Besides Ethereum, where should we create NFTs on?
Now that blockchain is becoming well known in the public zeitgeist, it’s important to understand the differences between the specific types of blockchains that exist. There are 3 main types of blockchains; Public blockchains, Private blockchains, and Hybrid blockchains.
Public Blockchains
Public blockchains are open networks. They are permissionless and anyone can join the network and read or write within the blockchain. Public blockchains are fully decentralized networks and do not have any entity controlling entry to the network. These blockchains are incredibly secure since it is impossible to change data once it has been validated on the blockchain.
Some of the advantages of using a public blockchain include; full transparency, true decentralization, user empowerment, anonymity, and high security. These are seen as the most secure form of blockchain since the verified data in each block becomes immutable once it is written to the chain, with a network that is validated by a much larger set of validators. The two most famous blockchains in the world, Bitcoin and Ethereum are both public chains, where anyone in the network can access the chain and add blocks.
Private Blockchains
A private blockchain isn’t truly decentralized and is managed by a network administrator. Unlike a public blockchain, users must get permission to join the network. The main difference in a private blockchain is that transactions are private, and only the parties participating in the transaction know of it.
Some of the advantages of private blockchain include; higher efficiency and faster transactions, privacy, and better scalability. A good example of this is the use of blockchain in medical data management. Users can keep their medical records and share them with specific practitioners. The blockchain network helps with speed and verification, but by using a private blockchain, sensitive medical data can be kept restricted.
Hybrid Blockchains
A hybrid blockchain uses elements of both public and private blockchain. One key issue with private blockchains is they are more prone to hacks and data breaches. A hybrid blockchain allows for a private permission-based system to run alongside a public permissionless system, so the network administrator can establish who can access data or make it public, but cannot change on-chain data. Transactions within the hybrid blockchain are private but can be verified by enabling access via smart contracts.
Some of the advantages of a hybrid blockchain are; security (protected from 51% attack) and privacy yet allowing for third-party communication. Transactions are faster and cheaper than public blockchains while still providing data verification. This is accomplished by using less but more powerful established validators within the private network.
Applications of Blockchain in real life
Understanding the type of blockchain is crucial in how the technology is applied and whether it’s the right blockchain for its application. Blockchain technology can be applied with positive results in almost every type of network, helping to prevent single points of failure and data hacks, but security, speed and cost are of different importance regarding how the blockchain is being used.
If you are using a blockchain for personal identity security, where crucial personal, financial or medical information is stored, one might be willing to sacrifice true network decentralization for increased security. The network still provides increased security compared to traditional centralized networks while providing some layer of privacy for the user.
Public networks become better options when used for data that isn’t sensitive in nature, for example small money transfers or publicly known business logistics. Keeping this data private might serve no purpose to any participants, and a public blockchain provides the most secure and verifiable form of blockchain since it is truly decentralized and any party can join.
Pseudonymity provides enough security for users where the transaction isn’t that sensitive.
Other blockchains with potential
Ethereum has become one of the most popular blockchains. It is a layer 1 chain, meaning it can validate and finalize transactions without the need for another network. Ethereum has become popular for its ability to allow developers to create layer 2 protocols on top of it, using the layer 1 network, Ethereum, for consensus and security. But what are other up-and-coming blockchains with the potential to challenge Ethereum’s dominance? Let’s take a look at 4 different blockchains; Starkware, Polygon, Solana, and Avalanche, and compare what features these blockchains have.
Metabase supports multiple chains
Metabase is a decentralized NFT platform that will facilitate mass NFT adoption through a no-code system that creates the infrastructure to bring creators and investors/collectors together more seamlessly. NFT provide the best way to verify digital assets, but the technical learning curve keeps many out of the market. Metabase solves this problem through easy-to-use development tools and 3rd party resources for creators to create large quantities of NFT without sacrificing all their time.
Though NFT was popularized through its use on the Ethereum chain, many other serviceable and growing blockchains also support the use of NFT smart contracts, and Metabase supports multiple blockchains, creating access to larger markets and specific blockchains that may serve a creator request more efficiently.
About Metabase
Metabase is a firebase infrastructure for NFT apps and games, creating an easier way for projects to create NFT, all on low-cost layer-2 ecosystems. Metabase saves users the time needed by using a no-code platform to create NFT, with an improved UX/UI, and marketplace generator for each NFT project, all while bridging the gap between web2 and web3 content.
For more information about Metabase, join Metabase's official community.
