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

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

INTRODUCTION

Hello friends, I am happy to share with you all my beginner course homework task 3 which was lectured by @stream4u of cryptoacademy.

Source

What is Public chain

When we first hear the narration of a public chain. The tab immediately comes to mind that many people have joined together. Janta means a large group of people and Zanjeer means to go together. So we can define a public chain as a system that allows a large group of participants to work together, sharing information about equal rights and privileges.

Public chain offers the chance for decentralized applications (dapps) to be created by open-source developers,and it gives a far better option for peer-to-peer transactions than private networks.

When speaking of a private chain, it is important to mention that it is manipulated by one person or by a group of people who administer it and establish power to manage it and make it a centralized chain of command.

One key takeaway approximately the general public chain is that it's far a aggregate of a extensive variety of nodes,users, computers, and many others in which transactions take vicinity transparently and with out a parent head or an authoritative head.

ADVANTAGES OF PUBLIC CHAIN

1. Anyone can join a public chain. There's no permission required. Anyone can easily join.

2.Due to hackers everywhere on the platform to hack another user account for his or her keys to the account.The public chain has been able to develop a high security system to prevent all hackers on the platform.

3.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.

4.Public Chain is decentralized in nature. It is not controlled or managed by a person or group of persons.

DISADVANTAGES of Public chain

1. Transactions are a bit slow as it takes a while before the entire system comes to a consensus.

2.In the public chains some problems uses a lot of energy to consume,It also uses high percentage of electricity this has stopped some users to access because they can’t afford for electricity.

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

4.The anonymous nature of public chain makes it are some uers' to use it for illegal transactions.

Conclusion

Blockchain powers that cryptocurrency. Blockchain used to achieve transparency and security due to its decentralized nature. Types of blockchains are private and public chains. The public chain I talked about in this homework post is the most popular because of its reach nature. Another factor that led to the popularity of public chains is the anonymity nature of which, of course, most people prefer that their financial information is kept secret.