Assalamualaikum
How are you my friends. Am very happy to share my post with all of you. So this is post is about the topic of Public Blockchain and it pros and cons. In this post I discuss all these aspects.
What is Public Chain?
As its name suggests, Public Chain is a network open to anyone to participate without any restrictions. A public chain is a decentralized system, which cannot be controlled by a single person or authority. Public chain transactions are open for anyone to view, although user information is open for others to assess, the system still maintains a high level of security as all information is encrypted. Transactions are counted as blocks when they are verified by different nodes, and different blocks join together to form a chain. Similar examples of public chains in use today are; Bitcoin, Litecoin, Ethereum, etc
Advantages of Public Chain.
Accessible and open: A public web is a very open web that anyone can access at any time without any restrictions.
Transparency: Public blockchain transactions are made transparent and easily accessible by others.
No trust issues: Because the system is not owned or controlled and all user transactions are unlocked, the trust issue is eliminated.
Maximum Security: Due to its decentralized nature, it is difficult for the system to face an attack.
Anonymous: Although public chains are open, they do not reveal user data, which is one of the reasons they are widely used.
Decentralized: A public chain is publicized by nature. I am not controlled or controlled by one person or group of people.
Disadvantages Public Chain.
Low speed: The public chain lacks speed, which is one of the problems faced by the users of the system. Transactions take a long time to process because when a transaction is made, it has to go through all the nodes before it is confirmed and registered as a block. This whole process is what makes the public chain slow. The more users running on the system, the slower the system will be.
Energy consumption: The public chain works with proof of work which requires a lot of electricity.
The anonymous nature of the public chain makes it easy for some users to use it for illegal transactions.
Conclusion
Blockchain is what drives cryptocurrencies. Blockchain was able to achieve transparency and security because of its decentralized nature. Blockchain types are private and public chains. The public thread I talked about in the homework post is the most popular because of its accessibility. Another factor that has led to the popularity of the public chain is the anonymous nature, of course, most people prefer their financial information to be hidden.
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