Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains. (prof @stream4u) by @nackasnelson
Greetings everyone and I welcome you all to task 3 of the homework with lectures from @stream4u. So far it's been great and very helpful lectures I have gotten from these introductory lectures and homework and these have increased my knowledge of crypto. Today will be doing my homework, on Public Chains.
What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
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A Public Chain refers to a chain that is available to the public and has unrestricted access to all its users. To add
A public chain a like a ledger where anyone can see and take part in the consensus process.
An example of a public chain includes Bitcoin, Ethereum, and many others.
A public chain is transparent and a decentralized blockchain where users can make their own decisions by developing other blockchains to get rid of issues. In a public chain, all its users have equal rights and there is no owner in it to rule others. There is a high and well-secured level of security in a public chain and there is no restriction at all for users to meet some criteria to perform the transactions on the network. Since a public chain is a decentralized and transparent system there is no third party and the blocks get connected to produce a chain.
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There are several advantages and disadvantages of a public chain which are
Below are some advantages of a Public Chain;
Maximum Security: Because shared networks are victims of hacking, the public blockchain works hard to keep an outstanding standard of security protocols. The public blockchain is decentralized and involves no third party and offers more authorization to users and only they can access their data with, the data kept confidential and no third party having access to it.
No Regulations: There's no specific rule guiding a public blockchain. The platform is not limited to internal networking and there's no limitation to creating this platform.
It's Decentralized: The transactions on the public blockchain are performed P2P without involving a third party, the users are equal and there is no third pa since it's a decentralized blockchain. Maintenance is performed on different nodes and the ledger is updated on a consensual basis.
Completely Transparent: Because the Public Blockchain is transparent it eliminates any chances of corruption and the data, stores are visible to all with everyone being able to see the history and data stored. The transaction history can be seen by everyone with every user being able to see what amount was sent to what address.
Open To All: Public chain is open-source and can be used for free without any restrictions from any location with just an internet connection.
** It Anonymous:** One of the reasons that make a Public chain outstanding is its anonymous nature where users are being able to perform transactions properly and efficiently but without revealing their identity to participate. With a securely protected identity, your activities can not be a track on the network.
User Power: Since a Public is decentralized and has no central authority, there is freedom for the users to work and contributes ideas to the network.
Immutable: With the Public chain being immutable which is once blocks are created and inserted into the chain and there is no modification or deleting them, it makes it impossible for the network to be manipulated upon.
Accessible: Public chain is easily accessible without any restrictions on how it's done. Users can write, read, and perform transactions on the network.
Very Expensive: Block generation processes are done on large expensive and heavy computers and they consume a lot of energy.
Transparent: Because the is transparent anyone can access your account history without seeking permission.
Immutable: If a mistake is carried out on a Public Chain like a transaction being done to a wrong address there will be no way for the recovery of the fund back.
-No regulations: Because no rules are governing a Public Chain means it is not good to be used in any internal system and therefore illegal transactions can be done on it.
-More Energy Usage: Because the Public Chain uses a lot of energy, a lot of the energy is used in the generation of blocks. Which can not be afforded by many.
-Slow Process: Because a Public Chain gets validation from all its users before a transaction is performed, it makes it slow and takes a long time for transactions to be performed.
Because of the popularity the Public chain gaining these days because it's accessible and open-source wherein its users have freedom in the decentralized system and with no involvement of a third party in the regularity of the whole system. All its users have equal rights and can perform transactions on the network with little or no transaction fee, it's gaining a lot of users as they are now understanding the benefits and the comfortability of how secure their data is kept confidential and hidden to the public. The world 🌍 is digitalizing and the use of technology increasing and evolving.
Hi @nackasnelson, Thank you for taking interest in the 3rd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You complete the task.
Many of your discussions are wrong, as in the explanation of the advantages and disadvantages of the public chain, I see many points that are wrong and not important.
Give space between paragraphs for easier reading.
Improve your writing skills even more by studying "Markdown Style Guide".
Thank you!