Hello fellow kids, how are you all doing? And to the kid lovers in the house I hope we are all good? Well, it's been a while since I posted anything at all, I was ceased the opportunity of using the cell phone for the period of 2 weeks. But thank goodness am back at it to continue my steemit assignments.

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This week's homework centered on Types of Blockchain, and I will be answering some questions that was asked by the teacher himself @benton3.

Questions

•Define and explain a public blockchain
•Define and Explain a private blockchain
•Advantages & Disadvantages of public and private blockchain.

Answers

BLOCKCHAIN: A blockchain is a ledger where transactions or informations are recorded in a way that cannot be changed or hacked.

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A Public Blockchain: is a transparent type of blockchain that is open to the public and anyone can join without permission. Anyone with an internet connection can start validating blocks. It offers every node access to read and write on the ledger. A Public blockchain is a decentralized system, ie no single organization controls the ecosystem. It uses proof of work or proof of stake consensus algorithms. Examples are Bitcoin (BTC) and Ethereum (ETH).

Characteristics: •It is a decentralized technology.
•Any person can serve as a node on the blockchain and each node has access to read and write on the ledger.
•It is a bit slow.

A Private Blockchain: This type of blockchain requires authorization from only a single organization before access is allowed within the network. This simply means that it is not open for the public. In a private blockchain, everything remains closed up except for the ones users are granted permission to access. Examples are; Ripples (XRP) and Hyperledger. A Private blockchain is not fully decentralized since only authorized persons are allowed to access some data.

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Advantages and Disadvantages of Public Blockchain

Advantages: •A public blockchain is open to every one: there are no restrictions attached to it. Anyone regardless of type of device or location,can access the system/data.
•It is a transparent blockchain: Anyone on this blockchain can view every transactions because it is open to all. You can also have full access to the ledger at any given time. Just like here on steemit where one can view some transactions made 2 years ago, you can also view someone's wallet.
•No regulations required.

Disadvantages: •A public blockchain is unregulated.
•It is usually slow.
•Useful data cannot be hidden from users.
•It is easily hacked by hackers.

Advantages and Disadvantages of Private Blockchain

Advantages: There are persons who are authorized to control the blockchain.
•It It has a very fast network because of its privacy.

Disadvantages: •It is not fully decentralized
•The system is a centralized system.

This is my assignment teacher, thank you for teaching us. It was so wonderful.....

Till we meet again in the next class, thank you so much. @goodnessbaby