What Is a Public Blockchain?
A public blockchain is a decentralized platform accessible to anyone, allowing them to join, write, and read information on the platform.
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
These blocks, when combined, form the blockchain, with each block being differentiated by its timestamp.
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.
The two leading public blockchains, Bitcoin and Ethereum, currently use the proof-of-work (PoW) consensus mechanism.
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.
Both private and public blockchains share similarities, such as each node on their network having an exact copy of the ledger, the immutability of stored data, and reliance on transaction validators.