Wish Chain’s Public and Private Blockchain Structure
Bitcoin’s one-year price chart resembles a mountain range in that the price fluctuates up and down so unpredictably that it draws lines that remind us of peaks and troughs. Late last year showed us just how volatile Bitcoin and other cryptocurrencies can be, and although prices have steadied as of late, cryptocurrencies still remain too volatile for mass adoption as currencies.
Wish Chain’s Solution to Price Volatility
Unless price volatility is eliminated, it is unlikely that adoption will occur. To combat instability once and for all, Wish Chain has adopted a public-private blockchain system. The two-tiered network has the advantages of public and private blockchains built into one system.
At the very foundation, we have the Wish Chain public blockchain. Then, we have the trust private blockchain that is a child-chain of the main public chain. Finally, decentralized applications (dApps) of all sorts are serviced by the private blockchain. This is the general structure of the Wish Chain network, and we’ll talk about the specifics in our later writings. Today, let’s focus on Wish Chain’s public and private blockchains.
Wish Chain’s Public Blockchain
Wish Chain’s public blockchain is open to everyone. What this means is anyone can participate in Wish Chain’s public blockchain as a node in the same way anyone can participate in Bitcoin’s network. Thus, Wish Chain’s blockchain remains decentralized, and whoever helps maintain the network is rewarded for the blocks they produce. The public blockchain’s transactions are recorded on a distributed ledger in a safe and transparent manner, and it is nearly impossible to hack the network. The public blockchain uses a cryptocurrency called Wish Coin, which can move upwards and downwards in price to give it value as an investment. We will talk more about Wish Coin in our upcoming articles.
Wish Chain’s Private Blockchain
In addition to its decentralized public blockchain, Wish Chain has a private blockchain. Why does Wish Chain need a private blockchain? Here are four reasons why.
1) A private blockchain can handle many transactions per second, which is essential for ecosystems in which payments occur.
2) A private blockchain is operable at all times.
3) A private blockchain can be fixed if a problem arises.
4) Most importantly, a private blockchain allows for a zero fluctuation cryptocurrency.
While all four points are noteworthy, the first and fourth points are what people in cryptocurrency communities tend to talk about the most. Scalability and price stability are two problems that have prevented adoption, and Wish Chain’s private blockchain solves both. Scalability is achieved through the private child-chain, and price stability is made possible through the Wish Stone token, the cryptocurrency for the private blockchain that has a fixed value.
We also acknowledge that a private blockchain is not ideal. However, we believe it to be something to start with, and once Ethereum’s Plasma is fully developed, Wish Chain will follow after Ethereum to convert the private blockchain into a public one.
Anyone can be a player in Wish Chain’s public blockchain, and the Wish Chain private blockchain will allow for buyers and sellers to transact with one another at Future Stations without bearing the burden of slow transactions and price volatility. The Wish Chain team will continue to look for ways to improve our network and will push for further real life adoption of this technology.
[ For more information, please visit our website at https://wishchain.io/ ]
