Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains. by @stream4u

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Question 3. What Is Public Chain and What will be the
Advantages and Disadvantages of Public Chain?

INTRODUCTION

Greetings fellow steemians, I am delighted to share with you all my Beginners' course homework task 3 which was Lectured by @stream4u of the @cryptoacademy.

Before I commerce, the two primary types of chains include public chain and privacy chain. A public chain is an opened network. Anybody can download and read, write, or take part in the network. A private blockchain on the other hand is a one-entity invitation network. Network entrants are required for the blockchain to be read, entered or audited.
Now I shall concentrate on the public chain which is the homework task from the professor.

source

What is Public Chain?

Public chain as the name suggests, to be part of this chain, you do not need to gain permission from anyone. You can join as a participant to a public chain and can start validating transactions or verifying blocks as long as you have the computing power to run a mining process. Some common examples include Bitcoin(BTC), Ethereum( ETH) and many others. The transparent, decentralized nature of public blockchains is one of the biggest catalysts for user adoption.
Each block transaction has to be recorded with the time and date of occurrence and also validated by any network computer before it is stored in the blockchain.

These validating computers are called Nodes. They are interconnected. Each transaction is published in the public chain and each node has the same and similar records, making the public blockchain unchanged and transparent because after data is authentically manipulated, stored or altered on the public chain.

What will be the
Advantages and Disadvantages of Public Chain?

There are a lot of advantages and disadvantages of public chain. I will talk about a few of them.

ADVANTAGES OF PUBLIC CHAIN

• Open source
  Public chains are created with open source computing codes, which can be viewed and used by anyone without gaining permission from anyone.

• Security
  It has a high level of security built into the blockchain network. Which means that different protocols are already been designed to create a security mechanism on the actual blockchain network. For instance the gossip protocol. The Bitcoin blockchain network has actually been improved interms of its security protocols and inscription layers.

• Complete Decentralized
  In a public chain, there’s no central authority that controls the entire blockchain network. Meaning that the mining community are responsible to confirm and validate transactions on the network.

• Transparency
  The public chain is a transparent network, as no entity controls a decision at all, except that decision-making is achieved by majority agreement and shares data with all nodes. The transactions are validated by consensus and made more transparent.

DISADVANTAGES OF PUBLIC CHAIN

• Extremely costly to work
  A blockchain is very expensive, it requires more energy and also sufficient electricity to build up and maintain consensus of the network.

• Uncontrolled
  No entity or government regulates a public chain, so you can easily commit a crime and none can trace you.

• Low scalability
  This makes transactions very slow to process because of the multiple nodes to verify and validate transactions.

• Validators are unknown
  The validator identity is not known in a public chain, which increases the risk of possible collusion or an attack of 51 percent.

CONCLUSION
In a nutshell, a public chain remains the best blockchain type and gives users freedom without restrictions on access. It is also used in most cases as it is an opened source. Therefore, public chain is the best solution for companies that need blockchain integration into business solutions.

I must say that I have really enjoyed and learned a lot from this lecture.

Thanks to @stream4u for the great lecture