Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains.by @stream4u
Hello Steemians
Nice to be here again and thanks to @stream4u for an interesting lecture for Beginners' on Bitcoin, Cryptocurrencies, Public chains.After reading the lectures and understanding to my own knowledge, below is my homework task 3
(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
Public chain is a type of blockchain, that is made open to the general public without any form of prohibition to it's users. Public chain is completely decentralized and distributed network chain, that stores each transactions as blocks interconnected with chains on the network. Every transaction on the block is being recorded with the time and date of occurrence and must also be validated by every computers on the network, before it can be stored into the blockchain.
Since public chain is completely decentralized, it doesn't require no single entity to have power/control over it's transactions,and there's no third-party interference in the ecosystem. With public chain, all transactions are open to the public and each node(the validating computers which are interconnected together on the network) have equal access to records of transactions on the blockchain,which makes this Blockchain more transparent and immutable, as data cannot be altered after being validated and stored on the public chain blockchain.
Public chain can also be defined as a completely censor-free, transparent ledger that is decentralized, in which all data are encrypted and stored in different nodes connected to the publichain network. In all, public chain network works with "Proof of Work" or "Proof of Stake" consensus algorithms for validating all transactions on the blockchain.
Some kin characteristics of Public Chain includes;
•Accessible
Equal accessibility is given to every node on the network.
•Freedom
All users can freely add more nodes to the ecosystem and also download
•Dcentralized system
Public chain network is completely decentralized.
•Anonymity
It offers its users complete anonymity, as no one is able to track your transaction back to the originator.
ADVANTAGES
▪︎Transparency
Public chain is completely transparent, as all users have full access to ledgers on the blockchain at any time. And no single entity have control over any decision, as every decision is made with the majority consensus and shares the data to all nodes. All nodes, validates all transactions with consensus making the public chain very transparent.
▪︎Anonymity
This is one percuiliar reason public blockchain has won the herts of many enthusiasts, as the identity of its users are not revealed. You are not required to give your real identity in order to be on this network. With public chain the identity of every user is protected and their transactions cannot be traced
▪︎Decentralized System
It is fully decentralized,as such there is no single central control on the network system, as power and control is distributed to all users, and the maintenance of the system is carried out by different nodes on the network. Every ledger is updated on a consensus agreement basis.
▪︎Immutability
In public chain once blocks are created, the nodes must validate the records and reach a consensus, once a consensus is met, there is no room for manipulation or alteration of any data by anyone, this makes public chain immutable.
▪︎Security
A public chain provides maximum security to its users, data is highly secured, as they can't be modified or alte6r once the data have been validated and stored in the network chain.
▪︎Open Source
Public chain blockchain is open to everyone. Anyone can access it, read or modify on the platform without any permission from any entity. It is open to the general-public.
DISADVANTAGES
▪︎Slow Transactions speed
Public chain is extremely slow, as it processes transactions at 7TPS. This is because, more time is needed for consensus to be met on the network. Also more time is spent in processing a single block on the network.
▪︎Low Scalability
The more public chain is utilized, the more slower it becomes, this is because of the multiple nodes that will be verifying and validating transactions causing a clog on the network.
▪︎Energy consumption
The building and maintenance of a public blockchain is quite expensive as it requires more energy consumption, because of conof algorithm it works on(PoW) which requires a lot of electricity power to be efficient.
▪︎No Regulation
A public chain is not regulated by any entity or government, as such it can be used for illegal activities, as transactions cannot be traced back to a particular user.
Public chain is a blockchain that has won over many users in the world today. It has had some major developments in the last few years. There is full access to it by all users, it is an open-source system without any form of restrictions. The use of public chain is indeed a welcomed development with a bright future in blockchain systems.