A public ledger is a database that records all transactions in a specific cryptocurrency network since its inception. The transaction history can be accessed by anyone, as user addresses are represented via cryptography, ensuring anonymity. In essence, the public ledger serves as a decentralized version of a bookkeeping ledger, with data distributed across numerous nodes. It is a key element of trust in cryptocurrency systems: transaction history is protected from modification, eliminating the possibility of double-spending and reducing the risk of fraud.