What is a "public chain" and what value does it have? The "public chain" is a very core and fundamental concept, and understanding the "public chain" is an important step into the world of Digital Money.

1. Core Definition: Decentralized World Computer

Public Blockchain, formally known as "public blockchain", is a distributed database and computing platform that is open to everyone, allowing anyone to participate freely without the need for permission from a centralized organization.

You can think of it as a:

· The "World Computer" that operates 24/7: it runs simultaneously on thousands of nodes (computers) around the globe, has no single point of failure, and is nearly impossible to shut down.
· Public "digital ledger": All transaction data is transparent and accessible to the world, but user privacy can be protected through cryptographic techniques.
· "Trust Machine": It establishes trust through mathematical consensus algorithms and cryptographic technology, rather than relying on traditional centralized institutions such as banks, governments, or tech companies.

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2. The Four Core Characteristics of Public Chains

1. Decentralization
· Meaning: There is no single central server or controlling entity. Data is jointly maintained and stored by countless participants (nodes) around the globe.
· Metaphor: Traditional networks are like a store, managed by a store owner; whereas public chains are like a flea market, where each vendor (node) collectively maintains the rules and order of the market.
· Advantages: censorship-resistant, difficult to attack or shut down, decentralized power.
2. Openness and Permissionless
· Meaning: Anyone, regardless of their identity or location, can read data, send transactions, and participate in network maintenance (such as mining or staking) with just a wallet address. No need to register an account, no need for approval from any institution.
· Advantages: Breaks down traditional barriers to entry, providing financial services (DeFi) for those around the world who cannot access traditional financial systems.
3. Transparency and Anonymity
· Transparency: All transaction records on the chain (such as A transferring 1 coin to B) are publicly accessible. Anyone can check the blockchain explorer to audit any transaction.
· Anonymity/Pseudonymity: The user's identity usually appears in the form of a long string of characters known as an "address" (e.g., 0x4b8a...), which is not directly tied to their real-world identity, thereby protecting user privacy.
4. Immutability
· Meaning: Once a transaction is confirmed by the network and recorded on the blockchain, it is almost impossible to change or delete. To modify a block, one would need to control more than 51% of the computing power or stake of the entire network, which is extremely costly and nearly impossible.
· Advantages: Creates an absolutely trustworthy historical record, suitable for scenarios such as proof of ownership, traceability, and property registration.

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3. The Main Components of Public Chains

A public chain ecosystem usually includes:

· Native cryptocurrencies: such as Bitcoin (BTC), Ether (ETH), SERO coin (SERO). Used to pay transaction fees (Gas Fee), incentivize nodes (miners or validators) that maintain the network, and serve as a medium for value storage and exchange.
· Consensus Mechanism: The core rules that determine how to reach agreement on the validity of transactions.
· PoW (Proof of Work): such as Bitcoin, early Ethereum. Competing for bookkeeping rights through "mining", energy-consuming but very secure.
· PoS (Proof of Stake): such as Ethereum 2.0 and Cardano. Achieve the right to validate transactions by "staking" tokens, which is more energy-efficient.
· Smart Contracts: This is a huge leap in the capabilities of public chains (such as Ethereum). It is program code that is automatically executed on the blockchain, similar to a "digital contract." Once the preset conditions are triggered, the contract will execute automatically, and no one can stop it. All ecological applications such as DeFi, NFT, and GameFi are built on smart contracts.

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4. Public Chain vs. Private Chain vs. Consortium Chain

To better understand public chains, we can compare them to other types of blockchains:

Features Public Blockchain #SERO Public Blockchain( Consortium Blockchain )Consortium Blockchain( Private Blockchain )Private Blockchain(
Control No single controller, completely decentralized Jointly managed by a group of pre-selected organizations Completely controlled by a single organization or entity
Participation Rights No permission required, anyone can participate Permission required, limited to alliance members Permission required, limited to internal organization
Transparency Fully Transparent Partially Transparent, Visible to Internal Members Decided by the Controller
Efficiency relatively low (decentralization sacrifices efficiency) high very high
Typical use cases BTC, ETH, SERO (cryptocurrency) Hyperledger Fabric (supply chain finance) enterprise internal database management

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5. Famous examples of public chains

· Bitcoin: The first generation public chain that set a precedent. Its main functions are value storage and peer-to-peer electronic cash payments.
· Ethereum: The representative of the second generation public chain, which introduces smart contracts, expanding the application range of blockchain from currency to almost all fields, known as the "world computer."
· BNB Chain, Solana, Avalanche, etc.: Known as "Ethereum killers", they aim to solve the problems of Ethereum's insufficient scalability and high transaction fees, with higher performance.
· Sero (Super Zero Protocol): A public chain focused on privacy protection, supporting privacy smart contracts and allowing developers to build decentralized applications that protect user data.

Summary

Public chains are a foundational protocol that provides trustworthy, open, and decentralized services and computing infrastructure for global users. They are not only the carriers of cryptocurrencies but also the cornerstone for building the next generation of the internet (Web3) and the future digital economy. Understanding public chains is key to grasping why blockchain technology holds such revolutionary potential.