Support Blockchain Blockchain Technology Public, Private and Consortium Blockchains
A consortium blockchain is part public, part private. This split works at the level of the consensus process: on a consortium chain, a pre-selected group of nodes control the consensus process, but other nodes may be allowed to participate in creating new transactions and/or reviewing it. The specific configuration of each consortium chain (i.e., which nodes have the power to authorize transactions via the consensus process, which can review the history of the chain, which can create new transactions, and more) is the decision of each individual consortium.
Public Blockchain – This is the model of Bitcoin, Ethereum and Litecoin, and could be thought of as the original distributed ledger structure. For a number of reasons, it is still considered by many to be the prototype for all blockchains, although it is not without drawbacks.
In simple terms, public blockchains can receive and send transactions from anybody in the world. They can also be audited by anybody, and every node has as much transmission power as any other. Before a transaction is considered valid, it must be authorized by each of its constituent nodes via the chain’s consensus process. As long as each node abides by the specific stipulations of the protocol, their transactions can be validated, and thus add to the chain
Since each node on a public blockchain has as much transmission and receipt power as any other, they are not only decentralized, but fully distributed. The difference between “decentralized” and “distributed” is illustrated by the following graphic:
Many blockchain enthusiasts believe in the value of networks that are not only decentralized — which most closely resembles the current model of the Internet — but distributed. This includes Tim Berners-Lee, who founded the World Wide Web in 1989. Berners-Lee has proposed that blockchains can be used to reinvent the web in a more distributed and peer-to-peer fashion.
Decentralization and distribution are seen by many to be a major benefit of public blockchains, but not everybody shares this ethos. But this is not the only benefit of public blockchains, of course. Perhaps most importantly, their transparency makes them very secure: because they can be audited by anybody, it is easy to detect fraud on the chain. Security-via-openness is a principle well known in the open source world, and this strategy is also popular among some in the digital currency community. For example, all of the tools and content produced by the Ethereum team is open source. This helps to make Ethereum widely accessible and more secure.
Transparency does not, however, mean that public blockchains are completely unhackable. Any time data enters a digital network, it is subject to security breaches and unethical uses. Although public blockchains looks to be highly secure right now, there are always going to be bad actors interested in exploiting weaknesses in the system. This is often through hacking methods that are difficult to predict and account for — so claims of one-hundred-percent security in any technology should always be read with a critical eye
Public blockchains are also expensive, and not just in terms of money. The time and energy required to process transactions on public chains is more intensive than that of non-public chains. This is because every single node on the chain must authorize each new transaction before it is added to the chain, which requires a large amount of electricity and time (not to mention money).
A consortium blockchain is part public, part private. This split works at the level of the consensus process: on a consortium chain, a pre-selected group of nodes control the consensus process, but other nodes may be allowed to participate in creating new transactions and/or reviewing it. The specific configuration of each consortium chain (i.e., which nodes have the power to authorize transactions via the consensus process, which can review the history of the chain, which can create new transactions, and more) is the decision of each individual consortium.
Of course, the drawbacks of public and private blockchains are still very much present in the case consortium chains. This all depends on the way each consortium is constructed: a more public consortium chain will bear the burdens of public chains, while a more private one might suffer from the relative lack of openness and disintermediation. The right configuration depends on the needs and vision for each specific chain. Strategy and tailoring are always necessary to get the best solution.
In private blockchains, only specific, pre-chosen entities have the ability to create new transactions on the chain (this is known as “write permissions”). Thus, a private blockchain is a closed network that offers constituents the benefits of the technology, but is not necessarily decentralized or distributed, even among its members. The extent to which each constituent can view (“read”) and create and validate transactions (“write”) is up to the developers of the chain.
Because decentralization has been viewed by many as intrinsic to the revolutionary potential of blockchain, the point of private blockchains might be called into question. However, blockchains offer much more than a structure that accommodates decentralization. Among other features, their strong cryptography and auditability offers them more security than traditional protocols (although not bulletproof, as noted), and they allow for the development of new cryptocurrencies. Furthermore, voting platforms, accounting systems, and any type of data archive can arguably be optimized with blockchain technology. We are still in the early days of blockchain technology, and the power it has to reshape older systems has yet to be seen.
A typical use case for a private blockchain is intra-business: when a company decides to implement blockchain as a business solution, they may opt for a chain to which only company members have access. This is useful if there’s no need for anybody outside of the company to become part of the chain, because private blockchains are more efficient than public and consortium chains. Also, because they are smaller and contained, it is easier for a consensus process or other technical stipulation to be altered on a blockchain. So, for example, if the developers or proprietors want to change the cryptographic method which runs its consensus process, it is much easier to do this on a private blockchain than a public or consortium chain.
Also — to point out something fairly obvious — private blockchains are private. If there is any need for the data on a chain to be restrict to certain individuals, a private blockchain can restrict viewing permissions to these people.
Companies that use private blockchains can ultimately save time and money, assuming there is no need for a public component to their blockchain. This may not be as wildly different from older digital structures as public blockchains, but it can still be extraordinarily powerful.
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Most ICOs/STOs require participants to download an entire blockchain and set up a local wallet. This can exclude investors who are less technically savvy, seriously restricting the market for support. skalex’s system facilitates multi-currency funding from a wide variety of platforms, whether it’s an exchange trading account or hosted wallet like Coinbase or BitPay.
Most ICO crowdsales are only open for 3-8 weeks. Many ICO holders want a custom exchange so their coins can be traded after the official launch. skalex has been developing cryptocurrency exchanges since 2013, and we can develop an exchange tailored to your project’s needs.
As veterans of crypto-exchange software development, we understand the importance of security. Our software’s multi-layered security system provides our exchange partners the strongest protection at all times.
The cxClient is the frontend user interface of our exchange software. It is responsible for rendering everything that investors (end users) see in their browser.
It allows users to sign up, log in, place buy / sell orders, view their trade history / purchased tokens, view balances, deposit/withdraw digital assets, upload KYC documents and view charts.
Changes to the design and layout all take place in the cxClient. The cxClient also features Google Authenticator and email-based two-factor authentication as security measures on the frontend side.
The cxServer processes everything that comes from the cxClient side. It retrieves the user input from the cxClient and then writes it into the database cluster.
Put differently, the cxServer is the API between the cxClient and database cluster.
If an investor signs up, for example, the cxClient forwards the input information to the cxServer which subsequently writes the information into the database cluster.
skalex Software provides the option of adding a wide range of extra features, which allows an even better customization of the exchange.
From liquidity features like the Internal Distributed Shared Orderbook (DSO) to security and admin features such as KYC Implementation or the Token Holder Discount Program, we offer options that guarantee high flexibility, security and customization.
The cxEngine module matches trades on the exchange.
Moreover, the cxEngine is also responsible for providing the data in the order book, reviewing and executing transactions, and calculating account balances.
The cxWallet is the multicurrency wallet module which stores all cryptocurrency funds.
If an exchange offers three tradeable cryptocurrencies (e.g. Bitcoin, Ethereum and Litecoin), the cxWallet will contain three separate wallets. Each wallet will be synced up with each cryptocurrency’s respective blockchain.
The cxAdmin module provides the administrative interface for the exchange operator.
cxAdmin It is the equivalent of a business intelligence and management software. Within the interface, admins can approve deposit/withdrawal requests, manage KYC requirements, create and answer support tickets, modify trading fees, and manage cold storage functionalities.