What is a public blockchain? - DotWallet

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What is a public blockchain?
2019.11.08

 

Blockchains are classified, not indistinguishable. Blockchains of different classifications have different advantages and disadvantages. In the field of blockchains, we have multiple choices. The public blockchain is a relatively fairer. The ecological environment, with better inclusiveness and compatibility, has become the choice of more people. 

 

The public blockchain is open to the public, users can participate anonymously without registration, and access to the network and blockchain without authorization. Nodes have the freedom to access the network. Blocks in the public chain can be viewed by anyone, anyone can send transactions on the public chain, and can participate in the process of forming a consensus on the network at any time, that is, which block can join the blockchain and record the current network status.

 

The public blockchain is a completely decentralized blockchain in the true sense. It guarantees that transactions cannot be tampered with cryptography. It also uses cryptographic verification and economic incentives to build consensus in a network environment that is unfamiliar. Thus forming a decentralized credit mechanism, the consensus mechanism in the public chain is generally the proof of work (Pow) or proof of interest (Pos), and the influence of users on the formation of consensus is directly dependent on the proportion of resources they have in the network.

 

Public blockchains are also commonly referred to as non-licensed chains, such as Bitcoin and Ethereum, which are public chains. The public chain is generally suitable for B2C.C2C or C2B applications such as virtual currency, e-commerce for the masses, and internet finance.