Crypto Academy Season 3 Beginners' course - Homework Post for Task 3: Bitcoin, Cryptocurrencies, Public chains by @offia66 for professor @stream4u
Greetings Steemians.
(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
- WHAT IS PUBLIC CHAIN?
A public chain just as the name implies, is an open network whereby everybody has access to it. A public chain is accessible by anyone, that is to say a public chain is transparent.
A public chain is Decentralized. There's no existence of any central authority in the public chain. All transactions are recorded and can be seen by every user of the blockchain for example the steemit platform.
Advantages and Disadvantages of Public Chain?
Advantages.
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- Users Are Their Own Bank: users can carry out transactions at there own convenient time whenever and wherever they want.
- Transparency: transactions on a blockchain are transparent so fraudulent activities are dismissed. Due to the transparency of a public chain scammers are caught.
- Freedom: Unlike centralized chain, users are not forced to follow any stipulated rules but in centralized users are expected to follow a particular rule or a community standard.
- since a public chain is a Decentralized system, the user's data is under there control.
Disadvantages.
- High energy Consumption: Blockchains like the steemit blockchain uses the proof-Of-Brain. Every time a new transaction is carried out energy is consumed in which every minute a transaction is carried out on a blockchain.
- Data on a blockchain is unchangeable: once a transaction is carried out on a blockchain it cannot be removed or changed.
- High cost of maintenance: maintaining a public chain needs skills and techniques which is really expensive.
- Lack of privacy: Every transaction carried out can be seen by anyone.
- Scalability Is a problem: unlike a private chain, the number of users that access a public chain cannot be scaled or counted since it is a public chain.
In conclusion a public chain is Decentralized which enhances transparency amongst users and promotes the tracking of fraudulent activities.
Hello @offia66 , I’m glad you participated in the 3rd Task of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
Observations:
This is the power of decentralisation which is the core aim of cryptocurrency and blockchain.
Recommendation / Feedback:
Please i suggest you take your time to understand the lesson before answering the questions.
Thank you for submitting your homework task 3. We hope to see the rest of your submissions.
Hello @offia66 , Please use images from a free copyright sources. Remove the image so I can review your work and grade your work.
Hello Prof @reminiscence01 I have done as instructed sir.
Thanks in anticipation
Done as instructed professor sir.