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February 28, 2022, 06:54:49 AM |
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Bitcoin is the first common public blockchain in the world. The difference between public and private is whether the nodes on the blockchain are controllable.
Public blockchain refers to a blockchain in which anyone in the world can enter at any time to read data, send confirmatory transactions and compete for bookkeeping. Public blockchains are often considered "completely decentralized" because no individual or institution can control or tamper with the data.
Role of Public Blockchain
The public blockchain can protect the rights and interests of users from the influence of program developers. In the public blockchain, the developer of the program has no right to interfere with users, so the public blockchain can protect the rights and interests of users using the program. The characteristics of openness and transparency of transaction data and data will not be tampered with enable the public blockchain to effectively ensure the data security of users.
Public blockchain can produce network effect. There is an inherent need for interconnection in an information product, because the purpose of people producing and using them is to better collect and exchange information. As the network grows in size, users are able to derive more value from it, needs are better met, and the open nature of public blockchains gives them the opportunity to be used by many external users and generate a degree of network effect.
Public blockchains can be applied on the ground to real business scenarios. Apart from financial applications, any application scenario with high trust, security and persistence requirements, such as asset registration, voting, management and IoT, among other 3.0 era applications, will be affected by public blockchains on a large scale.
Genesis Public Blockchain
After the development of bitcoin and Ethereum, the public blockchain has transitioned to the 3.0 era. Genesis is a typical representative of the 3.0 stage of the public blockchain and the world's first public blockchain integrating business and finance.
Genesis's original DPoC mechanism greatly guarantees the fairness of the public blockchain network. The consensus mechanism and economic incentive of mining is based on the contributions made by users through their participation in smart contracts on the chain, and the amount of consumption contributions is converted into computing power to compete for bookkeeping rights and thus obtain block rewards. In this way, every participant in the public blockchain ecosystem can receive a block reward from Genesis.
In addition, Genesis public blockchain has a more inclusive idea. It integrates all known blockchains, including Bitcoin, Ethereum, EOS, Trons, etc. No matter which kind of application scenario in the future, it can be integrated in Genesis ecosystem!
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