Hi Steemians,,,
I'm dhanux94. First of all, I would like to thank Professor @stream4u for providing the details. Your lecture was very important to me for this homework. I learned a lot about the Bitcoin, Cryptocurrency & Public Chains.
I will answer the first of the three questions you mentioned. I also kindly invite professor @stream4u to check out my homework I did below.
(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
We define a public chain as a network that anyone can access and exit without any hindrance. Simply put, it is a decentralized platform that anyone can access. This common chain gives all users equal authority and access within the ecosystem.
A compromise mechanism is used to validate transactions in a common blockchain. Bitcoin and Ethereum are examples of such blocks. Many such blocks have been found so far. The transparent, decentralized nature of public chains is one of the best catalysts for nurturing users. Due to this, Satoshi Nakamoto, the founder of Bitcoin, is said to have used this common chain mode in his Bitcoin work in 2009. After Satoshi's awareness of blockchain, researchers began to improve and discovered personal chains and other well - known chains around the world.
A public chain gives each user a copy of a public ledger, allowing them to work with it. In a public chain, every moment of processing is visible to its users and can be reviewed at any time without any interruption. Also, no third party is required to transact here. It also specializes in judging users' desires. There is no other intervention to control the activities of the chain. A specific public chain has the ability to provide service anywhere, anytime.
Let us briefly look at the specifics of this common chain.
| No | Specifics |
|---|---|
| 1 | Digital ledger can read and write |
| 2 | Transactions have anonymity. |
| 3 | Anyone can access. |
| 4 | Nodes can be added and downloaded. |
| 5 | Data cannot be changed. |
| 6 | There is no central authority. |
| 7 | Fully decentralized. |
| 8 | There is no limit to the flow of knowledge. |
| 9 | The dynamics of the ecosystem depend on the user. |
Advantages
• Transactions made in a blockchain are not subject to change and no data is changed.
• Since the network is a fully decentralized system, each node has an image that is efficiently updated using a compromise algorithm.
• Encouragement is based on a scheme that encourages new participants to stay active and keep the network active.
• This is the most transparent blockchain ever found, as every user has a copy of the blockchain ledger.
• It can be created and owned by a user without any restrictions and there are no rules for use.
• Public blocking is a particularly valuable solution from the point of view of a truly decentralized, democratic and non-authoritarian operation.
• Data or transactions created in a blockchain cannot be entered without permission. Since this is a chain, if someone is going to do it, he has to change all the sequential blocks attached to the relevant block.
Disadvantages
• Compared to the others, the transactions are very slow. Companies are not accessible and large crowds get worse.
• Proving parts like Bitcoin is a mathematical puzzle that is not useful to many.
• Maintaining a distributed public ledger requires high power consumption.
• Lack of privacy and lack of anonymity is also a disadvantage here. This is a reason to weaken the security of the network and the identity of the participant.
• Along with genuine contributors, participants may also include fraudulent members involved in malicious activities such as unauthorized access, token theft, and network blocking.
• The capacity of a public chain is increasing rapidly but there is no process to manage this.
• When such problems exist, it takes a lot of time and effort to solve them.
Thank you😊
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