Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains.

Public chain is decentralized in nature, there is an unrestricted access to all users. Any one with an internet connection access can make way into the network.

A network of the people, for the people ,by the people just like democracy

There are no restrictions on which individual or business can use it. You do not need permission of the network owner or need to meet any requirement. In Public chains, equal rights are made possible.

As mentioned earlier, decentralized system and public chains are the same. Public chains run on a true decentralized structure. Runs on an open network free to all, user data are stored in a public domain. This means that it is owned by the public not an individual. No one controls the flow path yet everyone uses it.

On a public blockchain, anyone can access information(transparency), but cannot alter or make changes to data(inflexible). It is self-governed, with no need for a third party. It is purely decentralized and autonomous.

Every computer connected to a public chain is referred to as node. For any transaction to be validated thereof, it must be authorized by each node.

Typically, there is an offer of some kind of incentive for users who validate the blocks, this is a way to encourage people to join the network. It is said to use "Proof of work" consensus algorithm for transaction validation(this is a way for individual node to prove that the work done and submitted would qualify them to make new transaction to blockchain)this is used by some cryptocurrency networks.

• Immutability

The public network is completely immutable/inflexible. No one can alter or delete the system it is absolutely impossible.

• Greater Transparency

This is one of the biggest encouragement for user adoption. The very reason that blockchain is becoming a fast rising monetizing system is it's transparent nature, no one has control over anything. .Payment transaction is automatic. Every one on the public blockchain can view the transactions which are stored in the blocks. This benefits all parties(sender, recipient).

• A True Decentralized Structure

There is no need for a central authority ,no one can negatively make changes that would impact users without notice.

This is another big encouragement for user adoption. Anyone can send or receive money from around the world, all the nodes in the system have their own copy of the ledger(autonomous digital public ledger) and can update the ledger efficiently.

• Anonymousity

This is an advantage but also a disadvantage. It's anonymous nature makes it vulnerable to infiltration for illegal activities on the network .

• High cost for each transaction

• Slow transaction speed.

• Large energy consumption

• Scalibility :Bulk transactions prove difficult

Conclusion

From this lecture, i've learnt that most blockchain-based solution can be successfully implemented by using public chains. I would like to thank professor @stream4u for his clarity on this lecture.
THANK YOU!