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

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

Good day great steemians, you are all welcomed to my blog today. I will be engaging us with today's task on Beginners' Fixed Courses TASK-3.

Public Chain

Blockchain technology which happens to be more pronounced after the advent of the cryptocurrency is seen to have evolved in its protocol application. We have the protocol which is assumed to work in a manner that is supposed to be that of the closed Network transmission which is the Private Chain system while that with uninterrupted access of connectivity is what we see today as the Public Chain system.

The Public chain is more or less the decentralized system which entails that there is the freedom to connect to its protocol without any form of restriction in its access use. All participating nodes in the public chain enjoy the liberty to work while processing information and data in its protocol while taking into cognizance the existing smart contract in use. This means that all nodes are not gagged in carrying out all tasks in the system unlike what is obtainable in the private Chain.

Due to these decentralized features that allow all participating systems connected to the server to have equal and uninterrupted access to all protocols, it gives the public chain an additional security layer that makes malware attack quite an impossible task to override system protocols. In the completion of any task or given transaction, there is a consensus reached by all participating systems in the server which makes gives it an edge in its security level.

Due to its outstanding features of openness, trustless system, permissionless and no activities of a middle agent, the public chain has witnessed a reasonable form drive in its protocol engagement though there is still enough work to be done to engage in its awareness. Investors are confident to invest into the public chain given to all these unique features which drive trust, confidence and security of assets in its space.

Advantages of a Public Chain

• Easy Access in joining Chain: Just as obtained in a decentralized system, enrollment of newbies into the system is quite an easy one vis-a-vis when compared with the private/centralized or closed chained with a multiplicity of processes and KYC documentation

• Free from Middle-Agents: In the centralized or Private chains, we know that the activities of agents are seen to add up the cost of executing transactions and hence increases the overall cost of transactions seen in the system. This means that elimination of these agents in the Public chain transaction process entails a lesser cost of operation and time of execution.

• Additional Security Layer: The presence of the different participating nodes in the system makes it quite an enormous task to breach its system with malware attack as this entails that all nodes are to be attacked at the same time to grant access to system protocol.

• Transparency: Due to its open-source feature and access to anytime auditing of its system, there is a high level of transparency indices guaranteed in the Public chain system.

• No Central Authority: There is no reporting line seen in the public chain as every participant engages directly with the system without having to take orders from any central authority instead there is a smart contract that everyone needed to engage in to get its transaction consummated.

• Decision Making and Account Ownership: There is complete liberty of how anyone can engage the system with full control of decision making saddle to the user. Also is the complete access of account for a lifetime with the presence of All Keys.

In all of these, no system is void of drawbacks.

Disadvantages of a Public Chain

• Scalability Issues: This is one of the issues that has saddled the decentralized or Public chain space. Due to the presence of several participants in the server as the multiple nodes keep interacting to reach a consensus, this hampers its Transaction Per the Second throughput.

• Difficulty in Exploring as a New user: There is always this case of difficulty exploring the interface seen in a public or decentralized chain due to the complexity observed in its use case. This in extension also affects the flexibility of this interface as they are hardly changed.

• High Cost of putting up the Public Chain: This is always the case of putting up the public chain project. This has hampered the proliferation of the public chain project as small and medium average participants may not have the capacity to put up one.

Conclusion

The advent of the Public chain and how much it has evolved has seen its application in the different sectors of our day to day lives. Though there is more work undone in improving its reach to all a sundry, it has been a game-changer for those who has taken its application into solving man's quest for change.

Written by @Kinkyamiee