Steemit Crypto Academy Season 4 Beginners' course - Task 5: Bitcoin, Cryptocurrencies, Public chains.

Hello everyone. In this assignment, i will explain in detail what the public chain and what are advantages and disadvantages of public chain. So let's start

Question 1- What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?

Public chain is a chain which is accessible to all the participants without any restriction. This chain is available to all where the public can access the chain and can read all the activities of the chain .

This chain is transparent where the data is accessible easily. You can read the data available on the chain but cannot change it. The data store on the public chain is immutable and unchangeable.

This chain is decentralized. There is no central authority who set the rules and regulations for the participants. Ni middle man is require to perform the transactions. This open source platform provide a fast and secure way for the people to perform their transactions. These transactions are direct between customer and producer without involvement of the third party.

This feature made the public chain fast and more attractive for the people. There is no high authority and everyone is equal with equal rights. The whole public can use this chain to perform transaction without categorization of status like owner and common user. Here all the participants can participate in the mining and generation of the block.

The consensus algorithm is use for validation of the transaction on the public chain. When the transaction on the public chain get verified, it stored on the blocks. These blocks linked together and form a chain which is public mean everyone can access this chain. The data is totally transparent.

Key points:

• Easily accessible to all.

• Transparent

• Immutable

• Cannot be tracked

• Decentralized

• Fast

• No third party involve

1- Security

The public chains are highly secured. No one can access the user's personal information. No third party is there in public chain so only user can access his private data.

2-Transparancy

The public chain is transparent. Its mean that all the information and data stored on the chain is accessible to all the participant nodes. When transaction get verified by the minors, they got stored on the chain and every one can access that stored data without any difficulty.

3- Decentralization

The Public chain is decentralized chain which mean that there is no central authority. This chain is not owned by any person or group. The users can perform the transactions directly to each other without participation of the third person. The user's are the real asset of the platform. They can suggest how to run and govern the platform. The rules and regulations are not set by the single authority like central platform.

4- Speed

The transactions are done directly between users without involvement of third party. So the transaction process get fast.

5- easily accessible:

The public chain is easily accessible to all the users without any difficulty and restriction. The whole data is accessible to all the participants.

6- Immutable:

The data stored on the public chain is readable only. You cannot change it in any way.

7- Cost:

When the third party involve in the transaction process, they cut their transaction fee. But in public chain, no third party involve. Transactions are performed directly so no need to pay the transaction fee to any party. And the transaction fee on the public chain is very low. The people find it less costly and more fast to perform their transactions.

1- Low speed:

The speed of performing transactions on the public chain is slow as compare to the private chain

2- Un trackable:

The transactions on the public chain are not trackable. You cannot track the transactions. If you mistakenly send your funds to a wrong account, you will lose your money.

3- Transparent:

No doubt that transparency is a big feature of pubic chain but sometime it prove wrong. The transparency allow all the people to read all the stored data. Anyone can access to any one transaction even they are not part of that transaction. Some people may use that data for illegal purposes.

4- High energy Consumption

The public chain is very expensive regarding to the consumption of the energy. The high energy is consumed in public chain for generation of block. The maintenance and the accessibility to the system require high amount of the energy on the public chain.

5- Cost

The cost of the computers which use for the block generation process on the public chain is very high.

6- Limited block size

The size of the block which are created on the public chain is limited

Conclusion

Public chain is decentralized, transparent, immutable and easily accessible. No restriction and limitations are there for the participants. Transactions are done direct between computers without involvement of third party. The public chain can make the world more advance, transparent and fast.

Cc: @sapwood