[Public Chains] - Steemit Crypto Academy Season 4 - Homework Post for Task 5.
Question - 1 What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
Public chain network is a type of blockchain network where any people can join when they
Required . Basically there are no restriction to participate. Anyone can see the ledger and simply take participate in the agreement process.
There are several types of blockchain: some are public and open and some are private and only reachable to people who are given lisence to use them.
We also called as it is like a decentralized system
The most precious thing in this public chain is that every people who participated gives equals rights .
Lets discuss more briefly about public chain by comparing with private chain .
In private chain management there are different groups or persons in that systems have power to drive the whole systems and Be head of a centrally.
But in public chain there is a open network among the world .where anyone can participate in this system and can anyone make a deal send, recieve in the world .Every person who want to take a part can take a part in it hence anyone can view,read and write the data in the blockchain and this data is deposited in the public domain which is reachable to everyone.
The most important part about public blockchain companies is that they make surity that all the participants have equal and better rights no matter what.
People can connect in and participate in agreement, transact with their peers as they please.
Public blockchain companies make sure that this technology provides the highest level of security.
In a private blockchain, there is less opportunity of minor collision. Each of them is known and they have the suitable capability to be an part of this open network.
But in a case of a public blockchain, No one knowing that who each validator is and this gradually increases the risk of potential complicity or a 51% attack (a group of faceworkers which control more than 50% of the computing networking power).
All dealings are public and all nodes are equal. This means a public blockchain is unchangeable: once verified, data cannot be change.
The best-known or famous public blockchains used for cryptocurrency are Bitcoin and Ethereum:smart contract, open contract blockchains
Some of the advantage of public chain
No one people can have control all over the data .
Public chain can be used in many public sectors like Healthcare and education .
It is unchangeable meaning once an entrance is made on the blockchain and confirm by validators then it cannot be remove or adjust. Validation of an entrance is done by the majority concur that it is a well grounded entry.
The validators and members in the blockchain remain unidentified.
It is disseminate , using peer to peer network of computers.
Maximum security. Each manifesto that is part of the public blockchain is map out to employ with maximum security.
Disadvantages of public chain
Agreement Mechanism: Some public blockchain like Bitcoin uses evidence of Work agreement mechanism where the members require to solve a complex mathematical puzzle to confirm a deal . It requires the utilisation of a lot of assets which is a costly affair.
In public blockchains, one doesn’t need to demonstrate his/her identity and just carry out your processing ability to become a part of the network.
Speed: This is one of the biggest difficulty with some public blockchain like bitcoin which activity only 4.6 transactions per second whereas corporation like Visa process 1700 transactions per second.
Human error– The blockchain mechanics can’t be edited or adjust meaning all the data on it has to be 100% accurate. If for example, you lose the Private Key used to approach the blockchain, it’s almost next to impossible to get through this.
Conclusion
I would like to thanks Professor @stream4u for this wonderful lecture.
This lecture was very informative and very important for all the users of Steemit as It has various important topics.
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