Question 3

What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?

Introduction

Greetings beloved steemians, It is a pleasure to be here again today. I’ll be talking about the public blockchain. Hope you enjoy and learn as you read through.

Public Chain

For something to be private, it means you are keeping it to yourself. Conversely, something public is that which is open to all. In this same light, there is the public blockchain as well as the private blockchain. Thus the reverse of the public chain is mostly true to the private chain

The public blockchain network was the first-ever blockchain type in the revolution. It is a fully decentralized network system wherein everyone can join whenever and participate with no restrictions. In simple terms, it is open and free In addition, everyone has access to the ledger.

Bitcoin and Tron are a few perfect examples of public blockchain

To understand more on the public blockchain, let’s take a look at its features. These will throw more light and give a better understanding

Features Of public chain

• With the public chain, all participants have equal rights irrespective
• The technology they offer makes sure security is at its highest. The security protocols may vary based on the platform, but one can safely say that public blockchains are more or less robust.
• There is transparency at all times because the ledger is visible and available for all
• No matter where you are located on earth, you have access to this blockchain. All that is required is god internet connection with a computer or phone
• With the public chain, all participants are anonymous; there is no need using your real names or identity
• With the public chain, there are actually no rules and regulations . The nodes do not follow any regulations thus there is actually no stopping point to using this for one’s total good.

Sure these features have helped us in understanding the public blockchain in detail to some extent.

I would like to make mention of the fact that there are a few similarities between a public and private blockchain;

Both depend on transaction validators.
Data entered on the blockchains cannot be altered

Advantages and Disadvantages of Public Chain

Everything that exists has benefits as well as drawbacks. In some cases, the benefits overshadow the drawbacks making it generally acceptable as “good”. In other cases, the drawbacks are more thus the society tags it as “bad” or “not recommended”. The public blockchain has its own advantages as well as disadvantages; it is what we are about to examine now

Advantages of public chain

The public chain has several advantages. Some of them are;

1. There is total transparency. The fact that the ledger is openly available to the general public ensures full transparency and there’s nothing better than transparency in any platform. This means that there can be no form of corruption or manipulation.

2. With the public chain, one gets total decentralization in that there is no central entity or middle man. This equally means total accessibility

3. Usually in many networks, users follow rules and regulations which are sometimes not fair at all. With the public chain, no rules are followed because there is no central authority or entity to even make the rules . This simply means that, users are totally free and empowered.

4. The public blockchain is purely immutable. This means that a block can not be altered once it gets into the chain; no changing or deleting. When one tries to change the blocks, he/she will create a different chain separating from the original chain. Thus, canceling out their changes. Looking at this in another direction means high security.

Disadvantages of public chain

Let’s flip the coin now. We have spoken about the advantages, now let’s address the disadvantages

1. One of the major disadvantages of the public chain is speed. Due to the non restrictions, countless transactions are launched hence making the system slow and the network clogged. An example is Bitcoin which is extremely slow, only managing to process seven transactions per second.

2. Anonymity is another drawback of the public chain as malicious individuals can hide behind it to do illegal activities.

3. public blockchain like Bitcoin actually use Proof of Work consensus mechanism. This means that, for transactions to be validated, participants need to maybe solve a complex mathematical puzzle. This actually costs resources like time

Conclusion

To conclude, the public blockchain has a lot of advantages as well as drawbacks. Same thing goes with the private chain. Notwithstanding, the advantages are seen to be numerous thus making it safe to say it is however good and advisable to use depending on the purpose of use.
Thank you dearly @stream4u for this awesome opportunity to learn. Thank you all for reading through

Best regards
@nancymboghi