Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
The Difference between an ‘Open-Community’ and ‘Closed-Network’ Blockchain
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R3 is a consortium of about 200 firms coming together to research and develop distributed database models somewhere along Bitcoin’s lines. Usually, they receive a lot of heat as they say they are researching a corporate or private model of “Blockchain” but are developing a version of Distributed Ledger Technology (DLT). This debate between a Public Blockchain and a Private Blockchain (yes, it’s an oxymoron) is the center of great distress.
Another such debate that hasn’t reached the mainstream yet, as it falls under the Public Blockchain category, is the difference between an Open-community Blockchain vs. a Closed-Environment Blockchain. You can think of Bitcoin as an Open-community ecosystem and Ethereum as a member of the other side of the spectrum.
Open Community Blockchains
A blockchain application that is open for all participants to read, audit, edit, and argue about the blockchain network’s internal functioning is a public blockchain. A public blockchain is most relevant because it functions as an autonomous entity that does not depend on established organizations to proctor the network’s day-to-day functioning. A public blockchain is actively used, illustrated, and developed by network participants that back the idea of an open-source, delegate-free, secure network that can be readily used. Customization is an embedded feature of such a network, as all code is open for anyone to use, copy or replace.
Bitcoin, Ethereum, Monero, Litecoin, and Dogecoin are just some examples.
Closed Environment Blockchains
A closed-environment blockchain is a network established on the trust and merit of legitimate organizations or participants, capable of handling the responsibility and authenticity that needs to be provided on the network. They are the sole authorities taking care of the network’s growth by actively looking after the execution and relay and, simultaneously, checking for internal threats that may arise from malicious actors working against the network.
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Difference between Open-Community and Closed-Network Blockchains
| Public ‘open-community’ Blockchains | Public ‘closed-network’ Blockchains | |
| Consensus | An open networked blockchain majorly depends on the users or delegated participants appointed by the users to reach a consensus about various network decisions. | A closed-networked blockchain readily reaches a consensus as all participants know each other through distributed delegation rights. |
| Source Code | Read, audited, and altered by the entire network. | It can be read by the network but audited and altered by delegated maintainers. |
| Development | Developed for open-source, free use for participants | It can be developed for commercial use as well as limited open-source use |
| Community participation | An active community of participants readily volunteers to improve the network. | The delegated responsible participants are given the right to change the source code in the community’s best interest. |
| Information processing | Relaying information or transaction on the network is relatively open, and any network participant can do so without much. Although the open nature makes it inefficient and time-consuming | The transactional capabilities can reside in the hands of the delegate responsible for maintaining the network. Information can even be censored and restricted, depending on the governance of the network. |
| Common Vision | The vision can change over time, mostly due to the relatively high turnover of open-source community workers. Bitcoin started as an experiment by the cyberpunk group and didn’t take long to become a prospect for the future of money. | A common vision is set beforehand to ensure all developers and managers can reach a common goal. For example, the founding vision of Ethereum was to develop a Globally distributed computer, and it is well on its way to doing so. |
| Remuneration and Incentivization | The only incentives the users of an open network could receive are the benefits of using such a network and the remuneration the network has agreed upon for such participation. | As it could be deployed for commercial use, the institutions and participants are incentivized to actively make the user experience better and more profitable. |
| End-user experience | A user on the open-community network must be constantly updated with the network’s functioning to be a part of the ongoing changes and suggestions being discussed. | A user on the network does not necessarily need to be aware of the constant dialogues that are going on between the maintainers. The maintainers are responsible for making a network that requires minimum user participation and maximum user utility. |
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