Hello everyone. This is @hibbanoor and i am very thankful to the @stream4u for such a wonderful lecture. I am new on steemit but these introductory lectures are helping me great to learn more about crypto world in an easy way. Now i am going to do my homework task which is about the Public chain. So let's start.
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What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
Public chain, as its name refer, a chain which is available to the public. The public is allowed to access the chain with just having the internet connection, they can read, change and even perform transactions. There is no restriction at all for users on public chain to meet some criteria to perform the transactions or to access the network. The whole public is allowed to govern the network system. All the users on network are equal and there is no owner of it to rule the others. Everyone have equal access to data and everyone can read or write the information which is stored in blockchain.
The public chain is just like a blockchain. It is decentralized mean there is no middle party to own the network. The Whole information about a transaction (mean when it occur, time, date) is mentioned . The blocks are connected with each other and form a chain.
When a transaction occur, it must get the authorization by all the participant node on the network. When a transactions occur and get authorized/validate by all the participant, it is stored on the public blockchain.
Public blockchain is transparent to all. Mean anyone can read data from there but cannot change data. Public chain is immutable. When you perform a transaction, You cannot change it at all.
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What will be the Advantages and Disadvantages of Public Chain?
Easy to access: Public chain is easily accessible to everyone. There is no specific criteria to meet to access the public chain. You can read, write and perform transactions too after accessing it.
Decentralized: The public chain is decentralized. It means that there is no middleman. All the participants are equal. The transactions are performed P2P without involving a third party.
Transparent: The public chain is transparent. Its mean that the data stored here is visible to all. Everyone on network is able to see the transaction history. Any one can read which user send how much money to which address. Whole history and data stored in blocks is transparent.
Unchangeable: The public chain is transparent. Any one can access the data stored here. But the data is immutable. Once the transaction is performed, it cannot change later on by anyone on the network. Data stored here is just readable.
Open source: Public chain is open source. It is free to use by all without any restriction.
More secured: The public blockchain is decentralized. It's mean that there is no third party involve here. So more authorization is given to user. Only he can access his personal information. All his personal data keep confidential and no third man have access to it.
Free to make transactions: You can perform transactions freely without any restriction. You can transfer as much money as you want to any person.
Disadvantages of Public chain
Transparent: The whole history and data is transparent to each node on network. Everyone can access your history without your permission.
Very slow process: When a transaction is perform on the network, all the nodes validate it. Only after get validation from all the nodes, the transaction is recorded on block. Because the transaction require to get validation of all the participants, so this make the process low. The decentralized blockchain or usually slow as compare to the centralized system.
Require more energy: The public blockchain require to maintain the system. Much energy is being consumed in process of generation of blocks. Moreover, high energy si require in order to get access to the network.
Expensive: The minors need to consume much energy for generation of blocks. The blocks generation process is done on very heavy and expensive computers.
Immutable: This thing sometime is not good for participants. If you perform a wrong transaction, mean you have sent money to wrong address by mistake, There is no way to get the money back. Once data is entered, it cannot change at all on public chain.
Crime scene: As there is no one to regulate the public chain, so this chain can be used by the fraud people to do the illegal transactions.
Conclusion
The public chain is getting popularity day by day. The public is attracting toward this because it is open source and easily accessible. It give freedom to the user. There is no third party to control the whole system. All the participants are equal and perform the transactions as much as they want with low transaction fee or free. Is is being used in many field of life because people are getting familiar with its benefits. Moreover, the users feel more secure as their personal information keep hide and confidential. The world is going to digital, that's why the use of this technology is increasing rapidly.