Public Chain

Anyone can access a public blockchain. They are open, accessible and typically general purpose. Sometimes they serve a specific purpose like Bitcoin.

• Transactions using the Bitcoin network are highly uncensorable, immutable and can be facilitated without a third party.

• Transactions using the Ethereum network carry the same advantages of Bitcoin alongside another ability— the power of programability.

With public chains, anyone can audit the entries at any point in time. Meaning, all transactions recorded to a publicly available blockchain are transparent and outward facing.

Any input can be referenced via transaction hashes— also known as identifiers. (Txn IDs)

Each hash represents a unique input that's broadcasted to the network and then computed by the blockchain before it's entered into the ledger.

Bitcoin is a prime example of a specific purpose chain; P2P electronic cash Ethereum is a prime example of a general purpose chain; Virtual machine + Smart Contracts + P2P electronic cash