What does blockchain public chain mean?

The blockchain public chain is a public, permissionless, decentralized blockchain network that anyone can join and participate in verification and governance without obtaining permission. The characteristics of the public chain include: openness, permissionlessness, decentralization, transparency and security. Public chains are widely used in fields such as cryptocurrency, decentralized finance, non-fungible tokens, smart contracts, and supply chain management. According to different consensus mechanisms, public chain types include proof of work, proof of equity and delegated proof of equity. Public chains bring many benefits to different fields, such as enhancing transparency, improving security, reducing the need for intermediaries, and promoting innovation.

#What is a public blockchain?

The public blockchain is an open, permissionless and decentralized blockchain network that allows any user to participate in the verification and governance of the network without obtaining permission from any central agency.

Features of the public chain:

• Publicity: Anyone can join the network and participate in verifying transactions.
• No permission: Users do not need any permission to use the network.
• Decentralization: The network is maintained by numerous independent nodes distributed around the world, with no single point of failure.
• Transparency: All transactions are recorded on the public blockchain and visible to everyone.
• Security: The blockchain network ensures the security of transactions through cryptography and consensus mechanisms.

Purpose of public chain:

Public chain is widely used in the following fields:

• Cryptocurrency:Cryptocurrencies such as Bitcoin and Ethereum are built on public chain networks.
• Decentralized Finance (DeFi): Public chains enable people to access financial services such as loans, borrowings and transactions without the need for intermediaries.
• Non-Fungible Tokens (NFT): Public chains are used to create and manage NFTs that represent ownership of digital assets.
• Smart contracts: The public chain allows the creation and execution of smart contracts that automatically execute agreements.
• Supply chain management: Public chains can be used to track the source, storage and transportation of goods, improving transparency and efficiency.

Types of public chains:

There are many types of public chains based on their consensus mechanisms, including:

• Proof of Work (PoW): The consensus mechanism used by cryptocurrencies such as Bitcoin requires a lot of computing power.
• Proof of Stake (PoS): A consensus mechanism used by cryptocurrencies such as Ethereum that selects validators based on the number of tokens held.
• Delegated Proof of Stake (DPoS): A consensus mechanism that allows users to delegate others to validate transactions on their behalf.

Importance of public chain:

Public chain brings many benefits to the fields of finance, technology and supply chain, including:

• Increase transparency and accountability
• Enhance security
• Reduce the need for intermediaries
• Promote innovation and new business models

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