CRYPTO ACADEMY BEGINNERS' COURSE - TASK 3: Bitcoin, Cryptocurrencies, Public chains
Welcome to another wonderful episode in the crypto Academy community. Before I present my homework post, I would like to acknowledge the professors and the crypto Academy community for making such an educative lecture possible. Today's Topic is something basic Public chain.
Beginners -Task:-03
3. What is Public chain and what will be the advantages and disadvantages of public chain?
Public chain
The idea on the understanding of public chain brings the mind set on what we called decentralization. It is rarely similar to that of decentralization which gives deep explanations on what public chain is. In brief disconnection, Public simply means "widely known" while Chain simply mean "combination of two or more". In this Sense, Public chain offers an unrestricted and a clear transparent future to every user. Public chain is opened for everyone to participate in all activities involved, and it has no any controller neither having anyone to regulate it's operation.
Public chain companies are unlimited and unrestricted, this make such systems to be as non centralized management therefore, all users have equal rights to do what ever activity that is going on in the public chain.
Public chain being an open networking system allow users to view data and read it from the public domain. The data in the blockchain is stored in a public domain. Many of the Computers in public chain are mostly separately connected, these separated computers are called "Nodes". Due to the high level of transparency, these nodes stores and display any kind of transactions that takes place in the system and can never be changed or deleted. All transactions are immutable, opened and transparent to the public, with equal nodes.
Information on Public blockchain is also stored on multiple devices due to it transparency, this prevent it from fraudulents and makes it more safer for users to use.
Advantages Of Public chain
- One of the most important advantage is it immutability. The system ensures that, all valid information entered cannot be changed, edited or deleted. This information remain unchanged and visible on the system for all users.
- Public chain is an open system for everyone which does not require any further permission from anyone before one can join. The platform doesn't have anyone in charge or any controller to add restrictions as to who is qualified or not.
- All transactions involved in the public blockchain is encrypted and secured. This makes these informations to be exposed and free from hackers or frauds.
- It is also not delegated to anyone this makes users to make decisions on their own without any third person to make his own decision for another user.
Disadvantages Of Public Chain
- One of the main problem is the Scalability problem. This occurs when the public blockchain is unable to process many transactions within a short time, due to the limited size and frequency of the blocks in the public blockchain.
- Due to it immutability, the Blockchain is irreversible. Transactions being processed cannot be cancelled, edited or reversed. Blockchain has no corrections to be made when a mistake is being made.
- Large number of computers being used in the public chain requires a large amount of electrical power for operation. Large energy is required due to the activities involved in the system, which increase the cost when using all that's computers.
- Decision making on one thing can cause conflicting situation since there is different views and attitude between users in the public chain. Since everyone has the same right to say or do what ever activity in the system. This also serve as a disadvantage to the blockchain.
Conclusion
Public chain which also serve as a decentralized system is a network with high transparency. There is equal right and easy in transactions for everyone to use. With the advantages and disadvantages stated above, it clearly seen to be one of the safest platform for people to use.
Great thanks to @sream4u for this wonderful and educative lecture.