BITCOIN, CRYPTOCURRENCIES, PUBLIC CHAINS - STEEM CRYPTO ACADEMY SEASON 5 - HOMEWORK POST FOR TASK 5 By @jerryivan ||To @stream4u
Today, I will be answering the third question from the following questions below.
Q1. What is cryptocurrency and how you would like to see cryptocurrency in the future?.
Q2. What is Bitcoin and what was the aim behind Bitcoin invention? Is cryptocurrency good for a business to accept as payment? Why?
Q3. What is public chain and what will be the advantages and disadvantages of public chain?
Before I attend to the question, I want to really thank @stream4u for the well-detailed lecture on Bitcoin, cryptocurrency and public chain. It was well understood and self explanatory. Thanks once again.
In this content, I will be giving the answer to question three(3) which says;
Q3. What is public chain and what will be the advantages and disadvantages of public chain?
Public chain is simply a unique decentralized platform which can be accessed by anybody anywhere. It is a permission less per say meaning that anybody who wish to join is free to join, write, and likewise read the information given on the platform.
There is nothing like restrictions and the most interesting thing in public chain is that anybody involved get the same equal right. With a stable internet connection, anybody can easily access the network with his or her desired web browser and start making and sending Transactions.
I will say that the public chain is the mother of technology and because of it's outcome or result other enterprise companies started to show interest in blockchain technology which leads to the introduction of public chain which modifies the character of the decentralized ledger.
The use of public chain requires no need for 3rd party since the system itself flows naturally on its own. Nobody has control of it yet thousands of people makes use of it. Therefore I can say that it is an automatic digital public ledger, purely decentralized and governed by itself.
There are some advantages of public chain and they include;
COMPLETE TRANSPARENCY:- Transparency is the main reason why blockchain are chosen to become the new monetizing system and nobody is in control of it. Anybody as a user has the full access to the ledger at anytime and the policy in public chain is quite simple for instance having a copy of the ledger, the public chain makes the system visible to others.
IMMUTABILITY:- The public chain is highly immutable meaning that when blocks are created and inserted nobody else can alter, modify or even delete them. Therefore making it impossible for anybody to manipulate the network. Even when the user wants to change the block, they need to start a new separate chain.
TRULY DECENTRALIZED:- Decentralization is the core attraction in public Blockchain and this feature is not found in private Blockchain. The ledger in public chain is updated on different basis and the maintenance activities are highly performed from different nodes.
OPEN NETWORK FOR EVERYONE:- The public chain is really open for everyone to join, read, write and equally access information on the platform. It equally has no restrictions of any kind. That is why it is an open network for everybody.
As public chain has its advantages so they also share in their disadvantages.
ANONYMITY:- The anonymous nature in public chain can decide to make it vulnerable to infiltrate by using the network for illegal acts. Since the anonymous are not known it will be very difficult to trace such people or person's on public chain
SLOW IN SPEED:- Public chains are slow when it comes to speed because it takes a lot of time for the network to reach a consensus, and the time required for single block to be processed takes time compared to that of private chain.
Public chains offers complete transparency compared to that of private chain and it is more decentralized because anybody who wishes to get involved can join and start to write, read, and access information. There is no restrictions of any kind and is not being controlled by any entity.