Introducton

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Good day everyone. Am glad to be a neighborhood of the season three of the Crypto academy. many thanks professor @stream4u for the lectures, it had been detailed and really simple to know .

What is Bitcoin?

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This wonder referred to as Bitcóin , is that the pioneer within the world of cryptocurrencies, that is, it had been the primary of all cryptocurrencies, it had been created by Satoshi Nakamoto who presented a technical document in 2008, then on January 3, 2009 the primary block of the Bitcóin blockchain is presented, which is understood because the genesis block, with the looks of this first block a replacement world is born, the crypto market, initially there have been many doubts that arose with the looks of Bitcóin and its operation, but over the years its growth altogether senses has been great, and as technology advances, digital currencies also advance, which after the success represented by Bitcóin appeared more and more. .

Bitcoin bases its operation on the Blockchain network, which for its birth was something new, during a chain of blocks there's no central entity that regulates the overall operation, instead all servers connected to the network function nodes, these nodes verify and validate transactions, once validated the info is recorded which remains visible and can't be altered in any way.

Little is understood about the identity of its creator aside from his name, it's not known if he's an individual or a gaggle of individuals , it's unknown if he's a person or a lady , age and nationality, this is often because he has remained anonymous, what it's true that its creation today represents one among the good advances at an economic level.

As important data we've that for the time of this task, Bitcóin features a price of $ 30,742, its market capitalisation is 576,934 B, the mining or extraction of a replacement block is administered with powerful computers capable of solving the difficult mathematical algorithms that allow you to get the reward, that reward is 6.25 Bitcoin, this reward is reduced by half every 210,000 blocks, mining a block has a mean time of 10 minutes, and therefore the reward at the start for mining a block was 50 Bitcoin, Approximately 86% of all Bitcoins are mined, for this reduction every 210,000 blocks it's estimated that the last Bitcoins are going to be extracted within the year 2140, and therefore the total amount are going to be 21,000,000 Bitcoins.

What Is Public Chain ?

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When we 1st hear the phrase 'Public chain', what instantly involves mind could also be a heap of individuals joined along. Public suggests that an oversized cluster of individuals and chain suggests that returning along . thus we'll outline public chain as a system that permits an oversized cluster of participants work along ,sharing equal rights and privileges.

A public chain is kind of a decentralized network. All the info on a public chain is obvious and anyone will access it. A public chain also permits users be a part of after they have and there are not any restrictions once it involves user participation. during a public chain ,there is no head or accepted authority that governs over all. There are not any laws set in situ and each user features a similar power. which suggests every user will influence the chain. every laptop during a very public chain ( referred to as a node) area unit connected along during a very network. every act done by these nodes area unit created public and wholly clear in such the way that alternative nodes will access it.

Disadvantages of public chain

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The following are a number of the benefits of the general public blockchain.

• Public blockchain exhibit a totally decentralized network system.

• Participants have equal rights in the least time.

• Public blockchain exhibit highest level of security.

• Public blockchain enhances transparency in the least times.

• Public blockchain is open for all.

• Public blockchain offers no limit to how one use the platform.

• Another advantage is that the immutability, Anything stored can't be changed.

• For a transaction to be validated every nodes has got to participate.

• User are fully empowered on public blockchain

• Peer to see payments are better received or sent on public blockchains.

Disadvantages of Public Blockchain

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• The following are a number of the disadvantages of public blockchain

• Public blockchain platforms exhibit slow transaction speeds and low efficiency.

• Its anonymity in nature can cause malicious people to use the platform for illegal activities.

• Public blockchain doesn't exhibit full privacy

• Risk of collision is one among the disadvantages.

• Public blockchain exhibit high cost of transaction regardless of number of requests.

• Public blockchain are less stable.

• Public blockchains has scalability issues.
  

Conclusion

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Because of the recognition the general public chain gaining lately because it's accessible and open-source wherein its users have freedom within the decentralized system and with no involvement of a 3rd party within the regularity of the entire system. All its users have equal rights and may perform transactions on the network with little or no transaction fee, it's gaining tons of users as they're now understanding the advantages and therefore the comfortability of how secure their data is kept confidential and hidden to the general public . the planet is digitalizing and therefore the use of technology increasing and evolving.