Public Blockchain
- It is a distributed ledger that anyone may join and use to complete transactions.
- Each peer owns a copy of this non-restrictive ledger format. The public Blockchain can now be accessed by anyone with an internet connection, as well.
- This user can conduct mining operations and has access to both old and new records.
- To validate transactions and add them to the ledger, it is necessary to carry out these intricate computations.
- No legally binding record or transaction may be changed on the blockchain network. Anyone can examine the transactions, identify issues, and provide fixes because the source code is typically available for public inspection.
Advantages of Public Blockchain
- Trustworthy: The proof-of-work process assures that no fraudulent transactions occur, therefore public blockchain nodes do not need to know or trust one another.
- Secure: A public network is one that allows for the addition of as many users or nodes as desired. More records are dispersed throughout a larger network, making it more challenging for hackers to compromise the entire system.
- Open and Transparent: Every member node can see the data on a public blockchain. A copy of the blockchain records or digital ledger is stored on each authorised node.
Disadvantages of Public Blockchain
- Lower TPS: A public blockchain has incredibly few transactions per second. This is due to the network’s size and the fact that it requires a lot of nodes to do proof-of-work and verify transactions.
- Issues with scalability include the sluggish processing and completion of transactions. This compromises scaling. Because the network will become slower the more we try to make it larger.
- High energy requirement The proof-of-work device is costly and energy-intensive. Undoubtedly, technology will need to develop energy-efficient consensus techniques.
Uses of Public Blockchain
- Voting: To ensure transparency and trust, governments can vote using a public blockchain.
- Fundraising: Organizations or projects can use the open Blockchain to increase trust and transparency.
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