Blockchain Variants - Public

Blockchain Variants - Public

A blockchain is a series of interconnected blocks that store data. The approach is intended to timestamp digital documents to prevent them from being backdated or tampered with. The goal of blockchain is to eliminate the need for a central server to tackle the problem of duplicate entries.

The blockchain is used to securely transmit goods like money, property, contracts, and other information without the need for a third-party middleman such as a bank or government. It is challenging to alter data after being stored on a blockchain.

Public:

Ledgers are visible to everyone on the internet in this sort of blockchain. Anyone may validate a block of transactions and add it to the blockchain. People are encouraged to join public networks, which are also free to use. Anybody may use a public blockchain network.

The ongoing actions on the public blockchain network may be read, written, and audited by anybody, which helps a public blockchain preserve its self-governed character.

The transaction data in public blockchains are entirely visible, meaning that anybody may study them.

  1. No one person or institution controls which transactions are recorded in the blockchain or the sequence in which they are executed; therefore, public blockchains are meant to be completely decentralized.
  2. Because anybody may join the network, regardless of location, country, or other factors, public blockchains can resist censorship. Authorities will have a difficult time shutting them down due to this.
  3. Finally, all public blockchains have a token connected with them, generally used to encourage and reward network users.