Public Chains || Pros and Cons || Steemit Crypto Academy Season 5 - By @sameeralii || 05.12.2021

Peace be upon you and God's mercy and blessings be upon you.

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Greetings friends of the cryptoAcademy of Steemit, it is a pleasure to present the task No. 5 of this season 5 of the fixed course for beginners. As is customary, I will choose a question to post about the class that was masterfully presented by professor @stream4u.

Question: (3) What is the public chain and what will be the advantages and disadvantages of the public chain?

Public Chains:

A public blockchain consists of a network of nodes open or accessible to all that also share a transaction record that has the particularity of being immutable, that is, it cannot be modified and this is known as blockchain technology.
This network generally motivates the public (users) through reward systems or other incentives (power tokens, prize tokens, others) this makes it attractive to many, it is done because the chain requires a large number of users for its operation.

Among the examples that I can give is "Bitcoin", which is the first and most popular of the public blockchains, in which users participate by mining and in return receive rewards in cryptocurrencies.The main characteristic of public channels is that the consensus protocols are public, which allows anyone interested to participate.

In addition to Bitcoin we can also name EThereum, litecoin, monero, dash and of course those that we already know Tron and Steemit.

Advantages of public blockchains.

• The main advantage from my point of view is that public channels are available to everyone who wants to join the system.

• The technology used in the public blockchain eliminates the need for intermediaries and third parties thus reducing costs.

• Public chains allow person-to-person transactions to be carried out immediately regardless of the country where they are located or the distance that separates them and can be verified in real time.

• Once the data is registered on the blockchain, it is almost impossible to erase or change it, which gives a lot of security to the transactions.
  Every transaction or exchange is permanently tracked and recorded which prevents or reduces fraudulent behavior.

• The system is safe from technical failures and other threats as blockchain data is usually stored on thousands of devices in a distributed network.

• As it is a wide network. If a node goes offline it does not affect because each node on the network is capable of replicating and storing a copy of the database.

• Cryptocurrency is not controlled by any central authority or by a single person.
  The encryption system translates the data so that only the one with the required key can decrypt it.

• Some cryptocurrencies (such as Bitcoin for example) have a high value in the market and are very popular because they are not controlled by any government and only users can control it when accessing public chains.

Disadvantages of public blockchains

• To use the chain, two keys are required, the public and the private, therefore If a user loses their private key, the money is lost and nothing can be done about it.

• The work of some miners is wasted due to the competitiveness of mining and the fact that there is only one winner every ten minutes,

• A significant disadvantage is excessive power consumption from the grid, which consumes as much or more power than some countries.

• Blockchains are not efficient enough as they would like and also require a large storage capacity.

scoured

Final Reflection:

Doing a brief analysis we can see that although blockchains have certain disadvantages, (some more significant than others) the number of advantages they offer us is still greater. Another point for reflection is the fact that blockchain technology and its cryptography system came to present a decentralized monetary system, which offers a lot of independence to users and to a certain extent protects their identity. Without a doubt, the availability of decentralized applications facilitates the handling of crypto assets for most of the people who are getting acquainted with this virtual financial world.

Regard

@sameeralii