is the advantage of high-memory, high-encryption and decentralization of virtual currency. It has great possibilities for subverting traditional financial markets. At present, it is urgent to solve The problem of islands of value in the existence of digital assets.
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