Blockchain can be divided into public chain, private chain and alliance chain according to the degree of decentralization.
Public Blockchain, also known as “public chain”, refers to the consensus blockchain technology that everyone in the world can load, push transactions and obtain reasonable certainty.
The public chain is completely blockchain technology. All data on the chain are fair and reasonable and cannot be changed. Anyone can load and write data through transactions, etc., and is suitable for virtual currency, Internet finance and other fields.
Basic functions of the public chain:
The public chain is the earliest blockchain in the world and the most widely used blockchain at present. Its basic functional components include consensus mechanism: DPos or BlockDAG (the consensus is determined based on the specific development situation here), smart contract support, and Web3 support. , supports smart contract integration with EVM (non-WASM); requires the use of privacy encryption algorithms (determined by the technical party based on current technology development), etc.
Currently, most blockchain projects use EOS, Ethereum and Bitcoin blockchains as the main public chains. By creating a developer-friendly blockchain underlying platform, these public chains support allowing anyone to build and use decentralized applications running on blockchain technology in the platform, allowing users to create complex operations according to their own wishes.
The role of public chain:
(1) Protect user rights and interests from the influence of program developers
Developers of programs in the public chain have no right to interfere with users, so the public chain can protect the rights and interests of users who use the program. In addition, highly decentralized distributed data storage is also one of the biggest features of public chains. The advantages of open and transparent transaction data and the inability to tamper with data enable public chains to effectively protect users’ data security.
(2) Produce network effects
An information product has an inherent need for interconnection, because the purpose of people producing and using them is to better collect and exchange information. As the scale of the network expands, users can obtain more value from it and their needs are better met. The public chain is open, so it has the opportunity to be used by many external users and produce a certain degree of network effect.
(3) Implemented in actual business scenarios
In addition to financial applications, any application scenario with high requirements on trust, security and durability, such as asset registration, voting, management, Internet of Things and other 3.0 era applications, will be affected by public chains on a large scale.
