Block Chain - Public Blockchain

Public Blockchain

• Definition:
  A public blockchain is a type of blockchain network that is open for anyone to join, read, and write to. No central authority controls it, and anyone can participate as a user, developer, or validator.

• Key Features:

  1. Open Participation – Anyone can create a wallet, send transactions, or even become a node or miner.

  2. Transparency – All transactions are visible to everyone.

  3. Decentralization – Maintained by thousands of nodes across the world, not by a single organization.

  4. Security Through Consensus – Uses mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) to validate transactions.

• Examples:

  • Bitcoin – Anyone can mine Bitcoin or send BTC without needing permission.

  • Ethereum – Anyone can deploy a smart contract or use decentralized apps (DApps).

• How it works:

  • If Alice wants to send 2 BTC to Bob, she just creates a transaction and broadcasts it.

  • Miners (or validators, depending on the network) compete to add this transaction to a block.

  • Once added, it becomes part of the public record forever.

• Advantages:

  • Highly transparent and trustless (you don’t need to trust a bank or authority).

  • Secure, because tampering would require enormous computing power.

  • Encourages innovation through open access.

• Disadvantages:

  • Slower compared to private systems (since every node must agree).

  • High energy usage (especially with Proof of Work).

  • Scalability issues when millions of users transact at once.

• Analogy:
  Imagine a public library where anyone can walk in, read any book, and even add new books. The system is open, transparent, and nobody owns the library—it belongs to the community.