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Author Topic: What is Public Permissionless blockchain technology?  (Read 103 times)
Malvika_sitlani
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July 02, 2019, 07:52:52 AM
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I was reading an article which said that Bitcoin and Ethereum use public permissionless blockchain technology. When I googled what is "public permissionless blockchain" I got answers saying private permissioned etc., I read and got more confused.

Few articles said EOS and other coins. Please help me understand.
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CryptoInsights
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July 02, 2019, 08:55:14 AM
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I think Public permissionless as they are decentralized technology. I do not know what you read and what exactly is your confusion.  There is no centralized body where you need to get permission and is accessible by all that might be the reason. this is what can be derived by reading it for the first time. Even I have not explored of what exactly you are looking for.

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July 02, 2019, 10:59:46 AM
Merited by bones261 (2), NeuroticFish (1), ETFbitcoin (1)
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Public permissionless blockchains use a decentralized consensus algorithm that prevent single parties from blocking "unwanted" transactions. Anyone can send a transaction, no one can prevent this transaction from being recorded. If you take Bitcoin and its Proof-of-Work algorithm for example, there's no single mining pool that could prevent you from sending a specific transaction. Even if there's a mining pool that doesn't want your transaction to enter the blockchain any other miner can jump in and add the transaction instead.

Private permissioned blockchains are managed by a central entity that ensures that only "wanted" transactions are recorded. Only specific users can send a transaction, the central entity can deny this transaction. In this respect they are more like classical databases where only a limited set of users is allowed to make a new entry.


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July 02, 2019, 06:35:04 PM
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Aside from transaction, on public permissionless blockchains, any major changes (such as block size & time) can't happen easily. Majority of the nodes, miner or/and community must agree to see changes.

But on private permissioned blockchain, any changes can happen instantly, they also could remove/reverse transaction if they wanted to.

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July 03, 2019, 09:37:54 AM
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In simple words, public permissionless blockchain doesn't need a specific group of people to be authorized to validate transactions from their end only (which translates it to centralization), rather they take all the nodes into consideration and each node helps validate the transactions when run on the network and cannot be stopped by a single entity and needs the consensus of every single party involved in the network as a whole as it's all peer-to-peer (which translates it to decentralization).

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July 06, 2019, 07:01:14 AM
Last edit: July 08, 2019, 10:10:37 AM by Jenny4867
 #6

Public Permissioned blockchain networks allow the network to appoint a group of participants in the network who are given the express authority to provide the validation of blocks of transactions.

Is this correct?

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Jenny
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