Public blockchains are decentralized digital ledgers accessible to anyone. They allow participants to make and verify transactions without a central authority, ensuring transparency and security. Public blockchains use cryptographic techniques and consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) to maintain the integrity of the network.
Bitcoin and Ethereum are prime examples. Bitcoin uses PoW to secure its network, while Ethereum, which currently uses PoW, is transitioning to PoS to improve efficiency. Public blockchains are resistant to censorship, provide immutable transaction records, and offer global accessibility. However, they face challenges like scalability and high energy consumption due to PoW.
Public blockchains\’ transparency can be a double-edged sword, offering trust but also potential privacy concerns. Innovations such as layer 2 scaling solutions and privacy-focused cryptocurrencies aim to address these issues.
For further reading, visit Bitcoin.org and Ethereum.org.
