What is a Public Chain (What are the projects of blockchain public chain)

What is a public ledger? Without a private key to manage an account, new blocks cannot be created. For example, there are already hundreds of thousands of different block addresses on Ethereum, while Bitcoin is considered an “island”.

Why does this happen? Because many projects currently adopt a centralized model. When you have multiple servers, these servers can communicate with each other. However, due to the need to handle a large number of transactions, they often find it difficult to share all information and states. They also need to make changes to each operation, so errors and tampering can occur. In addition, each user has the right to receive reward tokens.

The advantage of blockchain technology lies in its scalability, security, immutability, and transparency. For the general public, “trust” and security are the most important.

So, what exactly is a public chain? How does it work? It mainly consists of three components: consensus mechanism and cryptographic algorithms.

A consensus protocol is used to establish the infrastructure of a network based on a certain rule.

A cryptographic algorithm is a peer-to-peer electronic cash system that has high security features, allowing senders, receivers, and other participating parties to verify messages and reach consensus with each other.

Cryptographic algorithms enable issuers to transfer certain tokens directly from one entity to a third party. For example, a digital signature currency can prove its possession of a certain number of assets in a single application.

Blockchain provides a range of foundational components, such as blockchain, smart contracts, open-source software, decentralized autonomous organizations, and open standards. Blockchain also provides a universal platform to support the technical stack required for developers to build complex applications, including payment settlement layers (SDK), cryptographic frameworks (API), and cross-chain bridges. One of the most popular forms is Bitcoin, which uses blockchain to connect traditional commercial banks and financial institutions. It will also allow enterprises to easily access different types of companies on the blockchain without the support of a central authority.

However, the shortcomings of blockchain technology have forced many projects to redesign their code, resulting in incredibly high costs for some startups.

For example, Ethereum founder Vitalik Buterin proposed a new concept of blockchain: “I hope to replace the US dollar with Bitcoin.” This work aims to solve this problem. He said, “I like the development of Ethereum 2.0.” “I believe that…”