A public chain is a blockchain that anyone can participate in, without permission, (Permissionless). Every Internet user can post, verify, and receive transactions on the public chain, and have the opportunity to participate in accounting. The public chain is not only a purely technical product, but its core features of “common, co-construction, co-governance and sharing” make it have the potential to provide general trust services on a global scale. Although the public chain is driven by technology, it may have a profound impact on the economic, financial, and social organization and governance, and is highly concerned by all walks of life around the world.
At present, the development of the public chain is still at an early stage, and the overall situation is that the technology is hot and the application is cold. The application of the global public chain is highly concentrated in the field of encrypted digital assets, and it has obvious head effect, due to the lack of a compliant identity system on the chain, insufficient protection of contractual privacy, and inconsistency with the existing legal system, and the real economy. The docking is still under investigation, and the "killer" application has not yet appeared. At the same time, however, the public chain provides a global testing ground for the technological innovation and development of the blockchain. Various technical routes are blooming, and the technical solutions for improving the scalability, interoperability, privacy and security of the blockchain are constantly Emerge.
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Source: China Information and Communication Research Institute CAICT
