Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains by @deben

26일 전

HOME WORK TASK 3
What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?

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Greetings to you all in steemit. I have a wonderful time to share with you all. It based on crypto academy course under public chain, so i will like to introduce public chain and other futures of public chain. This will be followed by the advantages and disadvantages of public chain. I know this course will be a favourably one to every one and to me.

This will also serve as a guide to those new on steem and people who newly deal with crypto currency. So will we discuss mainly on public chain and that's were my mind focus mainly on.

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Public Chain

A public chain is a decentralised system where everyone can take part in block chain anywhere. There is no restriction occurence in the participation of a public chain. A public chain is join by any one and no single authority or central authority, everyone shares equal right in a public chain.

A public chain is public in terms of information, which means that everyone can read, write and take part in the network or data stored in the block chain. This means that the have a chain were there is a central authority which is known as the private chain.

A private chain is a centralised system, were there is an existence of a group of authority controlling the whole affairs. This will make is easy for the head authority to be easy to select and verify some people and also have control over them. But in public chain, everyone has the same quantity of power and there is no single authority controlling the participation of other people. This make it easy for everyone to join anywhere without any restriction or permission.

Once data is stored in a public chain it can not be changed and it will not have a place for modification. Data are also seen publicly by everyone and no data is hided in a public chain. Examples of public chain include the:

  • Bitcoin
  • Ethereum
  • Lithuim

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Features of Public Chain

  • It consist of nodes which are the people who have access to write and view in a block chain.
  • It has a ledger recorded when any transaction takes place.
  • The system is decentralised whihc means that there is no central authority.
  • All data is appoved by a way known as proof-of work consensus.

Advantages of Public Chain

  • Transperency
    All data stored in a public chain is public to everyone and it is easily accessible. Data are also recorded in public chain in terms of transaction done in a block chain.

  • Security
    Since all data are transparent in a public chain, there will be free of insecurity. Data are secured in public chain and no case for fraud. Public chain has a better way of securing information in block chain, which means that data can not be changed or deleted.

  • Decentralised
    There is no single authorithy in a public chain. Everyone shares equal right and there will be no ground for cheating in a block chain. Public chain is decentralised for a better enhancement of a block chain. There is no restriction in a public chain.

  • Immutable
    Since a public chain is open for evreyone and it is public data are unchanged so it is immutable. So there will be a complete power use in a public chain since all powers are equal to everyone.

Disadvantages of Public Chain

  • Expensive
    Since the public chain is made up of node, there may be chance for maintenance. So to maintain nodes in a public chain, it cost some amount of money. This help and make the people to join the network in a block chain.

  • Energy consumption
    There are time consuming in a public chain and it lead to energy consumption. Factors that public chain required to function due to the use of proof of work relied on too much eletricity. But still the proof of stake use less energy and need time to function.

  • Speed
    Due to many nodes participating in a public chain there are slow motive of work done in block chain. This means that too much time is taken for a network to reach a consensus which is the proof of work. Many publich moves slowly in terms of transaction.

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Conclusion

  • We all should be grateful for the existence of publich chain into the world technology. Because it has many benefit when coming to a block chain. The most appealing one is that it is decentralised. Thanks to everyone who makes it possible for us to have a world of crypto together with it features mainly the currency and its guide like public chain.

Cc
@stream4u

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Remember to put the correct tag for the course you are taking, you placed the wrong one and then edited the post, resubmit your assignment and put the correct tags.

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Thanks for your kind correction. I have apply the crrection by putting the correct tags