Steemit Crypto Academy Season 4 Beginners' course - Task 5: Bitcoin, Cryptocurrencies, Public chains. Home work task for@stream4u

TASK

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

What Is Public Chain

public chain

In the course of my research, I've found out that blockchain is a very comprehensive word that makes use of different concepts.
When we mention the world blockchain we are referring to numerous blockchain technology compressed into the mother word blockchain. Some of this blockchain technology are private chain, public chain, federated chain etc, as they differ in name, that's how they differ in meaning.

But, moving in line with the lesson and assignment given by prof @stream4u, emphasis will be laid only on public chain.

Now, What is public chain?

A public chain is defined as a blockchain that is accessible by the public without permission. It is considered a blockchain with no restriction.
In all, with internet connection, anyone can start sending and validating transaction in the system.

Despite the fact that public chain uses proof of stake consensus algorithms in the process of transaction verification, it is nevertheless still regarded as a public chain.

Satoshi Nakamoto who is considered the bitcoin inventor used this public chain model in his bitcoin work back in 2009. After the awareness created by satoshi concerning blockchain, researchers started improvising and ended up inventing the private chain and other known chains scattered around the world.
So, we can also say that public chain is the mother of all blockchain.

This public chain falls under the decentralized applications which is to say it's not controlled by a central node, it doesn't need a third party during transactions.

In summary, you can think of a public chain as a flowing river that is controlled by none, but is accessed by all.

Advantages and Disadvantages of Public Chain

With the above information given on what public blockchain is, don't you think it'll be an amazing blockchain?

Well, let's find out.

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Advantages of Public Chain

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- Open to everyone

This amazing blockchain gives access to everyone regardless of location, device used etc. All you need is a device and an internet connection to gain access.

- Security

Security in a public chain is very active because since it's a decentralized blockchain, every user has access to his or her details.

- Anonymity

Another outstanding feature of this blockchain is anonymity.
Your personal details is not needed during registration or after registration.

- No rules

The public chain doesn't set aside rules for it's server usage. The platform can be created and owned by a user without any limitation.

- Transparency

Public chain is regarded as the most transparent blockchain ever invented.
Reason been that every user that has a copy of the ledger used by this blockchain, has full access to the system.

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Disadvantages of Public Chain

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- Anonymity

Anonymity in a public chain also have it's disadvantage.
In a case of fraud, the fraudster can't be traced because public chain doesn't require details during creation so, tracing a fraudster is impossible.

- Consensus mechanism

There are some public chain that makes use of proof of stake such as bitcoin.
The proof of stake can be a mathematical puzzle which does not come in handy to most people.
Sometimes in the process of attempting this puzzle, data is been consumed.

- Speed

The public chain is the slowest blockchain among others.
Transaction done using a public chain takes more time to confirm than that done in a private chain.

REMARK

Public chain which is a chain that grants permission to everyone regardless of their location or device used is explained in details all thanks to prof @stream4u.
His teaching was very flexible and I can say boldly say that I didn't do any second reading because the whole concept was understood with just the first reading.

Thank you onces again for the awesome lecture.