Homework post for Task 5: WHAT IS PUBLIC CHAIN AND WHAT WILL BE THE ADVANTAGE AND DISADVANTAGE OF PUBLIC CHAIN

Public Blockchain is a decentralized platform which can be accessible by everyone. Here, every one has a free access, free entry and free exit. There is liberty to participate, write and code information on the site.

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No entity controls the site or network. A public Blockchain has no central authority to control the network.

PRIVATE Blockchains are activated based on access controls which helps to reduce or screen out people who can participate in the network. Example: Ripple(XRP) and Hyper ledger

Similarities Between Public and Private Blockchains

1. Records for both cannot be deleted, records can be added.
2. Both are decentralized using peer to peer computer network.
3. The validity of every record is verified.
4. Both rely on numerous users to validate records .
5. To verify records, majority agree to a valid record , this prevents record trespassing.

Difference Between Public and Private Blockchains

The difference between Public and private blockchain are

1. The accessibility of participants to ensure decentralization , public blockchain are open totally. Anyone can join in by verifying data examples: Bitcoin, Ethereum
2. Public blockchain is decentralized, private blockchain is centralized. Transactions are lesser per second in the public blockchain than private.
3. Public blockchains allows anonymous users unlike private blockchain will never allow unknown users.

Advantages of Public Blockchain

1. Everything is recorded and known to everyone. There are incentives to increase the zeal for better network, no need for intermediaries.
2. Security: A public blockchain is very secured because the more and more decentralized and active it is, the more strength the security has, with the continuous influx of more people, it is very rare to launch an attack, no form of orchestrated attack can surface.
3. It is very transparent: The transparency increase potential uses such as decentralized identity.

Disadvantages of public Blockchain

1. One of the biggest problems of public blockchain is Speed. Just like bitcoin, they are extremely slow and ca only manage to process seven transactions per second compared to Visa that can run over 24000 transactions per second. It is slow because it takes time for the network to process a single block compared to private.
2. They can't compete with traditional system, the more it is used, the more it is used to slow it's operations. More work clogs the network although steps are being taken to rectify it.
3. High energy consumption: it uses proof-of-work which relies on a lot of energy consumption.

Why PUBLIC BLOCKCHAIN is BETTER OPTION

1. It helps increase trust, security and assurance. It is more preferred because it projects safety.. Although speed is a challenge, still larger communities prefer it because of trust.
2. Most financial institution opts for public blockchain especially for storage reasons.
3. With the constant increase and development of the block chain technology, public blockchain has been of great development and it is hoped that it will continually get better.

CONCLUSION

The role of block chain cannot be over emphasised as it is important to know ,it will keep evolving judging from the present growth. We expect that blockchain will progressively take over in the coming years.Agencies like the government, healthcare, finance will increase the blockchain and this will lead to the change and betterment of lives.

Cc: @stream4u