lale asked in Politics & GovernmentGovernment · 8 months ago

i dare you to paraphrase this?

Faster: Private blockchains can process much higher transactions per second (TPS) as compared to public blockchains, since the existence of a few authorized participants results in significantly lesser times in acquiring a consensus for the network. This allows more transactions to be processed for each block; private blockchains can process thousands or even hundreds of thousands of transactions per second (TPS), compared to Bitcoin’s 7 TPS.

Scalable: Since only a few nodes are authorized and responsible to manage the data, the network is able to support and process much higher transactions. Unlike a decentralized system where achieving consensus could take time, the decision-making process in a private network is more centralized and therefore, much faster. An analogy is that it takes much longer time for 100 teachers to mark your test paper (and agree that it is correct/incorrect) as compared to a single teacher marking it.

1 Answer

  • 8 months ago

    "Bitcoin is a ripoff and a Ponzi scheme."

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