[Bitcoin, Cryptocurrencies, public chain] - Steemit Crypto Academy Season 4 - Homework Post for Task 5|| by @dibie
Hello everyone 🤗
I trust we are all doing well.
I am glad we are all well today.
So,here is my homework post for task 5 by professor @stream4u
please enjoy
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1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Future?
OR
(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?
OR
(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
I will be answering the number 3 question
source
Public chain is simply a blockchain network that allows everyone and anyone to join and participate in the network, carry out consensus procedures and maintain shared ledger.
It is a decentralized peer-to-peer network that provides equal privilege to all participants or nodes.
We can't have a solid conversation on public chain without making mention of private chain,they are word and opposite!
Unlike the public chain that allows free entry to anyone,a private chain requires an invitation to join the network, because there are authorized entities who are in charge and control of this system just like a centralized system.
Although,these two chain seem different,but we can't erase the fact that they both share some similarities such as
•They both allow anonymity
•Records validation can be verified on both
•Record once updated cannot be modified on both.(record immutability).
We can as well liken public and private chain to a decentralized and centralized networking system,because one offers free entry and participation while the other doesn't.
It is also imperative to note that data on the public chain can be view,added to,but can not be modify or alter once validated on the blockchain.
The public chain is also very much secure due to it decentralized networking system and active participant/nodes, considering this factors,it is practically impossible for hackers to access or infiltrate.
Just like the very popular saying that, there is literally nothing with an advantage that doesn't hold a disadvantage.
so in this part of the question,I will be highlighten some pros and cons of the public chain.
ADVANTAGES
•SECURITY: information and data on a public chain is very much secure, participants can only view and add to already updated records without being able to alter or modify anything.It is also practically impossible for "bad actors" to infiltrate or hack, because of it strong security mechanisms put in place to counter this threat.
And since public chain is decentralized,allowing free entry to anybody,this inturn increase the number of active users whereby making the chain secure.
•TRUSTLESS SYSTEM:In public chain,the issue of trusting a partner or scared of trusting a partner is eliminated.
It create a medium where trust isn't a necessity when doing business.
On the public chain, everything is open and visible for the world to see,so whether you like it or not,you have to do the right thing to keep the network moving.
There is also no need for intermidiary,who in most cases are the reason behind trust issues.
•TRANSPARENCY:Due to the fact the public chain is decentralized and decentralization operates on the Transparency principle,everyone can see the information and data clearly on the public chain,this inturn create no room for cheating.
DISADVANTAGES
•SPEED:speed seem to be one major challenge and disadvantage of this public chain network.
It is extremely slow when processing transaction operations.
Imagine public chain like Bitcoin that manage to process about 7 transaction in a second,too slow!
Unlike the private chain that is capable of processing several transaction operations in seconds and very swift in nature.
•SCALABILITY:Base on the fact that public chain is a network which allows anybody to join and participate in the network,then I suppose the problem of scalability is inevitable!
The more number of participants/nodes and the more number of operations performed on the network is the slower the network will become,this is due to the fact that the number of transaction would increase tremendously whereby creating blockage/jam in the network.
•DATA IMMUTABILITY:This also tend be a disadvantage in some case.
Data once validated on the public chain cannot be altered or modify. Participants sometimes might want to change certain data on the chain,but due to this protocol, it is practically impossible to make adjustments.
Public chain is a network that allows free entry and participation to anyone, unlike the private chain that requires an invitation and is control by some authorized entities.
Although, public chain comes with lot of goodies,but we still can't erase the fact that it can be detrimental in some cases.
I wouldn't fail to acknowledge professor
@stream4u
for the compilation of this wonderful and eye opening lesson,I must confess that I have gain a lot from this lesson.
Thanks for reading through 🤗
special thanks: professor @stream4u
regards: @dibie