My Homework Post On Steemit Crypto Academy Season 4 Beginners' course - Task 5:Cryptocurrencies:
GREETINGS EVERYONE
Let me start by saying a big thank you to professor @stream4u for the organization of this very wonderful class. I like to say the class was a blast and a success for it has impacted a lot in me already. This is my Home work post for Season 4 Beginners' Course-Task 5:
QUESTION (3)
What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
The world of today, cryptocurrency has taken a big part of it for it is one of the greatest innovation that has stood the test of time and has proven it is worth investing and spending our time on. Cryptocurrency is like a drug that we really cant have enough of, to those who are already in it for as day goes by there aim to know more, many go into research to widen their knowledge and improve on themselves and most of these research comes out fruitful most times with a new token/ or ways on how to improve and get better.
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Just any other currency, the cryptocurrency has taken half of the world market for you can agree with me that most online sites now trade with either one crypto token or the other. Also, some countries have come to accept and legal the trading of cryptocurrency.
Cryptocurrency hence, is a decentralize currency that it been managed with a lots of advanced security all based on a blockchain. Whereas, a blockchain is a set of system that stores/saves information with a lot of security which makes it had to be stolen, hack or get tempered with. For a currency to be decentralize mean it is not controlled by anybody or authority. This is an autonomous network system of it own. Transactions been done through cryptocurrencies are very fast and reliable all these is been done with low cost applied. Though despite the trend cryptocurrency has gotten it requires very much amount of carefulness for one wrong transaction done cannot be retrieved.
Public Chain is simply an unanimous decentralized system where everyone irrespective of where you are at any time can take part without restrictions.
IMAGE SOURCEJust like the centralized and decentralized, where the centralized system is restricted to users with access and the decentralized system is that one which is open to all. This is the concept that is been applied to this chains. where the Public chain gets to allow free access to its users without distraction and the information been saved on the blockchain remains unchanged. While the Private chain gives access to only authorized users.
The public chain is which one major type of blockchain, is a chain which allows access to anyone who is ready to join the network. It is a network that is not stingy. What I meant by that is this; this public chain is a network system that allows it users the share liberty with no restrictions during usage. It is an open book that is open to all that wishes to access it.
THE PUBLIC CHAIN AND THE PRIVATE CHAIN
As much as there are several differences among the two, there still have some few things in common. The public chain been the first type of blockchain to air allows it user free/unlimited access to the system at any time or hour of the day without restrictions.
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For the Private Chain it is the direct opposite of the public chain. Here, access are given to users who are authorized. The private chain is mostly used in the development of an internal network by a group of persons.
SOME SHARE SIMILARITIES OF THE PUBLIC AND PRIVATE CHAIN
Despite the major differences in their meaning, there are still other things there have in common. Below are some of them;
- Records that are added on the blockchain cannot be changed which makes them unchangeable over time or rigid.
- Both the Public and the Private chain are both decentralized systems in which transactions can be made through peer-to-peer means, etc.
There are various benefits/advantages of the public chain. There are varieties of benefits we get from the public chain which has proven to be very helpful to we the user of the decentralized system, some which are;
- The public chain is a decentralized system which is open to all it's users.
- One of the major advantage of public chain is security: Security is one important factor that all humans look forward to. without security, business transactions cannot go smoothly for the security makes everything/transactions done to be secure and safe these helps keeps its user unanimous.
- What makes public blockchain advantageous to it users it the high level of transparency. It allows all transactions open for verification. Before transactions is made you have to verify thoroughly before completion.
- There is no regulations required which means there is no rules or regulations to hold any users captive. If you are not been careful and you make a mistake you are the person to pay for your own mistakes.
- The users of public chain have complete power over everything to be done. There are answerable to nobody.
As there are advantages, so there are also disadvantages too. Below are some of the disadvantages of public chain.
- There are not suitable for use in an internal sector.
- There is no strict verification of the persons taking part in the decentralized system.
- Since there make their users unknown this can help those with bad intentions promote cyber crime.
- As speed is one of its major pros it is also one of it major cons
Majorly, a large number of people seeks security and trust as a basis to go into some establishment or transactions. So with the present of the high level of security and trust in the Public chain these makes it appealing for use. Even though there are numerous set backs like speed and others, the public blockchain still maintains its popularity and trend.
When a larger enterprise is looking for security, rigidity/immutability, and also a completely transparent decentralized system to work with, then the public blockchain should be the port of call.
THANKS FOR READING.
I WISH THIS MEET THE REQUIRED STANDARD OF THIS ACHIEVEMENT TASK 5
CC:@stream4u
A BIG THANKS PROF. THE CLASS WAS GREAT.