State of the art public Blockchain protocols based on Proof of Work (PoW) consensus algorithms are open source and not permissioned. Anyone can participate, without permission.
- Anyone can download the code and start running a public node on their local device, validating transactions in the network, thus participating in the consensus process – the process for determining what blocks get added to the chain and what the current state is.
- Anyone in the world can send transactions through the network and expect to see them included in the blockchain if they are valid.
- Anyone can read transaction on the public block explorer. Transactions are transparent, but anonymous/pseudonymous.
Examples: Bitcoin, Ethereum, Monero, Dash, Litecoin, Dodgecoin, etc.
- Potential to disrupt current business models through disintermediation.
- No infrastructure costs: No need to maintain servers or system admins radically reduces the costs of creating and running decentralized applications (dApps).