Introduction to Public Chain Ecosystem.

WHAT IS PUBIC CHAIN

Public chain can be define as a decentralized platform, where anyone with an internet connection can assess the network and preform transaction without involving any third party. This network wildly accept the use proof of work algorithms to confirm transaction.

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Public chain network was wildly accepted in the cryptocurrencies world because of it lack of central power of authority. This means no one has power over another. A user can make its transaction without any restriction. The public chain can be assess anywhere around the world so far, a user has his login detail which is his keys (public and private).

WHY PUBLIC CHAIN

The major reason where pubic chain was created, is to replace the old modern/traditional system use by banks. This centralized system use by banks or any financial institute is slow, expensive and can crash any time which is beyond the customer’s control.

Public chain is totally decentralized, on one is in charge of the ecosystem. All users are seen as equal, it like a democracy expect with the government, or let say it’s a self-governed ecosystem which did not need to take order from anyone. With this type of decentralized system public chain operate, to perform a transaction is cheaper compare to centralized system where bank will remove a large chuck of the percentage.

FEATURES OF PUBLIC CHAIN

Below are some of the feature of public chain:

-Public chain is 100% decentralized.
-It promote transparency.
-It gives everyone equal right.
-Public chain is highly secure, modification of transaction is not possible.
-Transaction are less expensive because of the absent of third party.

ADVANTAGES OF PUBLIC CHAIN

Public chain is obviously a game changer in how it revolutionize the crypto world. Some of its advantages are explain below:

-Transparency: Before the arrival of public chain, we are used to the centralized system of network which seem private and objective to some group of people telling you what and what not to do. Public chain gave us back the power to do whatever we want without been controlled by the government or anyone. And you can also look up any transaction so far you has the transaction ID which is really helpful in term of partnership business.

-User Empowerment: As explain early, anyone with a computer and internet has the right to assess the blockchain network. You can download or go through any copy of document over the public chain.

-Real Decentralized Structure: Public chain ecosystem is fully decentralized so all blocks are linked which makes tampering with the system impossible. All information are spread across network around the ecosystem.

-Immutability: The public chain network is secure that it impossible to steal any information. If a block is been tamped with, its hash changes and it been rejected by other nodes because it doesn’t match the information other blocks have.

DISADVANTAGES OF PUBLIC CHAIN

Here are some disadvantages of public chain:

-POW: Public chain agreed to use proof of work algorithm which allow users to mine their own currency. But in reality it takes a whole lot of energy to achieve this. So a common user cannot mine and so he has to rely on buying cryptocurrencies from company/organization who has the capacity to mine.

-Expertise Knowledge: Public chain network came into people attention after the success of bitcoin in 2009. So the technology is still new, to find an expert on public chain is difficult not to talk about the cost of hiring.

-Maturity: As said early public chain is still relatively new. Some people are yet to be convince about its longevity. The network has a long way to go in term of archiving it true aim.

-Data is immutable: This reason seem to be an advantage but let look at it this way. If a user makes a mistake during a transaction is totally irreversible. And also people need a little bit of privacy which is absent when it comes to public chain.

-Use of private keys: private keys are the only thing that differentiate users account in pubic change ecosystem. Your keys are your identity, so if you misplace or lost them. It impossible to recover keys. The system isn’t built to recover anyone keys. This means a user will lost everything in his account if his key isn’t backed up.

CONCLUSION

Public chain seem like a very good idea because it put users back in control of their belongings and we see how Authority misuse their power in recent decade. Pubic chain technology is still been developed and I am sure within a short period of time most of the listed disadvantages will surely be eliminated.

Thank you all for reading see you next time.

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