After very long wait ONE Blockchain going public. Initially ONE Blockchain was private ETH blockchain but now it is turning from Private ETH to Public Polygon (Matic) Blockchain.
ONE Blockchain going public
Accessing a private blockchain requires special permissions. Till now, special permission was required to access the website and blockchain of the ONE Ecosystem, but now everything is going to be public here.
Public Can:
Read
Write
Audit
Now understand ETH Private And Polygon Public Blockchain.
ETH Private Blockchain
An Ethereum (ETH) private blockchain is a decentralized ledger that operates on a private network, where the nodes are not publicly accessible. In contrast to the public Ethereum blockchain, which is a global network where anyone can participate, a private Ethereum blockchain is restricted to a specific group of individuals or organizations who have permission to access and use the network.
Private blockchains can be used by organizations that require secure and private data sharing between different departments, partners, or clients. By using a private blockchain, the participants can securely share data without the risk of exposing sensitive information to unauthorized parties.
One key advantage of using an Ethereum private blockchain is that it utilizes the same underlying technology and smart contract capabilities as the public Ethereum blockchain. This allows for the creation of custom smart contracts and decentralized applications (DApps) that can be used within the private network.
However, one downside of a private Ethereum blockchain is that it lacks the robust security and decentralization of the public network, as it relies on a limited number of trusted nodes. Additionally, private blockchains can be more expensive to set up and maintain, as they require the deployment of dedicated nodes and infrastructure.
Polygon Public Blockchain ONE Connection
Polygon (formerly known as Matic Network) is a layer-2 scaling solution for the Ethereum blockchain. It is a public, open-source blockchain network that is designed to increase the speed and efficiency of Ethereum transactions and decentralized applications (dApps).
Polygon achieves its scalability through the use of sidechains, which are parallel chains that run alongside the Ethereum main chain. These sidechains are connected to the Ethereum main chain and can process transactions more quickly and with lower fees. The sidechains are secured through a network of validator nodes, which are responsible for validating transactions and maintaining the network’s integrity.
Polygon also supports the development and deployment of smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This allows for the creation of decentralized applications (dApps) that can run on the Polygon network, such as decentralized exchanges, prediction markets, and other blockchain-based applications.
One of the key features of Polygon is its interoperability with other blockchains. Polygon supports interoperability with Ethereum, as well as other blockchain networks, such as Binance Smart Chain, which allows for the transfer of assets and data between different blockchain networks.
Overall, Polygon aims to make it easier and more cost-effective for developers to create and deploy decentralized applications on the blockchain, while also providing a faster and more scalable alternative to the Ethereum network.
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