[Bitcoin, Cryptocurrency, Public chain.] - Steemit Crypto Academy Season 4 - Homework Post for Task 5. | by @benjamin09
Question.
(3) What Is a Public Chain and What will be the Advantages and Disadvantages of Public Chain?
What is a Public Chain?
Public chains are decentralized systems in which there is no central server and every user has the same rights to use the system wherever. When we talk of a decentralized system, this means that all users of the platform have the rights to view, use and transact within the platform without any third party intervention. Public chains use decentralized method of systemization thus, the need for a central server or central control unit is absent.
What will be the Advantages and Disadvantages of Public Chain
The evolution of public chains have been viewed in ways more than one. It can be viewed in a positive light or it could as well be viewed in a negative light.
I will start with the good aspects of public chains which will be given in points. Then, the next will be the bad aspects of public chain.
Advantages of Public Chains
With Public Chains such as Tron, there is the access of the system or the chain is open for everyone or anyone to join unlike that of a private chain which has a central server which governs the system and decides who can become a member of the platform or not. Thus, entrance into a Public Chain is absolutely fee and easy unlike that of a private network.
Since the data from the chain is stored into blocks, such information about transactions, are very easily accessed by a user who might search using a block explorer. In this light, one can also send and receive money using public chains. And an auditor can search all the information stored on the blocks and may finish with the auditing.
There is accessibility to information by a concerned person who can search for needed data especially as the system is open for all.
There is honesty and transparency as all information can be viewed about a user or about a transaction. Since Public chains are honest, one could very easily check for needed data.
The information which is being used or being searched on Public chains, cannot be adjusted or changed. Once it is uploaded to the block and becomes a part of the chain, there is no editing to do or changing thus making all information resourceful and accurate.
There is direct contact between the two parties concerned making the absence of the middleman a great benefit. This is because, heavy charges are always paid when there is a middleman in the transaction.
Disadvantages of Public Chains
- The major disadvantage of Public chains is the fact that, in case you lose your keys (private and public), you lose your access to your account and your wallet and all of your digital currency will be lost until when you find the keys. There is absolutely no way to enter an account, talk less of the wallet on a Public Chain without having your keys. This is why we write down our keys in a book as well as uploading it to the cloud in case of uncertainties with the mobile phone or PC systems.
Conclusion
After the completion of this task, I have gotten to know more about Bitcoin, Crypto currencies, Public chains and the advantages and disadvantages of Public chains.
Thank you for reading.