1. PixelPlaygroundHome
  2. Web3 News

What is public chain (what are public chain projects)

• Web3 News • 80 views

What is public chain (what are public chain projects)

What is the public chain? The public chain is a protocol based on Ethereum, which aims to provide the blockchain industry with universal and irreplaceable technology. Public chain is a distributed ledger technology that is run and managed by a network or platform jointly built by a group of people, consisting of a specific group of companies and individuals. These companies can issue their own tokens and operate networks or services as part of their business. This approach is called private chain (collective ownership) because it is publicly available and can share information, use, and trade data with everyone at any time. What are the public blockchain projects? In the second half of 2019, blockchain technology was seen as a disruptive technology. What are the public chain projects? At present, public chains in the market are relatively rare. For example, mainstream public chains such as EOS and Ethereum have gradually entered the market, while other public chains are relatively new. These public chain projects mainly operate in two ways: one is a smart contract platform that adopts the DPOS consensus mechanism, and the other is a public chain network that utilizes POW incentives to ensure transaction security and scalability Currently, most public chains are built based on the PoS consensus algorithm, which means they can carry more application scenarios and business needs. However, the challenges they bring are far beyond that, and also involve regulatory and business model issues. With the emergence and development of more public chains, the development of public chains is becoming increasingly unpredictable. So, in the next few years, which categories of projects will achieve higher returns? Let’s take a look at the public chain projects together. What is a public chain? Public chain refers to a network system composed of one or more nodes, which has certain economic value; And this network can support different applications or functions, and everyone can participate in it without worrying about user Data breach and fraud. For example, Bitcoin (BTC) uses sharding to implement its expansion solution, thereby introducing existing computer processing power into the new computing layer. In addition, Bitcoin has limited block space and can only accept 32 transactions per second. If Bitcoin becomes a currency used in the real world, its storage speed will increase. One of the main uses of Bitcoin is as a payment tool to maintain financial inclusivity and reduce costs, while also being used to settle other goods and services What are the advantages of public chain projects? The characteristics of public chain projects are as follows:

1. Strong security

Currently, the degree of decentralization in the public chain is relatively high, and even if hacker attacks occur, it can ensure the entire network security because it allows anyone to transfer funds without trusting a third party. In addition, the advantage of public chain projects is that they can seamlessly connect people from different countries/regions globally, making it easier for them to access various services on the blockchain. 2. High efficiency

Currently, most public chain projects adopt a one-way approach to solve the problems of long transaction times and low costs. Therefore, public chain projects face enormous challenges and need to start from various aspects. For example, it is necessary to consider how to reduce costs and improve efficiency, or choose a main network.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/22131/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 08/06/2023 00:42
Next 08/06/2023 01:05

Recommended articles