Crypto Academy Season3 Beginners Course-Homework Post Task3 Bitcoin, Cryptocurrencies, Public chain.

WHAT IS PUBLIC CHAIN AND WHAT WILL BE THE ADVANTAGES AND DISADVANTAGES OF PUBLIC CHAIN?

Public chain: is an open network where transactions done on the network are recorded in block and added to the blockchain after the mutual agreement of all the nodes connected to the network, the transaction data are made available to the public[that is any node] for exploring and accessing any transaction data recorded on the public chain, data recorded as block on the public block chain cannot be altered or amended by any nodes or participants on the network.

Public chain is for everyone or every node with internet connection can join with no barriers or restriction. Public chain are also known as decentralized or permissionless, public chain is decentralized because operations or transactions done here are solely between nodes and there is no need for central server or central node or third parties, single node or group of participants on the network does not control the activities or transactions on the network but every node connected to the network has copy of network data’s therefore every node on the network has equal rights and public chain is permissionless because any node can join the network at anytime without any authorization from any central node and the node can leave anytime.

All nodes on public chain real identity are hidden that is anonymous only their addresses are available on the network which makes it difficult to know the real owners of these addresses and with these addresses one can track transaction details, with these anonymous nature of the nodes on public chain it becomes impossible for the nodes to be controlled.
Typical examples of public chain include Ethereum, bitcoin, Litecoin etc.

Advantages of public chain
1]Hacking of data in public chain network is impossible since all the data on the network are stored on all nodes in the network and hackers have to find a means to hack all these nodes on the network which is impossible.

2]Data recorded or added on the blockchain remains the same and cannot be altered or changed by any nodes on that network or participating on the network.

3]Some firms with projects will prefer their transactions to be seen for transparency to the public but their identity to be unknown and public chain offers these services with its anonymous feature.

4] Public chain is decentralized in nature.

Disadvantages of public chain
1]Fraudulent and illegal activities most at times occur here because of its anonymous nature some nodes with identity hidden undertake fraudulent transactions on the network and go scot free because these nodes were not supervised or checkmated by a any central node or server before joining the network, with identity hidden it becomes difficult for the nodes to be tracked or traced.

2]There is no central authority or regulation in public chain network so it becomes difficult for nodes to achieve one aim or goal at a time since no node is superior to one another there will be delay in agreement.

3]Moreover, transactions take a long time before they are processed because a lot of nodes transactions are waiting to be processed which leads to congestion and numerous nodes consensus are needed before the transaction will be validated.

4]Transaction data’s or information here are not hidden and are made available for every node to be able to access and explore which makes privacy for transaction not an option on the network and these becomes a disadvantage to many nodes who wants to keep their transactions private on the network.

CNCLUSION
Thanks to professor @stream4u for these amazing lectures.

cc:
@steemitblog