Crypto Academy Season 3 Beginners' course - Task 3: for Professor [@stream4u] Bitcoin, Cryptocurrencies, Public chains by @warrior02
source
In Public Blockchain there are no limitations. Any body that have access to the internet can begin validation of blocks and also transaction sending. Generally, public chain are open and any body can have the access to its protocol, modifying, reading it if that person wants to partake in the governing of the blockchain ecosystem.
Been a distributed and also a decentralized chain, stores it's transaction as blocks, and they are interconnected into the chain. With each transactions having it's date and time of event been registered on it, having been validated all the computers on the network, before storing on the blockchain.
The computers that are interconnected that carry out the validation are referred to as nodes. Transactions in the public chain are public, and the nodes have the same documentation, with this, the public chain are immutable and also an open one ( see through) that is to say after the verification and storing of date in the chain, it cannot be modified or tampered with.
The Public chain makes use of smart contract mechanism to attain consensus on the network, when it reaches the set condition because it has no central control, it the automatically activate that consensus.
A public chain is fully decentralized, and is not controlled by any organization unlike the private blockchain which can be manipulated by the organization owning it. Data are encrypted in the public chain and stored in separate places and nodes. Public chain also provides anonymity, this means your transactions can't be tracked back to you by anyone.
It possess more security potentials, they are secured. There's no tampering or modification of data once is done validating it and storing it.
Public chain is decentralized, in the sense that is not controlled by any organization or person's. It's been controlled by the nodes.
It is open source. It requires no authorization before one can gain access to it. It is generally open ( see through) to all.
public chain is fully immutable. It can't be tampered by anybody, if there is an attempt of such, it will be rejected by the other nodes.
public chain have greater transparency.
In a public chain, there is no verification of identity, no one have to show proof of their identity. Once they commit their processing power, they are now part of the network.
public blockchain cost more to maintain as it requires lots of energy and much power to attain network consensus.
it's anonymous nature makes it endangered to invade by some person's who wants to use it for illegitimate purpose.
Cc:
Professor @stream4u
Hi @warrior02, Thank you for taking interest in the 3rd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
No one can modify an already established public chain in any way.
The discussion that you make is still a lot ambiguous.
Your explanation is too shallow, study the discussion more deeply, so you can add more information to your post.
Many grammars are still wrong, please fix it. You can use Grammarly to help.
Thank you!