please guys help me to paraphrase this.. it's just too hard?
The main difference between a public and private blockchain is the level of access granted to participants. In the pursuit of decentralization, public blockchains are completely open and allow anyone to participate by verifying or adding data to the blockchain (a process called ‘mining’).
Private blockchains on the other hand, only allow certain authorized entities to participate in a closed network. Also referred to as ‘Permissioned blockchain’, private blockchains grants specific rights and restrictions to participants in the network. Private blockchains are more centralized in nature since only a small group of participants control the network. Examples of private blockchains include Ripple (XRP) and Hyperledger.
- lizLv 73 weeks ago
With a public blockchain, anyone can add data. On private blockchains however, only certain bodies can participate and control the network. Another term for this is permissioned blockchain and examples include Ripple and Hyperledger.