Public vs. Private Blockchains: Understanding the Key Differences
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1. What is a Public Blockchain?
Public blockchains are open networks that allow anyone to participate. This permissionless nature means anyone can join the network and read, write, or participate in the blockchain.
Public blockchains are decentralized, meaning no single entity controls the network. Data on a public blockchain is secure because it is virtually impossible to modify or alter data once validated on the blockchain.
Features of Public Blockchains:
- High Security: Secured by mining and the 51% rule.
- Open Environment: Open for anyone to join.
- Anonymous Nature: Participants can remain anonymous, enhancing privacy.
- No Regulations: No strict regulations on platform usage.
- Full Transparency: The ledger is publicly viewable, ensuring transparency.