What Is a Public Blockchain?
It operates on a permissionless basis, meaning there are no restrictions on participation.
The blockchain is a distributed ledger where transaction data is packaged and stored in blocks.
Constructing the Chain
Once the data is validated and stored on the platform, it becomes immutable and cannot be altered, even though it is publicly available.
Public blockchains utilize a consensus mechanism to validate transactions.
However, Ethereum is in the process of transitioning to a proof-of-stake (PoS) consensus mechanism.
Navigating the Distinctive Traits
Public blockchains offer greater transparency than private networks and are more decentralized, as anyone can join, and no single entity controls the entire system.
However, many public blockchains face low transaction speeds and scalability issues.
Additionally, public blockchains have a limited number of consensus mechanisms compared to private blockchains.