Saintthor
Saintthor
Nov 4 · 2 min read

As we all know, the public blockchains like bitcoin couldn’t achieve all the goals of decentralization, security, scalability and power saving. I think private blockchains could.

In normal sense, private blockchains may not be decentralized. Because the owner of a private blockchain may be a center. Now, let’s make the owner changeable. For example, if there is a private blockchain X, Alice is its owner. She can add a block at the end of X, in which she writes: I give this blockchain to Bob. After the block added, Bob becomes the new owner of X. He has the right to add the next block to give X to others. Of course, only the current owner can add such a block on the blockchain. There is no need of competition or consensus. There is no POW, POS nor 51% attacks.

So, the private blockchain X moves in the crowd with security, scalability and power saving. How about decentralization? Just consider many private blockchains like X. They are moving in the crowd without interfering with each other. Every person owns some blockchains and may give them to others. No doubt, this system made up by the private blockchains is decentralized.

For the usage of cryptocurrency, we regard each private blockchain as a banknote. Like the paper money we are familiar with, each banknote has a fixed denomination, which is the basic unit of payment. Each payment of cryptocurrency is reflected in the transfer of ownership of several banknotes. The payer selects a few from his banknotes, makes up the amount to be paid, transfers the ownership of the banknotes to the payee by adding blocks on each of the blockchains, and the payment is completed.

    Saintthor

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    Saintthor