The public blockchain is a network that is completely open to everyone without any exceptions and is allowed to participate in all the core activities of the blockchain network. It allows anyone to join, leave, write, read and audit the ongoing activities on the public blockchain network. This helps the public blockchain to maintain its self-governed nature.
With the public blockchain, one can even download it to their computer and can actually go through the history of the blockchain. It can also be used to send and receive money and to even create smart contracts within the blockchain. Another feature of the public blockchain is “mining,” it is used to reward the users who are putting their heart and soul in maintaining the network.
The key feature of this public blockchain or distributed ledger technology is that it is decentralized. This means each and every user or node is equal, blockchain is unchangeable, DDoS resistant, and censorship free. There is no point of attack and the hackers cannot alter or tamper with this information. This is because the information is encrypted and is stored on millions of devices that own the copy of the blockchain. The fact is the more people that join the blockchain network, the more secure it becomes.
The public blockchain is a backbone to any democratized solution and therefore it is very valuable. They stand in the front line when it comes to revolution due to their permissionless structure which allows anyone and everyone to participate. Public blockchain helps in verifying an identity, helping internet surfers gain control over their own data through solutions like VALID, or even using MATRIX to enhance collaborative efforts between researchers.
Public blockchains were actually designed for public consumption. As a result of their inherited design, they allow anyone to participate in their community regardless of the capacity. And due to this, it contributes to increasing rates of adoption.
The purpose of the public blockchain reaches way beyond the cryptocurrencies like Bitcoin or Monero. It can help the communities to share data worldwide securely and openly. Some of the obvious applications are insurance pool for the unbanked population and a global ledger with school diplomas of a single standard which are impossible to fake.
The rules are set in the beginning by the public blockchain due to which there is very less opportunity to later change the data. In order to make a slight change in the blockchain, to fix a bug or to make an update, the community needs to convince every single user or nodes in the network.