A Public Network, in the context of blockchain, refers to a decentralized ledger system that is open and accessible to anyone. Participants can join the network, validate transactions, and contribute to its security without requiring special permission. All transactions on a public network are typically transparent and verifiable by any participant. Bitcoin and Ethereum are prominent examples of public networks.
Context
The discussion surrounding public networks often involves their scalability limitations and energy consumption, particularly for proof-of-work systems. A key debate centers on balancing decentralization and security with the need for high transaction throughput. Future developments will likely focus on new consensus mechanisms and layer-two scaling solutions to enhance the performance and efficiency of these open systems.
The pilot of the JPMD deposit token on a public chain extends the firm's $2 billion daily transaction network, transforming proprietary settlement infrastructure into an interoperable, 24/7 liquidity layer.
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