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Glossary

Public Blockchain

November 21, 2023 - Around 2 mins mins to read

Understanding Public Blockchain

A public blockchain is a decentralized platform that is open to everyone. It operates without the need for permission, allowing anyone to participate in reading, writing, and accessing information on the platform. The fundamental concept of a blockchain involves a distributed ledger where transaction data is organized and stored in blocks.

Each block is uniquely identified by a timestamp, distinguishing it from other blocks. Once validated, the data stored on the platform becomes unchangeable, even though it is publicly available.

Public blockchains rely on a consensus mechanism to verify transactions. The most well-known examples of public blockchains are Bitcoin and Ethereum. Currently, both of these platforms use the proof-of-work (PoW) consensus mechanism, although Ethereum is in the process of transitioning to a proof-of-stake (PoS) mechanism.

Compared to private networks, public blockchains offer more transparency and decentralization. Anyone can join a public blockchain, and no single entity has complete control over the entire system. However, public blockchains often face challenges such as slow transaction speeds and scalability issues. Additionally, they have a narrower range of consensus mechanisms compared to private blockchains.

It is important to note that public and private blockchains have similarities. Both types of networks have nodes that maintain an identical copy of the ledger, and the stored data is unchangeable. Furthermore, both platforms rely on transaction validators to ensure the integrity of the system.

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Author

Coincu

Glossary

Public Blockchain

Understanding Public Blockchain

A public blockchain is a decentralized platform that is open to everyone. It operates without the need for permission, allowing anyone to participate in reading, writing, and accessing information on the platform. The fundamental concept of a blockchain involves a distributed ledger where transaction data is organized and stored in blocks.

Each block is uniquely identified by a timestamp, distinguishing it from other blocks. Once validated, the data stored on the platform becomes unchangeable, even though it is publicly available.

Public blockchains rely on a consensus mechanism to verify transactions. The most well-known examples of public blockchains are Bitcoin and Ethereum. Currently, both of these platforms use the proof-of-work (PoW) consensus mechanism, although Ethereum is in the process of transitioning to a proof-of-stake (PoS) mechanism.

Compared to private networks, public blockchains offer more transparency and decentralization. Anyone can join a public blockchain, and no single entity has complete control over the entire system. However, public blockchains often face challenges such as slow transaction speeds and scalability issues. Additionally, they have a narrower range of consensus mechanisms compared to private blockchains.

It is important to note that public and private blockchains have similarities. Both types of networks have nodes that maintain an identical copy of the ledger, and the stored data is unchangeable. Furthermore, both platforms rely on transaction validators to ensure the integrity of the system.

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