Bitcoin, Cryptocurrencies, Public chains. - Steemit Crypto Academy Season 4 - Homework Post for Task 5.

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Finally, I have completed my achievement 4 task, reached the minimum Reputation and power up all my earnings to reach the minimum SP. I'm so excited right now, I give thanks to Almighty God for everything.

The first crypto academy class I attended was the beginner fixed course, task 5. The lecture which was taken by Professor @stream4u about Bitcoin, Cryptocurrencies, Public chains.

I'll focus on one of the questions for Task 5 of my Beginners' Course and do my best to explain in my own unique and intelligible way.

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Question?

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

Public Blockchain?

A decentralized platform that is available to the whole public is known as a public chain. To put it another way, it is permission-less, which implies that anybody may join the platform, write contents or materials, and view it. To summarize it, it's an open source that doesn't require any permission from any form of authorities.

A blockchain is a distributed ledger that uses blocks to organize and store transaction data.

As a consequence, these "blocks" are combined to form a blockchain. The time-stamp is a key element that separates one block from the next. Data saved on the platform, although being publicly available, cannot be modified once it has been verified.

Because anybody may join and no single institution has jurisdiction over the whole system, a public blockchain delivers more transparency and is more decentralized than private networks.

As a result, the ecosystem is completely decentralized, with no single entity wielding power over it. The entity that controls a private blockchain, on the other hand, can update and alter it.

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Advantages of a Public Chain

The Public Chain had numerous advantages which includes;

Transparency:

Block chains are the next monetization system since they are transparent and no one has control over them. It was a significant step up from the central and federal banks, which had previously been in charge of transaction processing. Furthermore, you must pay a number of fees anytime you transfer money to someone in the traditional method.

Furthermore, the general public is kept in the dark about all transaction histories. In the digital era, Satoshi proved to the rest of the world that our conventional system had become outmoded.
When a common digital ledger is shared with a big number of individuals, everyone can keep track of it. As a result, there is increased transparency and the necessity that transactions be verified by a third party.

Immutability:

The public blockchain has the property of immutability. So, what does this mean? This essentially implies that once blocks have been produced and added to the chain, they cannot be edited, updated, or removed. Anyone attempting to take control of the network will fail. A user must start a new chain from the beginning if they want to change the block.

The Anonymity:

One of the reasons the public blockchain has garnered so many admirers is its anonymity. Yes, it's a safe and secure open platform where you may conduct business properly and effectively, but you don't have to reveal your actual identity or name to take part. If your identity is protected, no one can track your network activities.

Decentralization:

One of the key draws for any public blockchain company is true decentralization. This functionality is usually absent in the private blockchain domain. The network is not managed by a single central platform, but rather by a distributed system in which each user has their own copy of the ledger. Maintenance procedures are conducted from various nodes, and the ledger is updated on a consensual basis.

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Disadvantages Of a Public Chain

There's a popular saying, everything is not perfect, no good without the bad effect. So there are some disadvantages of the public chain which are;

Power consumption is high:

Some PoW blockchains, such as Bitcoin and Ethereum, require a significant amount of energy to run the network and pay miners. The miners are rewarded for solving difficult mathematical tasks. These high consumption of energy pollutes the earth.

Anonymity:

While it's a good indicator that the trade partners' identities stay hidden, this might be troublesome. In the instance of a scam or if someone tries to track down the persons involved in a transaction, the permissionless blockchain makes it impossible. Many people are adopting blockchain for illegal operations because of these qualities.

Consensus mechanism:

Permissionless blockchains, such as Bitcoin, operate on the Proof-of-Work concept, in which members must solve a complicated mathematical puzzle. It necessitates the use of several resources, making it a costly endeavor.

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Conclusion

In conclusion, the public chain is an open source, that is anyone irrespective of their region, colour, race or language can access it as long as they are connected to the network. It's has various advantages one of which it's transparency, without that they're also some flaws (disadvantages).

I thank Prof @stream4u for this lecture, thank you all for reading through. God bless you.