Crypto Academy Season 3 Beginners' course-Task 3: Bitcoin, Cryptocurrencies, Public Chains.
What is Public Chain and what will be the Advantages and Disadvantages of Public Chain.
Public Chain
In the cryptocurrency world, a public chain is a decentralized form of a blockchain which is available and accessible to all users without any restrictions. It is not own by a single person or a group of people, rather it is a blockchain network which interconnects all users as it also grants them the equal rights to perform any kind of activity such as creating, reviewing and publishing their own content. It is totally decentralized.
To add with, transactions becomes easier and reliable among users without any central body interferences this enhances transparency in all transactions.
★It is totally decentralized which means no central body is in control of the system.
★All transaction data can not be changed e changed
★All users can participate in all activities and can also access every information.
Advantages
★Decentralised:
In public chain, all users are allowed to control every activity on their own without any third party interference. All decisions are openly made by nodes.
★Transparency:
Public blockchain is a transparent system in the sense that, it allow users to have access to all data and transactions made since it is not governed by a single person or a group of people.
★Immutability:
In the public blockchain, every information sent and all transactions made by nodes can not be changed in any way.
###★Accessibility:
Every user in the blockchain can freely access his or her account easily without any hindrances. Also, one is able to read, write and publish contents without taking or following orders from a central body.
Disadvantages of Public Chain
★Irreversible
One of the disadvantages of the Public Blockchain is that, when a fund or a transaction is being made into a wrong person's account it can not be reversed.
★Anonymity
When there is any fraud activity in the blockchain, it is impossible to trace the hacker because the system gives users the right to protect their true identity.
★Less Privacy
All information about every user is being exposed with the exception of their keys or passwords.
This homework task has really enlighten me about almost everything about the Public Blockchain. My special appreciation goes to @stream4u
Thank you.
Hi @paakow, Thank you for taking interest in the 3rd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You have completed the task.
Don't use the quote function option to write the entire discussion of your article.
Your explanation is too shallow, study the discussion more deeply, so you can add more information to your post.
I still get a lot of grammatical errors.
Improve your writing skills even more by studying "Markdown Style Guide".
Thank you!