Greetings to all steemians around the world. Hope all are happy in fulfilling the task in the community even we encounter hardships in completing the task. But I must try my best to learn more and be willing to share my ideas with everyone. Now I choose question number 3 in the task. Which is all about the public chain. Before I proceed let's talk about the two main types of public chain which is Public and Private Chain. A PUBLIC CHAIN is an open network in which any user can choose different services like they can read and download or taking part in the network. And PRIVATE CHAIN is regulated by a single entity. The contributing parties need the authorization to read, write, or audit the blockchain in which numerous layers of data access must keep certain data confidential.

So let us proceed to the main task.

What Is Public Chain

The PUBLIC CHAIN is an open network in which anyone can join without specific permission from others. They will be able to download the program, so that all people who want to join the network can be able to read, write, and can participate in the network or transact as long as they have the power to govern the process.

The best public blockchains that are usually used for cryptocurrency are Bitcoin and Ethereum because they are open source and smart blockchains. Each transaction is recorded with time and date. It was validated by the computer which is connected to the network before it was recorded in the blockchain.
Since it was a decentralized network, all information is encrypted and stored in multiple devices. It is impossible to steal information in the public chain because it is more secure because the blockchain has more users.
PUBLIC CHAINS can also perform without any restrictions. Anyone who has an internet connection can access the network where you can perform the mining process. Generally, such networks grow to offer some kind of encouragement for the users who validate the blocks.

A PUBLIC BLOCKCHAIN exceeded the absolute requirements of a third party. The system has its natural flow that no one can control the flow path however, everyone uses it. So it is simple to say that a public blockchain is a self-governed, purely decentralized, and autonomous digital public ledger.

A PUBLIC BLOCKCHAIN is ideal for us as a user if we are looking for a completely decentralized system.

Here are the characteristics of public blockchain architecture. This feature is different from other types of blockchain technology.

Each node has access to read and write on the ledger
Anyone of us can download and add nodes to the system
The technology is a fully decentralized one
No one can track your transactions back to you.
It is a bit slower compared to the private blockchain

What will be the Advantages and Disadvantages of Public Chain?

Let us review the advantages of a public blockchain. Based on my research public blockchain has greater transparency, it has a True Decentralized Structure, User Empowerment, Immutability, and gives you maximum security. So let me explain one by one.

Greater Transparency

PUBLIC BLOCKCHAINS have a commonly shared agreement among the users of the network. It is considered a public network better because of its transparency. Considering that a Blockchain is the new monetizing system that is transparent and with no supervision over anything. You must have to pay various charges when you have to send money to someone in the traditional method.
Besides, all the records of the transactions are protected and secured.
Everyone can track the system when we shared the common digital ledger with anyone else. The result is more transparency and it needs a third party to validate the transactions.

True Decentralized Structure

The public blockchain network infrastructure is entirely DECENTRALIZED. Therefore, all the nodes in the network will have extremely own duplicate copy of the ledger. With the use of consensus algorithms, we can update the ledger efficiently. We don't need any permission from the central authority because this type of blockchain will offer a truly decentralized structure.

User Empowerment

Any user who has an internet connection will be able to download or make their copy of the blockchain and they have complete authority to read or re-write it. This means that we have the control or the general people have control of the panel, not the other corporation. We, the user of the system have the complete authority to utilize the system.

Immutability

The public blockchain network is entirely unchangeable. It means that no one can change or manipulate the system or even can steal the data that is being stored in the system. If there is someone who will attempt to interfere with the blocks like spending it in double, all of the other nodes will deny the transaction. Therefore in this case several problems will be diminished in this technology.

Maximum security

A public blockchain is developed to operate in the maximum security where the online hackers cannot attack the system. So, Public blockchain works hard to maintain high-security standards protocol.

Disadvantages of Public Chain

Speed

This is one of the major problems with public blockchain technology. Like for example Bitcoin, it is very slow because they provide only seven transactions per second.
Public blockchains are slow because it will take time for the network to reach a consensus. Therefore, every single block will take a long time, compared to a private blockchain.

Scalability Is an Issue

Public blockchains also face scalability concerns in centralized systems. The more people or users who join a public blockchain network, the slower it gets because more transactions clog the network.
If you are using a bitcoin network you should know if the transaction is completed depending on the network congestion.
Lastly, we can tell that blockchain might not be sufficient for real-world applications. However, It will need significant development before we will embrace it in our day-to-day life.

High Power Consumption

Lastly, power consumption has been a problem when it comes to the public blockchain. Especially when we will using Bitcoin’s algorithm which relies on Proof-of-Work, we will use a lot of electricity to function. But we can use other algorithms such as Proof-of-Stake which uses smaller electricity consumption.

CONCLUSION

Therefore conclude that a public blockchain is more acceptable to all the users. When we join a blockchain we must ensure that it will satisfy our goal why we participate and embrace it in our daily life. It was a tremendous experience going through the lesson and it was also very informative as I learned further about cryptocurrencies, Bitcoin, and public chains.

Thanks to professors @stream4u for your time for the task. Hope I meet up to your standards.