The public Blockchain protocols operate on Proof of Work (PoW) consensus algorithm. Unlike private Blockchain, these public ledgers are open source which implies that everyone can participate without permission.
- Any entity can download the code in their local device and begin running a public node. They can ratify transaction in the network and hence become a participant in the process of achieving consensus.
- The distributed public ledger permits anyone to send transactions through the network. If these transactions are valid, they’ll be added to the Blockchain.
- Anyone can view the transactions on the Ethereum public Blockchain. Although these transactions are transparent, they are anonymous or pseudonymous in nature.
Examples: Bitcoin, Ethereum, Monero, Dash, Litecoin, Dodgecoin, etc.
- Public Blockchains have great potential to transform the way current business models operate by utilizing disintermediation.
- It greatly helps in cost cutting as public blockchain don’t incur infrastructure costs. The creation and running of decentralized applications (dApps) don’t require the maintenance of servers or system admins.