Private Network
What are Private Blockchains?
A private blockchain is a permissioned blockchain. Private blockchains function based on access restrictions that limit individuals who may interact in the network.
In other words, it is a permissioned and restrictive blockchain that operates in a closed network. These are used mainly within an organization where only particular members are participants of the blockchain network. These are best suited for enterprises and businesses that want to use blockchain only for internal uses, this also helps to keep their sensitive data in their control. The best part is that no one can access this type of network without proper authentication.
Why Nexus Private Mode?
Nexus core allows users to create a private network and configure it as per their needs. Even though the core is the same that powers the public network, it can be configured to run as Hybrid network or private network. Enterprises or organisations get an open source blockchain at no extra cost. They also get the benefit of regular updates and a big community which tests the software at a very large scale. The private mode has much higher TPS compared to the public network. The private network can be distributed by adding mode nodes at strategic locations, which makes it resilient.
Advantages of Private Network
The Nexus private network has many advantages which are listed below:
No Fees & Zero Cost
The Nexus Private network allows you to transact without fees. The Nexus Core is available free of cost to be tested and implemented.
Scalable
Nexus Private mode has higher transaction per second (TPS) around 10K TPS compared to 655 TPS on Public chain and are highly scalable. This is possible due to the limited no of nodes and location which have low latency internet connections.
Secure
Nexus core uses the latest security standards and is quantum resistant which makes it highly secure and future proof. The code is constantly updated and new features are added which makes it secure and upto date with all the technical advancements in the blockchain space.
Open Source
The Nexus Core is open source and all code is tested extensively by the community.
Efficient
Nexus core is very efficient, and this is because they have fewer participants, meaning they can move faster.
No Unauthorized Parties
Private blockchain does not offer any scope for any unauthorized/third party to access the network, making it more secure and reliable.
Distributed
Nexus Private mode can be made very resilient to downtime and physical internet issues by adding more nodes and spreading them geographically which makes the network distributed.
Conclusion
Nexus private mode is a great alternative to private blockchains such as Ethereum Enterprise, Hyperledger, Corda, Quorum. Nexus Private mode is best suited for enterprises who want to take complete advantage of the blockchain technology but don’t want to expose their critical data.
If the idea of building on a private blockchain sounds interesting, try out Nexus Private mode.\
We have a private node setup for testing at http://private.nexus.io:8070/