Since its establishment, ONE has used a private blockchain. A private blockchain is a particular type of blockchain technology where only a single organization has authority over the Network. So, it means it’s not open for the public to join. And we do not doubt the benefits of the private blockchain – high security and efficiency, complete privacy, low fees, etc.
On the other hand, a public blockchain network is one that anyone can join whenever they want. There are no restrictions when it comes to participation. More so, anyone can see the ledger and participate in the consensus process.
The best part about public blockchain is that it ensures all the participants have equal rights no matter what. People can join in, participate in consensus, and transact with their peers. Public blockchain technology offers the highest level of security. Everyone can see the ledger as well, thus maintaining transparency.
1. HIGH SECURITY
The Polygon public blockchain offers complete security. In reality, every single day, enterprises and organizations deal with online hacks. It’s becoming a significant hindrance as time goes by. Furthermore, it causes billions and billions of dollars in losses every year. But with all the security protocols of a public blockchain, they can quickly stop all the hacking issues they face and ensure actual value or better data quality for any project.
2. OPEN ENVIRONMENT
As you already know, the public blockchain is open to all, just like its name. So, you can log into these platforms no matter where you reside. So, you will always enjoy all the benefits of blockchain technology. More so, you can use it to transact in a safe environment.
3. ANONYMOUS NATURE
This is one of the best features of public blockchains that most users love. Here everyone is anonymous. You won’t use your real name or personal identity on the public chain. Everything would stay hidden, and no one could track you based on that.
As it’s a public domain, this feature is mainly for the safety of one’s possessions. However, this is also one of the disadvantages of the public blockchain. Therefore in our ONE ECOSYSTEM platform, we keep your KYC and your data, and when you are logged in, all the transactions are related to your identity. Still, outside of the public chain, your transactions are anonymous.
4. TRUE DECENTRALIZATION
In a public blockchain, you’ll get true decentralization. It is absent in private blockchain networks. As everyone has a copy of the ledger, it also creates a distributed nature. Basically, there isn’t a centralized entity in this type of blockchain. Thus, the responsibility of maintaining the Network is solely on the nodes. With help from a consensus algorithm, they are updating the ledger, promoting fairness.
5. FULL TRANSPARENCY
Nothing can compare a fully transparent platform to anything else. Public blockchain companies design their platforms to be fully transparent to anyone on the ledger. It means that you can see the ledger anytime you want. So, there is no scope for any corruption or discrepancies. Anyhow, everyone has to maintain the ledger and participate in consensus.
The public blockchain network is fully immutable. But what does that mean? It means that once a block gets on the chain, there is no way to change or delete it. So, it makes sure that no one can alter a specific block and can get benefits from others.
7. FULL USER EMPOWERMENT
In any network, the user has to follow many rules and regulations. In many cases, the practices might not even be fair. But not in public blockchain networks. Here, all users are empowered as there is no central authority to examine their moves.
These platforms are also open to the public, so no corporation can stop you from downloading the nodes and joining the consensus.
And all of the benefits mentioned above lead to the primary outcome for a company that uses a public blockchain – full transparency and a better image. During the past years, the Company was an object of attacks precisely regarding the nature of the private blockchain. That’s why we call this deployment to a public one “a step forward.” None can impeach the existence and functionality of our blockchain anymore.