Crypto Acedemy Season 3 Beginners course | Task 3: Bitcoin, Crytocurrencies, Public Chain

Hello Steem world, it's pleasant to participate in this great homework task organized by @stream4u. I enjoyed every bit of the lecture, thank you Prof. @stream4u for simplifying the lecture enough for ease understanding.

Here's my homework entry post.

Question 3: What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?

What is Public Chain?

As the name implies, Public Chain is a network that's open for everyone to participate in without any form of restrictions.
Public chain is a decentralized system, that is it's not controlled hy any person or authority.
Transactions of public chain are transparent for everyone to view, even though user's informations are transparent for others to be able to assess, the system still maintains a high level of security as all informations are encrypted.
Transactions of are lebelled as blocks when it has undergone verification by different nodes, and different blocks come together to make up a chain.
Sine examples of public chains used today are; Bitcoin, Litcoin, Etherium etc.

Advantages of the Public Chain

1. Accessible and Open: Public chain is a very open network that can be accessed by any one at any point in time without no forms of restrictions.
2. Transparency: Transactions of public chains are made transparent and can be easily accessed by others.
3. No trust issues: Because the system is not owned and controlled by anyone and all transactions of users' are made open, the issue of trust is eliminated.
4. Maximum Security: Because of it's decentralized nature it is almost difficult for the system to experience an attack.
5. Anonymous: Though public chains are open, it don't reveal users' data which is one of the reasons it is widely used.
6. Decentralized: Public Chain is decentralized in nature. It is not controlled or managed by a person or group of persons.

Disadvantages of the Public Chain

1. Low Speed: Public chains lacks speed which is one of the issue faced by users' of the system. Transaction takes longer time to process because when a transaction is made it has to go through all the nodes before it can be verified and recorded as a block. These whole process is what make the public chain slow. The more users operating on the system, the more slower the system becomes.
2. Energy consumption: Public chain operates using Proof-of-Work which requires much electricity.
3. The anonymous nature of public chain makes it easy for some uers' to use it for illegal transactions.

Conclusion <\center>

Blockchain is what powers cryptocurrencies. Blockchain was able to achieve transparency and security because of it's decentralized nature. The tpyes of Blockchain are private and public chain. The public chain which I talked about in this homework post is the most popular because of it's accessibility nature. Another factor that led to the popularity of public chain is it's anonymity nature, off course most persons prefer that their financial informations be kept a secret.

Thank you for visiting my post. Hope it was interesting.