Application Scenarios:There are three categories ofBlockchain Public Blockchain, Private Blockchain, and Permissioned Blockchain. Byconsidering the section III, it is good to use the corresponding consensusalgorithm in different situations. A public blockchain is the one that is accessibleto all the people in an open and public area.
Everybody can become one of thenodes and make contributions to get the prizes following the rules. There areno trust dependent relationships between the nodes. Public blockchain is totallyopen and distributed. All transactionson the public blockchain can never be altered. PoW, PoS and DPoS consensus algorithms are communal picks of public blockchain.
Private Blockchain is the onewhere the owner of the blockchain has the maximum right to alter the information.The remaining nodes have the partial access to read. In comparison to thepublic blockchain, the private blockchain has the features of easy alteration and less transaction cost. PrivateBlockchain is useful for closed networks such as the intranet.
It is more significantto solve the crash faults than Byzantine faults. PBFT consensus mechanisms can be used on the basis of networksize.Permissioned blockchain is theone that is composed of many parties and the key nodes are pre-specified by themembers. The members of the permissioned blockchain do not completely trust theothers.
Each member chooses its own consensus node on the basis of the rules. Transactions require to be accepted by most consensusnodes. The level of honesty and centralization of thegrouping blockchain lies between the public and private blockchain. The permissioned blockchain is appropriate for the semi-closed network, which is made by different enterprises.
The best option is to use PBFTin this type of Blockchain.