What is the advantages and disadvantages of a private blockchain?

Hi, and good morning everyone, today I want to share with you guys about what is the advantages and disadvantages of a private blockchain?

Advantages of a Private Blockchain

- Faster: Private blockchains can be processed much higher transactions per second as compared to public blockchains since the existence of a few authorized participants results in significantly lesser time in acquiring a consensus for the network. This allows more transactions to be processed for each block.

- 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.

Disadvantages of a Private Blockchain

- Trust is needed: Unlike public blockchain that doesn’t require you to trust anyone, the integrity of the private blockchain network relies on the credibility of authorized nodes. They must be trusted to verify and validate authentic transactions. The validity of records cannot be independently verified. External actors have to trust a private blockchain network without having any form of control over the verification process.

- Security: With fewer nodes, it is much easier for a ‘bad actor’ to gain control of the network and endanger the entire network. A private network is much more vulnerable to risks of hacks and data manipulation.

- Centralization: The private network must be built and maintained by the project or a consortium of industry players, which include maintaining a complex Identity and Access Management (IAM) system for the users. This often leads to centralization, which is also something we specifically try to avoid with blockchain.

How does Graphics Processing Unit Work?

Hi, and Good Morning everyone, today I want to share with you guys about How does Graphics Processing Unit Work?

CPU and GPU architectures are also differentiated by the number of cores. The core is essentially the processor within the processor. Most CPUs have between four and eight cores, though some have up to 32 cores. Each core can process its own tasks or threads. Because some processors have multi-threading capability, in which the core is divided virtually, allowing a single core to process two threads, the number of threads can be much higher than the number of cores. This can be useful in video editing and transcoding. CPUs can run two threads (independent instructions) per core (the independent processor unit). GPUs can have four to ten threads per core.

What is the Graphics Processing Unit (GPU)?

In Graphics Processing Unit (GPU) mining, GPU stands for Graphics Processing Unit. It is also known as video cards. It is not much powerful ASIC but GPU is more flexible in their application. The GPUs are often used in gaming computers for smooth flow of 3D animation and video. GPU can mine much faster than CPU. In order to mine Bitcoin, you must have at least one GPU installed on your computer.

GPUs can be used as long as you have the drivers for your video card installed and AMD GPUs as they offer the best hashing performance for the money when we talk about hashing power, the cost of the GPU and electricity is lesser.

What are Advantages & Disadvantages of Application Specific Integrated Circuits (ASIC)?

Hi, and Good Morning everyone, today I want to share with you guys about What are the Advantages & Disadvantages of Application Specific Integrated Circuits (ASIC)?

Advantages of Application Specific Integrated Circuits (ASIC)

  •  Low power use.
  •  A very high hash rate for a specific coin.
  • Physical size (much smaller and lighter for similar performance).
  • High – profit margin.

Disadvantages of Application Specific Integrated Circuits (ASIC)

  • The cost can be very high.
  • Application-specific, for example, Litecoin ASIC can only mine Litecoin.
  •  Low resale value.
  • Short lifespan.
  •  Non-upgradeable.

What makes an Application-Specific Integrated Circuits (ASIC) miner better?

ASIC miners are different from a graphics card or CPU mining system in that those more general pieces of hardware are designed to do more than one thing. They also just happen to do it better than anything with a more general-purpose focus.

When it comes to mining cryptocurrencies, all which really matters is that the cryptocurrency you mine is worth more than what you spend on hardware and electricity.

This combination of performance and low-power usage makes them much more economical to run than more general-purpose hardware.