Steemit Crypto Academy Season 4 - Task 5 Title: Bitcoins, Cryptocurrencies, Blockchains -by@arifhameed
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What's up Steemians!
Hope so that all of you will be good and happy. This post is all about the Task 5 of Season 4 of Steemit Crypto Academy. The lecture was explained by dear sir @stream4u and I will elaborate on all required material. So, let's start my task without any other delay.
There are three tasks that are mentioned in the professors' post and I am going to attempt question number 03. Happy reading!
Question
What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
Before going into the deep concept of a public blockchain, it is necessary to have a basic knowledge of the blockchain. So, first of all, I will discuss the definition of Blockchain. As the word 'Blockchain' describes the whole concept beyond it on its own. The word blockchain means a chain of blocks in which the blocks are joined with each other.
The concept of blockchain was given by Sir Satoshi Nakamoto at the same time when he created the first-ever cryptocurrency, Bitcoin. So, blockchain is a platform in which cryptocurrencies are mined and are utilized, and given to the market for trading purposes. There are two types of blockchains, Private Blockchain and Public Blockchain. But, In this post, we will discuss the Public Blockchain.
Public Chain is a blockchain in which all the controls of the blockchain are in the hands of the public, as the word describes on its own. All the users of the public chains are independent to enjoy the features of the chain without any hesitation. There is no involvement of the central authority or the higher authorities between the public of the chain and their services towards the chain. The public can enjoy the facilities of the blockchain according to their taste. These funds and transactions are under the control of their own. They do not depend on the higher authorities. The transactions are transparent in the Public Chains.
As I have discussed the details of the public blockchains in the above section so now I will discuss some benefits of the public chains. So, have a look.
- Data Protection:-
The main advantage of the public chain is that the data of the users is protected in the public chains. The data is permanently stored in the blockchain and one can easily access his data whenever he wants. So, in this way, the secure and safe storage of data is possible which is not present in the private chains.
- Security of the System:-
The security system of the public chains is very good. The users of the public chain feel secure safe and secure in the chain because of their funds and transactions and under their own control. No one, except them, can modify or change their data. So, this is also a great advantage of the public chains.
- Transparency:-
Every member of the chain can see the transaction details and see your public wallet in a public chain but no one is able to edit the sensitive information that are put in the details of the transaction by the transactors. So, that's why the public chains are impressive.
- Hacking Free:-
Another impressive advantage of the public chains is that these chains are impossible to hack because there are no central points where the hackers can attack. The data of the chain is distributed among different interconnected nodes and so the public chains are less susceptible to hacking.
- Premission Free Services:-
The users of the public chains can make transactions whenever and wherever they want. They do not have to seek any permission from the central authorities to complete transactions. So, the public chains are users friendly.
There are also some disadvantages of the public chains that are as follows.
- Affordability Criteria:-
The public chains are complex systems so their establishment is a very expensive and time-consuming process. Many of the people do not afford the expenses of the public chains and they are not able to manage the chain. So, this is an economical issue for the developers.
- Fluctuations in Prices:-
Another major problem with the public chains is that the coins that are present in these chains have a very volatile market. The fluctuations in their prices can harm the members of the chain. So, this is a problem with this system.
- Transactional Issues:-
One more problem with these chains is that the transactions that are made in the public blockchains are less efficient as compared to the private chains.
Conclusions
Public Chains are those blockchains in which the opinion of the public is of great value for the chain developers. The users of the public chains are free to utilize the services of the chain without any restriction. They can enjoy a free ecosystem of the chain and grow them up by contacting experienced users. The transactions and funds are under the control of the users.
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