distributed ledger</strong></a> that collects and stores transaction data in the form of blocks. As a result, a blockchain is formed by combining these blocks.&nbsp;</p>\n<p>The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-timestamp/">timestamp is a fundamental feature that distinguishes one block from another. Note that, despite being publicly accessible, data stored on the platform cannot be changed once it has been validated.</p>\n<p>A consensus mechanism is used to validate transactions on a public blockchain. There are various types of consensus mechanisms. 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A group of coordinated cryptocurrency traders targets a certain coin with the goal of artificially boosting demand for the coin. Pump and dumpers target not only a single coin, but also a specific exchange.&nbsp;</p>\n<p>Their goal is to increase the volume of the coin in question, and they usually go after coins with low volumes. As the price of the targeted coin rises, many traders who aren't familiar with it typically fall for it, pushing up its demand and price.&nbsp;</p>\n<p>This coordinated move is frequently repeated in the reverse direction later, with the organizers exiting the market after a certain price goal is accomplished. <strong>Usually, this results in a sharp decline in the price of the coin</strong>, which leads to significant losses for traders who were uninformed of the scam and purchased the currency based on unreasonable and false expectations.</p>\n<p>Traders that participate in P&amp;D schemes usually use communication platforms like Discord and Telegram to coordinate their actions. P&amp;D scheme organizers are typically the ones who stand to earn the most at the expense of traders who bought into their lies.</p>\n<p>According to the research from crypto data firm <a href=https://www.bitdegree.org/"https://blog.chainalysis.com/reports/2021-crypto-scam-revenues//" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Chainalysis</strong></a>, in 2021 P&amp;D schemes took in more than $2,8 billion worth of crypto.</p>","level":"easy","meta_title":"What is Pump and Dump (P&D) Scheme? Definition & Meaning | Crypto Wiki","meta_description":"Pump and Dump (P&D) Scheme meaning: Pump and Dump (P&D) Scheme - a type of deception in which false and misleading positive statements are used to artificially inflate the price of a cryptocurrency.","meta_keywords":null,"language":"en","created_at":"2022-03-25T13:06:51.000000Z","updated_at":"2023-03-20T07:44:39.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-pump-and-dump-pandd-scheme"},"prevSection":{"id":601,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Proof-of-Stake (PoS)?","slug":"what-is-proof-of-stake-pos","section":"P","keyword":"Proof-of-Stake (PoS)","status":"published","definition":"a consensus mechanism used to ensure the blockchain's integrity.","content":"<p><strong>Proof-of-Stake (PoS)</strong> is another blockchain consensus process that ensures the blockchain's integrity in addition to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a>. It essentially has a network of validators who have to stake native tokens of a certain blockchain to be able to validate and create new blocks. Validators get block rewards for their work.</p>\n<p>By confirming blockchain transactions, PoS prevents the occurrence of double counting, which happens when the same token is used for more than one transaction. It&rsquo;s quite easy to spot double counting<strong> in a centralized environment</strong> (e.g. a bank overseeing fiat money), but with decentralized systems (e.g. cryptocurrencies) it would be really hard to do without PoS or any other consensus mechanism for that matter.</p>\n<p>Many experts believe that <strong>PoS is substantially more energy-efficient and secure than PoW</strong>, even though some skeptics challenge the validity of these claims. In fact, miners under PoW sometimes even need to sell their coins to pay for their energy bills. In terms of security, because of the structural way PoS ranks compensation, it is less prone to cyberattacks.</p>","level":"easy","meta_title":"What is Proof-of-Stake (PoS)? Definition & Meaning | Crypto Wiki","meta_description":"Proof-of-Stake (PoS) meaning: Proof-of-Stake (PoS) - a blockchain consensus process that ensures the blockchain's integrity.","meta_keywords":null,"language":"en","created_at":"2022-03-25T11:48:38.000000Z","updated_at":"2022-09-14T07:32:30.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-stake-pos"},"currentChapter":"P","currentSection":"what-is-public-blockchain","chapterTitle":"P","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-public-blockchain","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter P

What is Public Blockchain?

Public Blockchain MEANING:
Public Blockchain - a blockchain that is fully accessible to everyone.
Easy
1 minute

Let's find out Public Blockchain meaning, definition in crypto, what is Public Blockchain, and all other detailed facts.

A public blockchain is a permissionless decentralized platform that can be accessible to everyone. A blockchain is a distributed ledger that collects and stores transaction data in the form of blocks. As a result, a blockchain is formed by combining these blocks. 

The timestamp is a fundamental feature that distinguishes one block from another. Note that, despite being publicly accessible, data stored on the platform cannot be changed once it has been validated.

A consensus mechanism is used to validate transactions on a public blockchain. There are various types of consensus mechanisms. However, Proof-of-Work (PoW) and Proof-of-Stake (PoS) are two of the most popular ones.

In comparison to private blockchains, a public blockchain provides more transparency and is more decentralized because anybody can join, and no one has authority over the entire system. Unfortunately, many public blockchains have slow transaction speeds and other scaling problems. Besides, a public blockchain is limited to only a few types of consensus mechanisms.

However, private and public blockchains also have some similarities. They both store immutable data, rely on transaction validators, and their nodes have an exact copy of their ledger.
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