Crypto Academy Season 3 Beginners' course - Homework Post for task 3 : [Bitcoin, Cryptocurrencies, Public chains] by @fabiha
Hello Everyone how are you?? I am Fine and hope Fully You all are Also fine..
So i am here With My First Assigment post Which is Assigned by Proffesor @stream4u .
In this lecture we learned about Bitcoin, Cryptocurrencies, and Public chains.
So in this homeWork I will be discussing the question number three which is.
(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
Initially when you talk about blockchain, blockchain was majorly for crypto-currencies we had Bitcoin and then we came up with a theorem and then there are a lot of coins available right so we have alternate coins as well and some well they were very happy with Blockchain. But what if you talk about education industry how they can use blockchain now what are the issues with the auction is some people say it's not secure because all the transactions are open yes they are anonymous we don't know who is sending what money to which address but still you can see this stuff online because all the data of Bitcoin blockchain is available openly that's why this name has the public blockchain. Bitcoin and Ethereum are well-known examples of a public blockchain.
It is open plus anyone can be a part of this network so let's say we have ten nodes which is working on blockchain. Now if you want to be a part of it you can do that you can have your own node and you can be a part of that open blockchain. Of course it can be a miner or you can just be a local node but then you are able to join that public network.
Advantages of Public Blockchain:
1)Security:
Data stored on a public blockchain is secure. As it is not possible to modify or alter data once they have been validated on the blockchain.
2)Magnitude:
If we compare the Public Chain with the Private Chain then the order of magnitude of a public blockchain is lesser than that of a private blockchain as it is lighter and provides transactional throughput.
3)Privacy:
A public network is more secure due to decentralization and active participation. Simply due to the fact that it has higher number of nodes in the network, and it is nearly impossible for ‘bad ‘hackers’ to attack the system and gain control over the consensus network.
4)Rules And Regulations:
There are no specific rules and regulations for the public blockchain regarding network server usage. You can create this platform without any limitations.
Disadvantages of Public Blockchain:
1)Complete Openness:
One of the biggest disadvantage of Public blockchain is its complete openness. That is, anyone can join the network and read, write, or participate within the blockchain.
2) Control:
A public blockchain is permission less due to decentralization of its, it does not have a single entity which controls the network.
3)Substantial Power:
Another disadvantage is the substantial amount of computing power. With so many nodes (as it is a public network), this type of scale requires extensive effort to achieve consensus. A public blockchain consumes more energy than a private blockchain as it requires a significant amount of electrical resources to function and achieve network consensus.
4)Transactions per second:
Transactions per second (or TPS) are lesser in a public blockchain when compared to private blockchains.
Conclusion:
So, this lecture Comes to End,
As from the above detail, it comes to know that the security measures for the public blockchain becomes stronger and due to this in the future time their value and importance will increase further. And when we talk about the control and ability to restrict the access of specific nodes, then public blockchains can be beaten easily. So at the end I wanna say that to choose the type of blockchain, depends on the organization that will utilize them. Every type of blockchain has its own advantages and disadvantages.
cc, @stream4u
Regards,
Hello @fabiha , I’m glad you participated in the 3rd Task of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
Observation
There's no privacy in a public chain. The public chain is decentralized in nature and every transaction and data are recorded and made public for everyone to view and read. Once this is recorded, it is immutable which means it cannot be modified or manipulated.
Recommendation / Feedback:
I suggest you spend quality time to understand the lesson before answering the questions. I hope you apply these changes in your preceding tasks.
Thank you for submitting your homework task 3. We hope to see the rest of your submissions.