What is Public Blockchain?
Let's find out Public Blockchain meaning, definition in crypto, what is Public Blockchain, and all other detailed facts.
A public blockchain is a permissionless decentralized platform that can be accessible to everyone. A blockchain is a distributed ledger that collects and stores transaction data in the form of blocks. As a result, a blockchain is formed by combining these blocks.
The timestamp is a fundamental feature that distinguishes one block from another. Note that, despite being publicly accessible, data stored on the platform cannot be changed once it has been validated.
A consensus mechanism is used to validate transactions on a public blockchain. There are various types of consensus mechanisms. However, Proof-of-Work (PoW) and Proof-of-Stake (PoS) are two of the most popular ones.
In comparison to private blockchains, a public blockchain provides more transparency and is more decentralized because anybody can join, and no one has authority over the entire system. Unfortunately, many public blockchains have slow transaction speeds and other scaling problems. Besides, a public blockchain is limited to only a few types of consensus mechanisms.
However, private and public blockchains also have some similarities. They both store immutable data, rely on transaction validators, and their nodes have an exact copy of their ledger.