What is Public Blockchain?

Blockonomics is a decentralized and permissionless bitcoin payment solution
What is Public Blockchain
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A public blockchain network is a blockchain network that anyone can join at any time. Moreover, anyone can view the ledger and participate in the consensus process. So, if you want a completely decentralized network system. Then a public blockchain is the way to go. However, it can be somewhat problematic when you try to combine a public blockchain network with the enterprise blockchain process.

Anyway, this blockchain network was the first type of blockchain in the revolution. Indeed, it was Bitcoin that laid the foundations of blockchain technologies. Once people started to see the underlying technological benefits. They started developing other blockchain variations to get rid of all the problems. The best thing about public blockchain companies is that. They ensure that all participants have equal rights no matter what.

People can join and participate in consensus, and transact with their peers as they please. Everyone can see the notebook as well. Thus maintaining transparency at all times. However, public blockchain instances also come with a fair share of flaws. Also, due to its anonymous nature. It can attract malicious people who use the platform for illegal activities. Let’s take a look at the best features of the public blockchain. in this public blockchain versus the private blockchain guide.

Best features of Public Blockchain

High security

Ledger Nano X - The secure hardware wallet

Public blockchain companies design each platform to provide complete security at all times. In reality, businesses and organizations deal with online attacks every day. It becomes a huge obstacle as time goes on.

It also causes billions and billions of dollars in losses every year.

But with all the security protocols of a public blockchain. They can easily stop any hacking issues they encounter. Moreover, they can eventually provide real value or better data quality for any project.

Security protocols may vary by platform. But I can safely say that public blockchains are more or less robust.

Open Environment

As you know, public blockchain is public as its name. So wherever you are, you can log in to these platforms. You will only need a good internet connection and a computer.

Thus, you will always enjoy all the benefits that come from blockchain technology. What’s more, you can use it to transact in a secure environment. You can also earn money from mining. Let’s take a look at the next feature in this public blockchain versus private blockchain guide.

 Anonymous Nature

This is actually one of the best features of public blockchains that most users love. Basically, everyone is anonymous here. In fact, you will not use your real name or real identity here. Everything would remain private and based on that, no one can track you.

Since it is a public area, this property is mainly for the security of one’s property. However, people have also used it for illegal reasons. Many criminals tend to use bitcoin to pay for illegal activities on the darknet. This is also one of the disadvantages of the public blockchain.

But don’t judge him based on his bad past. People can use any new technology for good and bad. Therefore, it should not be reflected in the public blockchain technology in any way.

No Regulations

In reality, the public blockchain does not have any regulations that nodes must comply with. So there is no limit to how you can use this platform for your own improvements. But the real issue is that businesses cannot operate in an unregulated environment.

Why? Well, because without regulations it’s hard to keep track of all the needs a project might need. For this reason, I recommend using public networks on consumer platforms. This means that you should not use it. It is an internal network system and should not be used as an external system. This is also one of the disadvantages of a public blockchain.

Why Should You Use It?

True Localization

On a public blockchain, you will get real decentralization. This is something quite absent in private blockchain networks. It creates a distributed nature just as everyone has a copy of the notebook.

Basically, there is no central entity in this type of blockchain. Therefore, the responsibility for maintaining the network lies solely with the nodes. With the help of a consensus algorithm. They promote fairness by updating the ledger.

Also, both of these features ensure that there is always a decentralized environment in the system.

Anyway, let’s take a look at the next in this public blockchain versus private blockchain guide.

Full Transparency

Well, nothing compares to anything else with a completely transparent platform. Basically, public blockchain companies tend to design platforms to be completely transparent to everyone on the ledger.

This means you can view the notebook whenever you want. So there is no scope for any corruption or inconsistency. Anyway, everyone needs to keep the ledger and join the consensus.

Stability

The public blockchain network is completely immutable. But what does this mean? This means that once a blockchain reaches the chain. There is no way to modify or delete it. Thus, it ensures that no one can modify a particular block. It does not take advantage of the others.

In reality, every organization deals with change issues. Either this happens offline or online. The best part is that hash functions work as a security protocol.

Therefore, when one tries to change the blocks. It will create a different chain that leaves the original chain. Thus, canceling their changes.

Anyway, let’s take a look at the next private blockchain in this public versus private blockchain guide.

Full User Authorization

Typically, in any network, the user has to abide by many rules and regulations. In many cases, the rules may not even be fair. But not on public blockchain networks. Here, all users are empowered. There is no central authority to review their every move.

These platforms are also public. So no company can stop you from downloading nodes and joining the consensus.

This is something you won’t see on private blockchain platforms. Moreover, if you check the private blockchain, you will find that users cannot enjoy complete freedom.

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