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What is a Public Blockchain (What are the Elements of a Public Blockchain)?

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What is a public blockchain? In the blockchain industry, Ethereum is the only b

What is a Public Blockchain (What are the Elements of a Public Blockchain)?

What is a public blockchain? In the blockchain industry, Ethereum is the only blockchain that relies entirely on a centralized server. Other public blockchain projects such as EOS and Tezos also share this characteristic.

But why do these public blockchain projects choose not to fork or upgrade? Let’s explore the differences between them and see what sets them apart.1. What is a public blockchain?Currently, there are many types of public blockchain projects in the market, most of which are based on private chains or consortium chains, such as Bitcoin and Ethereum in the Bitcoin network. Both of these types belong to the scope of open-source projects.2. What is a public blockchain?In general, anyone who possesses a certain amount of code can participate in the development of their own applications. However, for most people, they only pay service fees to miners for their software. They can also issue their own defined cryptocurrencies to the community. Therefore, anyone can create their own digital assets without the need for a third party and store them on their blockchain, making it “decentralized”.3. Does a public blockchain project have the technical capabilities to support specific tokens?

Elements of a Public Blockchain

According to public information, a public blockchain is the underlying architecture of a blockchain, and it has the following elements: consensus mechanism, data structure (blocks), and a ledger. In terms of consensus algorithms, a public blockchain ensures the security of the network through computational power, with a network consisting of 100 or more participants who act as validators. Due to the decentralized nature, traceability, and immutability of blockchain technology itself, it can ensure the validity of transaction records. In addition, a public blockchain also needs to meet the following conditions:

1. Implementation of user authentication and account management.

2. Support for multi-currency transactions.

3. A platform independent of any entity or organization.

4. Ability to solve complex problems.

5. Balancing security and ease of use for convenient usage.

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