Steemit Crypto Academy Season 4 Beginners' course - Homework Post for Task 5: [Bitcoin, Cryptocurrencies, Public chains] by @habdallah

(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?

What Is Public Chain and What will be the Advantages and Disadvantages of Public chain.

https://images.app.goo.gl/VRmWJubFj6NU1Pw47

When we take a look at the word blockchain, you will find out that it is a broad or comprehensive word that makes use of different concepts or ideas. It is a broad technological chain that comprises of so many technologies some of which are public chain, federated chain and private chain. That's just some few list of the blockchain technology. But with the sake of the topic we will be talking about public chain for now.
The invention of blockchain is being traced back in the 1990s.
The blockchain technology was first outlined in 1991 by two mathematicians known as Stuart Haber and W. Scott Stornetta. Their main idea behind that was to implement a system or an environment where document time stamps could not be tampered or hacked by anyone.
That was basically their main idea or goal.
So later on a computer programmer known as Nick Szabo proposed a scenario using a blockchain to secure or create the first virtual payments system. The digital system was known as bit gold.

Public chain ;

A public chain is defined as one of the blockchain technologies that is accessible by the public without the need of permission from any authority or third party.
As stated in the definition it is accessed by anyone connected to the blockchain which renders it to be unrestricted. Every individual can sit at the comfort of their house and have access to it with the help of a computer or a mobile device that is being connected to the internet. All the individuals on the public chain forms a specific node.
Due to the open nature of a public chain, it is being encrypted with cryptography. That's secretes codes in short.
The blockchain technology is what is being used in the invention of bitcoin. Bitcoin is a public chain network. That is it being accessed by everyone on the network. It has no central body.
Public chain is a decentralized which is it is not controlled by any central body or third party.

Advantages and Disadvantages of Public Chain

As there is the advantages and disadvantages of everything on earth, the same thing applies to a public chain.

Below are some few advantages of Public Chain

Advantages

• The first and most important thing about it is that, it is open to everyone. One does not need some special requirements to be qualified. There by reducing the cost because there is no need for a third party.

• Anonymity
  There is no human involvement when registering on the public chain and there is no need for your personal details during registration or after registration. This is termed as (Anonymity).

• Security
  Because it is decentralized blockchain, it makes it hard or tough for any hacker to temper or breach it. Which is simply because every user has access to his or her details.

• Transparency
  Public chain is very transparent in the sense that every user that has a copy of the ledger used by a particular blockchain. There by giving him or her a full access to the block chain system.

• The public chain network has no rules set aisde for it users to abide by. It has no limitations.

Disadvantages of Public Chain

• Due to anonymity of the public chain network, a hacker who is able to successfully tamper or breach into the network can't be traced. This is because no details if a user is required before registration. In this case anonymity isn't helping here.

• The rate of transactions on the public chain is very slow as compared to a private chain.
  Transaction done using a public chain takes more time to be processed.

In conclusion, a public chain network is a network that is accessible by everyone and has no third party involved in it.

Best regards @stream4u.