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

INTRODUCTION

Hi guys,welcome to steemit crypto academy season 3 . Today I'll be doing task 3 of the beginners fixed course based on the lecture given by professor @stream4u.

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What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?

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PUBLIC CHAIN

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When we first hear the phrase "Public chain", what immediately comes to mind is a lot of people joined together. Public means a large group of people and chain means coming together . Therefore we can define public chain as a system that allows a large group of participants work together ,sharing equal rights and privileges.

A public chain is like a decentralized network. All the information on a public chain is transparent and anyone can access it. A public chain also allows users join when they want and there are no restrictions when it comes to user participation.

In a public chain ,there is no head or constituted authority that governs over all. There are no regulations set in place and each user has the same power. Meaning each user can influence the chain. Each computer in a public chain ( called a node) are connected together in a network. Each transaction done by these nodes are made public and totally transparent in such a way that other nodes can access it.

Some examples of public chain include the Bitcoin block chain and ethereum block chain.

One key takeaway about the public chain is that it is a combination of a wide range of nodes,users, computers, etc where transactions take place transparently and without a figure head or an authoritative head.

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ADVANTAGES AN DISADVANTAGES OF PUBLIC CHAIN

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Like most things in this world, public chain also have advantages and disadvantages. Here are a few;

ADVANTAGES	DISADVANTAGES
1. Anyone can join a public chain. There's no permission required. Anyone can easily join.	1. Transactions are a bit slow as it takes a while before the entire system comes to a consensus.
2. All transactions are publicized and made transparent,thereby limiting fraud.	2. Public chain burns so much energy as the amount of transactions done are very high.
3. A public chain is very secure. As the chain becomes more decentralized it becomes more secure.	3. Public chains also have issues like overscalpabilty	.
4. All records are made public so there's no need for trust	4. In a public chain ,everyone has their own ideas which they want to be heard . Different ideologies of making decisions might lead to conflict.

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The public chain is a secure , transparent chain that allows everyone access but this same public chain also has its cons as the amount of activities done consumes a lot of energy, sometimes even the new people joining may be fraudsters and this is bad for the chain.

Over all , everything that has advantages would surely have disadvantages as we've seen up there.

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CONCLUSION;

It was a great experience going through the lecture and it was also very informative as I learnt more about crypto currencies, Bitcoin and public chain.

Thank you for the lecture professor @stream4u

CC: @stream4u