Detailed introduction to the five major global public chains recognized in 2023

As we all know, blockchain can be divided into public chain, private chain and alliance chain. In the field of cryptocurrency, general tokens are issued based on a certain public chain. Currently, the five major public chains recognized globally are Bitcoin Coin, Ethereum, Cardano, Polygon, and Tron Chain. Currently anyone can easily access the public blockchain. In the public blockchain, no one controls the information on the blockchain or the laws of the blockchain. No one can change the protocol of the public blockchain according to the needs of the users. With the information contained on the blockchain, users of public blockchains can fully trust third-party applications. Many investors still don’t understand the five major public chains recognized globally in 2023. Let me give you a comprehensive introduction below.

The five major public chains recognized globally in 2023

In 2023, the five major public chains recognized globally include Bitcoin, Ethereum, Cardano, and Polygon and Tron Chain. Next, the editor will introduce these five major public chains to you in detail.

1.Bitcoin

The concept of Bitcoin was first proposed by Satoshi Nakamoto in 2008. Based on his ideas, the open source software was designed and released and the P2P network built on it was designed. Bitcoin is a P2P digital currency that uses point-to-point transmission to achieve a decentralized payment system. Unlike traditional currencies, Bitcoin does not rely on a specific monetary institution for issuance and management.

2. Ethereum

Ethereum (English: Ethereum) is a public blockchain platform that provides smart contract functions. It uses Ether as a dedicated cryptocurrency and processes peer-to-peer contracts through the Ethereum Virtual Machine to achieve decentralized transactions.

3.ADA

Cardano is a cryptocurrency that represents the future of money. It is a digital fund based on the Cardano protocol that can be used for fast and direct transfers. Cardano is not just a currency but a technology platform that enables financial applications to run. Ensuring security through cryptography, Cardano emerges as a possible choice for the future of digital payments.

4.Polygon

Polygon is a protocol and framework for building and connecting Ethereum-compatible blockchain networks. Aggregate scalable solutions on Ethereum to support the multi-chain Ethereum ecosystem. MaticNetwork is a second-layer scalability platform that enables fast, simple and secure off-chain transactions, not only payment transactions, but also generalized off-chain smart contracts. MaticNetwork is a significant contributor to the Ethereum ecosystem, working on the implementation of Plasma MVP, the WalletConnect protocol, and the Ethereum event reminder engine - of which Dagger has made outstanding contributions.

5. TRON

TRON was founded by Mr. Justin Sun in September 2017. Since the mainnet was launched in May 2018, it has achieved many outstanding achievements. In July 2018, the TRON ecosystem completed the integration with BitTorrent, a pioneer company providing decentralized Web3.0 services with more than 100 million monthly active users.

How about public chain projects?

P Public blockchain looks like it is available to the public from its name. You can think of it as "for the people, by the people, for the people." That being said, people here have power and no one is in charge. Anyone can join and read/write/audit the public blockchain because it is publicly available for free. It brings transparency to the data or transactions taking place in the blockchain as anyone can audit the blockchain.

There is some work that must be done to code in a blockchain, but if you follow the rules of the protocol, there is nothing stopping you from joining and participating in the public network. So here, the code or protocol is the person responsible rather than the specific person, which naturally raises the question, so how does the public blockchain work? Well, public blockchains are built on an incentive system that rewards fair behavior and punishes unfair behavior.

Bitcoin is a public blockchain where miners mine and write transactions or blocks on the chain. Any fair miner who follows the rules and runs a full node and mines any successful block will be rewarded with 12.5 BTC. Any minor who commits fraud will suffer losses equal to the calculated costs he/she incurred in defrauding the system.

Similarly, consumers are using Bitcoin because it is a borderless and decentralized way to transfer value (money) cheaply, and developers built it for freedom. Furthermore, work based on these mining or public blockchains is unreliable due to the proof of consensus. So you don’t have to trust the other party to pay you, instead you have to verify it on the blockchain.

The above content is the editor’s detailed explanation of the five globally recognized public chains in 2023. At its core, a blockchain is a simple system of codes that stores all transaction data for every transaction that occurs on the chain. Blockchain technology uses mathematics and science to cryptographically protect each transaction in the chain and link it to another transaction; therefore, blockchain technology is often considered "unbreakable." A public blockchain is a blockchain that shows all historical transactions when anyone, anywhere using the internet searches or requests it through a block explorer. The public chain displays a ledger of all transactions and enables users to transact, interact, and participate on the blockchain without requiring any permissions.

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