In the world of blockchain technology, a public blockchain, or "public chain," serves as a decentralized alternative to centralized or semi-centralized trust systems. It is entirely open for anyone to use, with no permissions required and no need for identity authentication. Not only can anyone participate, but all transaction data is fully transparent and available for public viewing. Public blockchains are widely regarded as "fully decentralized" and are characterized by three core features: protecting users from developer influence, low access barriers, and default public data visibility.
As blockchain technology evolved, challenges such as high transaction latency and deeper issues like limited storage and computational capabilities became apparent. To address these, many professionals turned their attention to public chain development. The year 2018 was even dubbed the "Year of the Public Chain," with industry reports indicating that at least 20,000 public chains emerged globally over a two-year period.
The Evolution of Public Blockchains
Public blockchain development can be broadly categorized into three stages, each marked by distinct technological and functional improvements.
First-Generation Public Blockchains
The first generation, led by Bitcoin, was primarily designed as a payment tool. These blockchains enable value transfer but lack advanced functionality. No individual or organization can alter the supply or transaction records, ensuring high security. However, they suffer from poor scalability, making them unsuitable for complex applications.
Second-Generation Public Blockchains
Ethereum represents the second generation, introducing Turing-complete scripting and earning the nickname "world computer." Beyond value transfer, these blockchains support smart contracts, expanding commercial use cases. Despite this, they still face issues like limited scalability and security vulnerabilities.
Third-Generation Public Blockchains
The current generation aims to achieve mass commercial adoption, linking digital assets with real-world value and supporting tangible economic growth. Most third-generation public chains are still in testing or early development, with only a few having progressed beyond initial exploration. Even Ethereum continues to evolve through self-improvement and upgrades.
Key Players in the Public Blockchain Ecosystem
The public blockchain market features diverse participants, including tech giants, established internet firms, and blockchain startups.
Internet Giants
Companies like Baidu, Tencent, Alibaba, and Huawei are leveraging their resources to explore blockchain applications. These firms often integrate blockchain with existing services, focusing on enterprise solutions and cloud-based offerings.
Established Internet Companies
Firms such as Xunlei and Renren have also entered the space, repurposing their technological expertise for blockchain development. They typically focus on specific niches, like distributed storage or content sharing.
Blockchain Startups
Startups like Ethereum, EOS, and NEO are dedicated solely to blockchain innovation. They drive much of the technical progress and experimentation in the field, often through open-source projects and community engagement.
How Baidu and Xunlei Are Adopting Public Blockchains
Baidu has developed its own blockchain platform, emphasizing data transparency and security for enterprise clients. The company integrates blockchain into various sectors, including finance and supply chain management, to enhance efficiency and trust.
Xunlei, originally known for peer-to-peer networking, has pivoted towards blockchain-based distributed computing and storage solutions. Its initiatives aim to create more resilient and scalable networks for data sharing and content delivery.
Both companies exemplify how traditional tech firms can adapt to and benefit from blockchain technology, though their approaches differ based on their core competencies and market goals.
Frequently Asked Questions
What defines a public blockchain?
A public blockchain is a decentralized network that is fully open to the public, requiring no permissions for participation or data access. It ensures transparency and security through distributed consensus mechanisms.
How do public blockchains differ from private ones?
Public blockchains are permissionless and fully transparent, while private blockchains restrict access and participation. Public chains prioritize decentralization, whereas private chains often focus on control and efficiency for specific organizations.
Why are companies like Baidu investing in blockchain?
Companies see blockchain as a way to enhance data security, streamline operations, and explore new business models. Investments often aim to improve existing services or create innovative solutions for emerging markets.
Can public blockchains handle large-scale commercial use?
Third-generation public chains are designed for commercial scale, but many are still in development. Challenges like scalability and interoperability must be addressed for widespread adoption.
What are the risks of using public blockchains?
Risks include volatility, regulatory uncertainty, and technical vulnerabilities. Users should conduct thorough research and explore more strategies to mitigate potential issues.
How can individuals participate in public blockchain networks?
Individuals can use blockchain-based applications, invest in digital assets, or contribute to network security through staking or mining. View real-time tools to get started with confidence.