There are three categories of
Blockchain Public Blockchain, Private Blockchain, and Permissioned Blockchain. By
considering the section III, it is good to use the corresponding consensus
algorithm in different situations.
A public blockchain is the one that is accessible
to all the people in an open and public area. Everybody can become one of the
nodes and make contributions to get the prizes following the rules. There are
no trust dependent relationships between the nodes. Public blockchain is totally
open and distributed. All transactions
on the public blockchain can never be altered.
PoW, PoS and DPoS consensus algorithms
are communal picks of public blockchain.
Private Blockchain is the one
where 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 the
public blockchain, the private
blockchain has the features of easy
alteration and less transaction cost. Private
Blockchain is useful for closed networks such as the intranet. It is more significant
to solve the crash faults than Byzantine
faults. PBFT consensus mechanisms can be used on the basis of network
Permissioned blockchain is the
one that is composed of many parties and the key nodes are pre-specified by the
members. The members of the permissioned blockchain do not completely trust the
others. Each member chooses its own consensus node on the basis of the rules. Transactions require to be accepted by most consensus
nodes. The level of honesty and centralization of the
grouping 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 PBFT
in this type of Blockchain.