First of all, I would like to summarize the difference between public and private blockchain to those readers who have not an adequate knowledge about it.
1. Both are decentralized peer-to-peer networks, where each participant maintains a replica of a shared append-only ledger of digitally signed transactions.
2. Both maintain the replicas in sync through a protocol referred to as consensus.
3. Both provide certain guarantees on the immutability of the ledger, even when some participants are faulty or malicious.
So what’s the difference?
The sole qualification amongst open and private blockchain is identified with who is permitted to take an interest in the system, execute the consensus protocol and keep up the common record. An open blockchain arrange is totally open and anybody can join and take an interest in the system. The system normally has a boosting component to urge more members to join the system. Bitcoin is one of the biggest open blockchain organizes underway today.
In the initial stage, the underlying structure of ACG Network is based on Ethereum, leveraging Ethereum mechanism and smart contracts for the implementation of the entire ACG Network Ecosystem. Meanwhile, ACGN will start to develop the underlying public chain and iteratively update the ACG network public chain technology and features based on the development of the entire ecosystem.
We plan to formally release the underlying public chain of ACGN on Q3-Q4 in 2019 and then switch the existing underlying chain to ACG Network public chain.
The underlying public chain of ACG network only focuses to truly solving practical problems in the fields of generation, distribution, and value realization of digital contents, instead of solving general problems.
Following series of technical features have been developed to for underlying public chain of ACG Network.
–> DPOS-based consensus Mechanism and High TPS
–> Unique Digital DNA-based Content ID
–> Developer friendly smart contracts
–> Decentralized storage integrated with IPFS Technology
–> Decentralized Crawlers with Internet-wide IP Authentication
In my next blog, I will try to explain each above technology in details. Ethereum based smart contract, Ethereum consensus protocol (proof of work) is highly efficient when it comes to security and issuing Digital DNA identity certificate for content creators for IP authentication and avoiding piracy and infringement.