Steemit Crypto Academy Season 3 Beginners Course - Task 3 (Bitcoin, Cryptocurrencies And Public Chain) Homework Task Of @lovveday
(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
introduction
Am glad to be able to do the beginners task 3 today, as the steemit crypto Academy continues to break new grounds. Learning is now a part of me as the homework post of our various professor have broaden my thinking capacity. Am happy!
What Is Public Chain
A public chain ⛓️ is a system or platform that is decentralized, meaning no centralized power. Power is disseminated locally amongst everyone. Public chain can be accessed by any one without the request for permission (permissionless). Any person can join the platform at any time, read and write the information on the platform
A blockchain is a dispersed register/file where transaction record are packet and stored as blocks. What differentiate one block from another is their differences in time factor. Even though data are available publicly, it cannot be uttered once validated.
A public chain makes use of a consensus mechanism to validate transactions on the platform. steemit has a consensus mechanism called delegated proof-of-stake (DPoS). The creation of blocks on steemit is delegated to a group of accounts called witness.
We can’t talk more on public chain without talking about it’s counterpart, the private chain.
The private chain is the opposite of public chain. This is a different type of block chain where by power is owned by a single authority over the platform. In other words, it not open for anyone to join in. The private block chain has some authorization scheme to identify people entering the network.
Difference between public chain ⛓️ and private chain.
| The difference in | public chain | private chain |
|---|---|---|
| Decentralization | the public chain is open to the public such that anyone can participate without looking/asking for permission. (Open for all at any time). It is not controlled by any specified person so any body can join, read or write on the network | the private chain is controlled by a specific authority. They permit different categories of access that defines which user can write, read and audit the block chain |
| Consensus | the public chain is permissions, you can join, read and write on the. Artwork at anytime | permission is required for the private chain, as power is to a single authority |
| Immutability | public chain are immutable such that once a block is created, it can’t be edited or deleted by anyone. No body can alter any block for benefit. | private chain is not immutable, in some cases the authorities could decide to make some transaction disappear from the network |
| Illegal activities | public chain as no identification check, so illegal activities will be rampant | as you know, the private chain requires a means of identification before you can be enrolled into the network, thereby fishing out the possibility of fraudulent activities. |
Advantages of public chain
• it extends a decentralized platform which therefore means that the information stored in a block can be accessed by anyone from anywhere at anytime
• it support quick and easy transactions since there is no requirement for a third party
• it gives anonymity to the miner and the participants of the network
• there is immutability for all records, transactions are encrypted such that all is safe
• all the data and transaction are visible to all a good example of transparency
Disadvantages of public chain
• Because of it’s anonymity, it difficult to trace fraudulent user, If someone is scammed of his funds, it will be impossible to track down the thief because of anonymity.
• it is costly on resources
• it offers limited block size
In conclusion
The public chain has been around for a long time since the introduction of bitcoin. It a network where every body has direct access to their investment, enjoy the benefits alone and lament the loss alone also. The public and private chain suit any enterprise, it only depends on the elements you wantfrom either chain. What a big decision man must make everyday
Thank your for your time in reading my post
Hi @lovveday, Thank you for taking interest in the 3rd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You completed the task well.
You structure your article writing very well.
You made a picture with a good explanation, good job!
Many grammars are still wrong, please fix it. You can use Grammarly to help.
Thank you!