Steemit Crypto Academy Season 5 Beginner Course - // Task 5: BITCOIN, CRYPTOCURRENCIES, PUBLIC CHAIN by @kenneth00

Image created by me @kenneth00 in canva

INTRODUCTION

Greetings to every one in steemit reading this post, I am here to submit task 5 of the steemit crypto academy introductory post given by our creative professor @stream4u and i will be answering the (3rd) question for task 5 on the topic "BITCOIN, CRYPTOCURRENCIES, PUBLIC CHAIN"

(3) What is the public chain and what will be the advantages and disadvantages of the public chain?

Every one often assume that there is only one type of blockchain; one that was created in order to be decentralized, transparent and distributed with all the nodes of the network but, contrary to what is believed, there are several types of blockchains (they vary more in implementation than in how they are structured) and it is expected that with the movement of time, new or the existing structure of the blockchain will be implemented in different ways.

On this occasion, I chose the third question of my assignment to talk about the blockchain that is known to many as the public chain:

The Public Blockchain:

It is a type of blockchain where everyone is free to join if they wish; Anyone, with a computer and an internet connection, can access a public blockchain, be a node, download a copy of the chain, and participate by proposing and verifying information.

An example of a public blockchain could be the Bitcoin or Ethereum network (associated with a cryptocurrency); in these blockchains anyone can participate, connect and get an upgraded version of the entire registry.

The way to participate in a public blockchain is to download or access the corresponding application, connect with the network participants (node) and request the updated version of the entire chain; This last step is an automatic process and can take minutes or hours. Once it is finished, the new user (node) will have the same work and rights as the rest of the participants.

In public chain, all participants are considered equal. This act means that there is no center entity that controls the network, in other words, this type of blockchain is considered fully decentralized; there is no risk that someone with higher authority may modify or alter the information.

These chains are governed by certain rules created by the developer and all network participants agree to them through consensus. Participants trust that the rules must be followed in order to supply information to the chain, and since the information is open to everyone, anyone can easily see if someone is trying to break them.

It should be said that the right way of operating public blockchains depends on the number and behavior of their users. For this network to work, a system is established that operates through game theory; so that if people do their tasks correctly they are rewarded. In most cases it is usually with cryptocurrencies.

The work performed by each participant is of the very importance for the network to function properly. The tasks of the participants depend on their level of participation within the chain. Very general or very specific jobs can be established; from collecting the information in blocks and verifying that everything that is being supplied is true, to voting for or against the governance (rules) in said chain.

On the other hand, it should be noted that the system by which this type of chain works, stable that the information provided in it cannot be deleted or modified, this particular characteristic makes public channels safe; participants do not need to trust the governance or the rest of the participants because the information is visible and immutable to all.

Another feature to highlight is that in these public chains the users are usually anonymous. Because there is no entity that controls the chain and the rule that anyone can participate, users are not required to present information where they validate who they are.

The public blockchain is usually known as the only true blockchain, this is because it is the only type of chain that does not have any kind of restriction; it is open and fully decentralized. Other types of blockchains are not fully decentralized or have some kind of restriction.

Advantages of Public Blockchains

• Decentralization: It can be said that a public blockchain does not have an central authority who controls the entire system. This feature causes trust in the network participants, since there is no risk that someone will have the entire network.

• Fail-safe: The distribution of the information with among all participants of the network minimizes or makes impossible the probability that the entire system will fail. As there are thousands of copies distributed all over the world, there is no problem if one or more of the nodes that make up the system fail.

• Multiple ways of application: People often assume that a public blockchain can only be applied to the world of cryptocurrencies, however, it can be implemented in different ways, some examples could be as voting systems or in health care (goods, rights, obligations).

• Transparency: This feature can be seen as an advantage, since network participants do not need to trust each other; the information is visible to all, avoiding corruption.

• It works 24 hours a day: By having thousands of nodes working around the world and without any intermediary or central entity that operates the network, transactions can and are carried out in real time.

• Information immutability: In the application of public blockchains, it is established that the information provided in it cannot be modified. This feature minimizes the risk of someone tampering with the data.

Disadvantages of Public Block Chains

• Without privacy: For some people the idea of ​​showing the information that is present in the chain is uncomfortable or annoying, for example, many people do not like to show their banking transactions, why in a public chain they would show them?

• Unsafety: For some people it may be unsafe that there is no entity that controls the chain, such as a bank or a government.

• Potential increase in unemployment: The public blockchain eliminates intermediaries; in charge of safeguarding the information and imparting confidence to its participants. Therefore, certain entities and professionals could be affected.

• Anonymity: This can be disadvantageous as participants do not need to prove who they are and since they have every right to dispose of their assets as they wish, the idea is open to criminal act.

Conclusion

Public chains are unique because they makes sense to alot of people including me which is because of the advantages it has but it also have disadvantages which could be managed so it is the way forward for every one ready to develop.

Thank you for reading!