Good evening everyone hope we all had a great day? @stream4u I've gone through your lecture and it's a really Interesting own, based on my own idea and what I've learnt from your lesson I'm able to come up with this my assignment.
What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
There are 2 words involved which is the PUBLIC and the CHAIN and we'll want to talk about them one after the other so we will really know what we are taking about .
Public means something that isn't private or it can also mean a body of people sharing a common interest, while chain means a link or connected series of object chain can also mean linking together of things. So we can now say that a public chain can be defined as a body or system that allows a large number of people to be connected and have the same interest,right and privileged I e no one is above the other
A public chain is a decentralized network, This is a blockchain with less or no restrictions on the users. Anyone can sign up on a public blockchain platform to become an authorized user and be part of the blockchain network. Any user that is part of this blockchain can have access to both current and past transactions and records on the blockchain.
In a public chain there is no head, no prefential treatment i.e no one is above the other in a public chain everyone is a leader, each system in a public chain which is called a NODE are connected together in a network
NOTE: the Blockchain is a combination of many nodes.
Example of the public blockchain included the Ethereum Blockchain and the bitcoin blockchain
Advantages and disadvantages of public chain
|1. Anyone is allowed to access the public chai, there is no CRITERIA to limit those who's joining||they face challenges of over scalability|
|2. All transactions are made public||transactions in the public chain is slow cause it takes time before the whole system I.e node comes together to reach an agreement|
|3. Since transactions using the public chain is transparent and also public there is no need for trust since there are no secrets using the public chain||everyone in a public chain is a leader and they all have an Idea that they want to be Heard and make come to pass and this leads to conflict amongst them|
|4. A public chain is a decentralised one, the more decentralised it becomes the more secure it is||transactions also the time in the public chain cause of the transactions that are been carried out there are too many.|
Based on your lecture @stream4u and my knowledge I've been able to come up with this, thank you for this wonderful lecture, it's was a great experience going through this lecture weldone sir.