Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains for //@stream4u //by @zeeshanakram//

Hy all steemian I am zeeshan and thank you very much to @stream4u for such a great task. These introductory lectures will help me learn more about the world of cryptography. Now I want to do my homework for Public Chain. Lets discuss about this homework:

Question:

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

Public Chain:

As the name suggests, it is a publicly traded public chain. Public access is only allowed with an internet connection, they can read, modify and even trade. There are no public chain restrictions on certain consumer transactions or compliance with certain network access criteria. All people are allowed to operate the network system. All users in the network are equal and have no owner to manage others. Everyone has equal access to data and anyone can read or write information stored on the blockchain.

source
A public chain is like a blockchain. Decentralization means that there is no middle ground for network ownership. All information about a transaction (i.e. time, date) is given. The blocks are linked together and form a chain.

When a transaction occurs, it must be authorized by all partner nodes in the network. Once a transaction is made and confirmed by all participants, it is secured on the public blockchain.
The public blockchain is transparent to everyone. This means anyone can read the data from there but not modify the data. The public chain is immobile. There is no way to change the action.

What will be the Advantages and Disadvantages of Public Chain?

Advantages:

1.Easy approach and access:

Anyone can easily access the public chain. There is no set standard for public access. You can read and write even after you get the deal.

2.Decentralized:

The public chain is decentralized. That means there is no middle man. All participants are equal. The P2P transaction is done without the involvement of a third party.

3.Straight Forward &Transparent:

Public order is transparent. This means that the data stored here is visible to everyone. Anyone on the network can see the transaction history. Anyone can read which user sent how much money to their address. All history and data stored in blocks are transparent.

4.Immutable:

Public order is transparent. Anyone can access the data stored here. However, the statistics cannot be changed. Once a transaction is made, no one on the network can change it later. The information stored here is read-only.

5.Like a open source:

Public chain is like a open source. There is no rectriction to use it.

6. Securable :

The public blockchain is decentralized. This means that it will not be used in any way. This increase gives the user more permissions. Only he can access his personal information. It is the information of all individuals and does not belong to individuals.

7.Easy to make transactions to any one:

You can trade freely without restrictions. You can transfer any amount of money you want to anyone you want.

Disadvantages of Public chain:

1.Transparent:

All history and data for each node of the network is transparent. Any unknown person can access your history without your permission.

2.Slow way:

When a transaction occurs on the network, all nodes confirm it. Only after confirmation from all nodes is the transaction listed in the block. It minimizes the workflow as the process requires the approval of all participants. Decentralized blockchains or generally slower than centralized systems.

3.Need of Energy:

The overall blockchain system is protected. The building blocks process consumes a lot of energy. In addition, network access requires high energy.

4.Costly:

Young people have to use much more energy to build blocks. Block production is done on very heavy and expensive computers.

5.Immutable:

This is not always good for the participants. If you make a wrong transaction, you accidentally sent money to the wrong address, there is no way to get your money back. Once the data has been entered, it cannot be changed in any way in the public domain.

6. In field of Crime Scene:

Since there is no one to regulate on the public chain, counterfeiters can use this chain to conduct illegal transactions.

Conclusion:

The public chain is the best type of blockchain that gives users unlimited freedom. This is also true for most uses as it is open source. So there are the best solutions for the business needed to integrate blockchain business solutions..

Thanks To:

Thanks to Professor @stream4u for this informative lecture.

Regards By:

@zeeshanakram