Crypto Academy - Season 3 | Homework for @stream4u Task 3
What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
As, we know that there are different types of technologies of blockchain and they all are related and used for different cases. The different types of blockchains having the private blockchain, public blockchain, and federated blockchain. These blockchains are used for different purposes. So, Now I will talk about the Public Chain in detail.
WHAT IS PUBLIC BLOCKCHAIN?
.jpeg)
A Public Chain is a type of Blockchain where there are no restrictions and anyone can join it any time. Anyone can take part in the process of consensus. So, the public blockchain network is for those who wants a fully decentralized network. Anyone who has an internet connection (which is obvious to have) can start transactions by accessing the network.
Satoshi Nakamoto suggested the model back in 2009. It can be called as the mother technology. Later on, other enterprise companies apps and their interest in the technology of blockchain and de do it the nature of dissent right network and because of that the another type of blockchain which is the Private blockchain is introduced.
In public Blockchain, everyone can download any protocol time and not require any permission and so, as the public blockchain can be used by everyone and no one can control its path so we can say that it is a fully decentralized and autonomous digital public ledger.
CHARACTERISTICS OF PUBLIC CHAIN
There are some of the characteristics of public chain and these features are different from other blockchain types. The characteristics are:
The nature of the technology of public chains is completely decentralized.
It is open for everyone and anyone can take part to download and add notes to the system.
There is accessibility for every node so that it can read and write on the ledger.
it also has the feature of anonymity i.e. back to you no one can track your transactions.
It is not as fast as compared to private blockchain.
ADVANTAGES OF PUBLIC CHAINS
Purely Decentralized :-)
The network system of public chains is completely decentralized and so all the nodes in the system have their copies and they can update the ledger using the consensus algorithm. There is no need for permissions of any central authority in any step and it makes the network fully decentralized.
Transparency is Greater :-)
The main reason why the public network is better is its transparency. These have a commonly shared consensus which is among the users. All the histories of the transactions are kept away from eyes of public and are hidden. The need is third party validating transaction is there which increases transparency.
Immutability :-)
The public chain network is fully immutable. Because of its Immutability, no one can steal the money from the system and no one can tamper it. The nodes will reject the transaction if anyone tries to tamper. This helps to mitigate the problems like double spending.
Users accessible :-)
Anyone who has an internet connection is able to download, read or re-write the copy of blockchain. This increases the user empowerment for public chains.
DISADVANTAGES OF PUBLIC CHAINS
Slow Speed :-(
The one of the biggest problem with the public blockchain is there slower speed which is extremely slow as the bitcoin blockchains take to process only seven transactions per second. The time taken by public blockchain to process a single block is much more than the time taken by private blockchain.
Scalability Concerns :-(
There is also a concern face by public chains over scalability. Public Blockchains simply cannot compete with traditional systems with the current state of things. More the number of transactions increase in the blockchain, the more the blockchain gets slower.
Energy Consumption :-(
When it comes to public blockchain there is also disadvantage of energy consumption. The algorithm of bitcoin needs to use a lot of electricity to work.
EXAMPLES
Almost, all The big names which arw in the world of Cryptocurrency are based on the public chain. These are Bitcoin, Litcoin Ethereum etc. At the current moment, the Ethereum blockchain is the most popular among all. There are many applications based on this blockchain.
CONCLUSION
The Public Blockchains are the blockchains which are used by everyone and they are open for all. The public blockchain technology is full of features but it also has some of the demerits which is usual to have. Actually this technology does not offer the regulations needed by enterprise solutions.
The lecture given by professor @stream4u gave so much knowledge about Blockchain and it became very informative for me. I would like to Thank to professor @stream4u for providing this wonderful course.
Hello @sachin08,
Thank you for taking interest in the 3rd Task of the Beginners’ class. Your grades are as follows:
Feedback and Suggestions
Thanks again as we anticipate your participation in the next class.