Hybrid Blockchain and Algorand
What is a Blockchain
A blockchain is a distributed digital ledger which record transactions conducted among various parties in a network. It is a peer-to-peer, Internet-based distributed ledger which incorporates all transactions since its creation. All participants (i.e individuals or businesses) using the shared database are “nodes” connected to the blockchain, each maintaining a uniform copy of the ledger. So for us to get a better understanding of hybrid blockchain We Have To first of all know what’s the difference between a private Blockchain and a public blockchain.
As we all know Public blockchain is accessible to all and managed by the public anyone can actually participate in the maintenance and also the Governance of that the public blockchain, we have the popular public blockchain like (Bitcoin, Ethereum)
A Private blockchain:
is an invitation-only network governed by a single entity so participants in that network requires permission to read write or do anything in the block chain private blockchain allow different levels of permissions to participants to access, information there can be restricted and the information can be encrypted to protect confidentiality. The most common example of a private blockchain is Ripple (Xrp) and Hyperledger.
hybrid blockchain is in between the public and the private blockchain and is also defined as a blockchain that strives to use the possible best part of the public and the private blockchain solutions. Example of a Hybrid Blockchain is Algorand.
Hybrid Blockchain consist of a public blockchain and also a private network in the public blockchain all participants are part of it while the private network is discrete participation unless invited by the centralised body.
Benefit of the private blockchain includes the following super fast transaction speed privacy and a centralised control over providing some access to the blockchain
Hybrid provide an enterprise of a developing solution which is Which is okay to highly regulated Enterprises and government parastatal this will help to have control over data and also flexibility of data being kept private big Enterprises wants the benefits that the blockchain can deliver without associating with the risk of the public blockchain even as blockchain is still young and still growing.
Big companies look for a suitable Blockchain solution that has created such serial public blockchain public-private blockchain full focus projects like ALGORAND to integrate into their business.
Algorand as a Hybrid Blockchain:
Algorand is a high performance blockchain that leverages the proof of full of state protocol as its consensus algorithm, Led by Turing award-winner Silvio Micali and a renowned team of cryptographers, engineers, and mathematicians that solved the blockchain trilemma, Algorand is committed to the ongoing development of best-in-class solutions for the future of economic exchange.
Algorand is now classified as a hybrid platform that they meet businesses to launch an independent block chain with its own concerns with mechanics mechanism and set of alligators because of its recent developments like the launch of a Co- chain architecture and its advanced layer 1 functionality the Algorand blockchain is enticing opportunity for enterprising Enterprises seeking to use both the permissionless and the permissioned network.
Algorand 2.0, the newest protocol version, accommodates various functionalities for many business integration. Most notably is that the layer-1 fundamental; this facilitates asset tokenization, atomic transfers, and smart contract creation. The team continues to develop Algorand’s layer-1 with the goal of improving scalability. Both the world’s favorite decentralized exchange (IDEX) and stablecoin (USDT) are now utilizing Algorand’s blockchain infrastructure to their advantage, taking advantage of a very permissionless blockchain that’s capable of handling resource-extensive resources and applications.
Algorand’s hybrid and high performance blockchain has gained the likes of corporations, governments and banks round the globe and so far has secured a high-level partnership with the govt of the Marshall Islands during a bid to launch the world’s first financial institution digital currency (CBDC)