Steemit Crypto Academy Season 5 Beginners' course - Task 5: Bitcoin, Cryptocurrencies, Public chains. by @christnenye

in SteemitCryptoAcademy9 months ago (edited)

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Compliment of the season steemians

The lecture from highly learned Professor @stream4u was well detailed and precise and having gone through it, I will giving my answers to the assignment. Though this is my first Steemit Crypto Academy Beginner's Task which I am starting with Task 5 - Bitcoin, Cryptocurrency, and public chains.

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Questions

(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?

(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?

(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
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Without much fuss, I will be answering questions 3

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

~PUBLIC CHAIN~

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Cryptocurrency network uses two main types of functionality which are Public and Private chains. Most blockchain makes use of public chain because of it's non restrictive rules, to which anyone can participate and make contributions.

Public chain is therefore a permissionless blockchain, that is free to join by anyone in any location without restrictions just with having a laptop or phone with network connection, anyone can view data on the blockchain without modifying the data. It is also decentralized and static which means is an open network where data stored are always reliable. Examples of Public Chain include Tron, Bitcoin, Ethereum.

Some Characteristics of Public Chain

  • The technology which is the public chain is fully decentralized and immutable in nature.
  • Its participants has free will of adding and downloading nodes to the blockchain.
  • All the nodes(include laptops and phones) its eligible to read and write on the blockchain.

Public chain networks cannot be without having how it functions therefore it function by rewarding it's network partakers with their mining rewards using their computional power on-chain transactions, once the transaction is authorized it gets logged in a public blockchain which participants makes use of discreet algorithms to authenticate transactions which makes the network secure.

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~ADVANTAGES OF PUBLIC CHAIN~

  1. Public chain supports high scalability and availability of decentralized application.

  2. Using public chain infrastructure offers the creation and storage of data which it's independent also makes sure that the data remains the same by its cryptography (data remain the same after it's has been encrypted and when it's decrypted).

  3. Making use of public chain infrastructure allows all transactions to be visible on a public network, which makes the record to be visible to anyone.

  4. Public chain offers high accessibility which means since there is not restrictive rules anyone can participate on public blockchain.

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~DISADVANTAGES OF PUBLIC CHAIN~

  1. Public chain transaction is traceable meaning that since the identity of the participants is unknown, transactions will be inevitably traced.

  2. Public chains are slow because it takes time to process a single block in the blockchain network.

  3. Public chain excessive openness, makes it lack privacy due to the available transaction history.

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CONCLUSION

Having understood that cryptocurrency makes use of two main infrastructure of public and private chain and understanding that public chain is decentralized which makes participants have access to the blockchain without any restrictions.

Also, noting the advantages and disadvantages of public chain, I think I am now exposed to public chain, prior to now I had no experience in crypto but this assignment has instigate the urge in me to dig deeper in crypto.

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Thank you once again highly learned Professor @stream4u for this esteemed lecture

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