In your search to understand cryptocurrency better you may have come across the word ‘Blockchain’.
Digging deeper, you know that Blockchain powers the cryptocurrency process, and it’s mainly responsible for the transaction security.
There are two different Blockchain technology- public and private. Public was the first created Blockchain when it was used exclusively to trade Bitcoin and other tokens.
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What is a Public Blockchain?
As the name implies, a public Blockchain is ‘open’ for everyone. It’s a network where those who are interested can sign up for it.
It’s somewhat different from a network or a server because once you join in you’ll have access to the records, or the ledger that holds all the transactions made.
One example of a public Blockchain is Ethereum. The very first one created was for Bitcoin. Then, people began seeing its potential and began implementing it in other industries.
Features of a Public Blockchain
Open, Transparent Environment
One of the biggest draws in a public Blockchain is its open environment. It’s available for those who want to join, regardless of hardware, location and internet speed, among others.
All the benefits of the technology will be open to you. Here, transactions get completed sooner as there’s a level of trust between users. It’s worthy to note that mining can be done within a public Blockchain network as well, but only if they offer them.
You’ll realize the advantages of a public Blockchain network once you start trading Bitcoin or other promising cryptocurrencies. To learn how to trade smarter, visit this site.
All users, or nodes won’t have a set of guidelines to follow, simply because there isn’t one. Although this may seem chaotic the opposite is actually true.
The open-ended environment allows users to do what they want in the public Blockchain. True decentralization is achieved, and it forms a distributed ledger system that promotes fairness to everyone involved.
A well-loved feature for those who value their privacy. If you’re always using a VPN when browsing the internet, then you’ll feel right at home with a public Blockchain system.
In a public Blockchain environment, the word ‘join’ is actually superficial. You’re not required to enter your name, address or anything that could identify you in real life.
This advantage can easily turn sideways, as some entities will use a public Blockchain to conduct nefarious activities, such as buying or selling illegal drugs and whatnot. However, it shouldn’t imply that a public Blockchain may not be used for beneficial purposes.
High Level of Security
A public Blockchain will still have security measures installed, one that prevents other people from disrupting the network or the service it provides.
By themselves, a public Blockchain network can stave off hacks and security breaches better than a traditional cloud or server-based enterprise. Data quality is improved and projects can be completed without worrying about unwanted breaches.
Security protocols can vary from one platform to the next, but overall the security in a Blockchain environment is naturally more advanced.