In the Chinese context, there is no clear standard definition for “public chain” and “consortium chain.” In 2018, the National Institute of Standards and Technology (NIST) in the United States classified blockchains into Permissionless blockchain and Permissioned blockchain in the Blockchain Technology Overview. However, this classification does not strictly correspond to public chains and consortium chains. Perhaps the difference between public chains and consortium chains lies in the size of the node network, or maybe the difference lies in whether the blockchain is oriented towards the public internet or a private local area network. Regardless of the definition, we can at least roughly distinguish between public chains and consortium chains.
The merits of public chains and consortium chains are not purely based on technology or certain evaluation metrics. Some might instinctively believe that public chains face more complex network environments and user volumes than consortium chains. However, technological gaps can always be bridged, and consortium chains do possess some superior technical characteristics compared to public chains.
There is a story called The Emperor’s Golden Hoe:
In ancient times, two old farmers fantasized about the luxurious life of the emperor. One said, “I think the emperor must eat his fill of white bread every day!” The other said, “Not just that, I think the emperor must use a golden hoe when he works in the fields!”
Consortium chains are essentially using blockchain for traditional industry businesses, or even disguising blockchain to deceive people. The problem with consortium chains is that their vision is too limited.