What is a public blockchain?
Public Blockchain is ‘open’ for everyone. You can consider it for the individuals. Anyone can join & read / write/audit the public blockchain. It is openly accessible free of charge. It brings transparency to the data or transactions that happen in the blockchain because anyone can review the blockchain.
To write in the blockchain, one has to do some work, but if you adhere to the rules of protocol there is nothing to stop you from joining and participating in the public network.
Also, public blockchains are built on incentive systems that reward fair behavior and punish unjust behavior.
Example of public blockchain
Bitcoin is a public blockchain where miners engage in mining & write blocks on a transaction or chain. 6.25 BTC will be rewarded for any successful block dug by any Fair Miner who follows the rules & runs the entire node.
Any fake minor will bring about a loss with the calculated cost caused by him/her to dupe the framework. That’s why people are using Bitcoin because it is an endless & decentralized way to transfer value (money) cheaply and developers build it for freedom. Also, the work based on these mining or public blockchains is questionable, because of the proof of agreement. So you don’t host to trust the other party to pay you, instead, you need to verify it on the blockchain.
Hence anyone who participates in the consensus can run the BTC complete node and start mining. Anyone can make transactions in the BTC chain.
Features of Public Blockchain
𝟏. 𝐎𝐩𝐞𝐧, 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐭 𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭
The biggest draw in a public Blockchain is its open environment. It’s available for individuals who want to join, regardless of hardware, location, and internet speed, among others. All the benefits of the technology will be open to you. Here, transactions get completed sooner as there’s a level of trust between users.
𝟐. 𝐙𝐞𝐫𝐨 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬
All users won’t have a set of guidelines to follow, simply because there isn’t one. The open-ended environment allows users to do what they want in the public Blockchain. True decentralization is achieved, and it forms a distributed ledger system that promotes fairness to everyone involved.
𝟑. 𝐓𝐨𝐭𝐚𝐥𝐥𝐲 𝐀𝐧𝐨𝐧𝐲𝐦𝐨𝐮𝐬
A feature for those who value their privacy. If you’re always using a VPN when browsing the internet, then you’ll feel right at home with a public Blockchain system.
In a public Blockchain environment, the word ‘join’ is actually superficial. You’re not required to enter your name, address, or anything that could identify you in real life.
𝟒. 𝐇𝐢𝐠𝐡 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲
A public Blockchain will still have security measures installed, one that prevents other people from disrupting the network or the service it provides.
Finishing up Lines
Usually, public blockchains are fundamentally flawed from the security and privacy perspective. They are also vulnerable to misuse.
Hopefully, a solution to these problems can be found that addresses possible trade-off implications as well.
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