WHAT ARE SOME OF THE HARD TO OVERLOOK DISADVANTAGES OF THE PERMISSIONLESS BLOCKCHAIN.

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Good day to you all I know its been a while but here I am, I am back hope you all didn't miss me too much because I have missed you all, enough with the pleasantries, this is my first post since a long time and I'm basically going to be discussing and explaining some of the many disadvantages of the permissionless blockchain network but before I dive into it I would like to first talk a little on what the permissionless blockchain network is all about.

So basically a permissionless blockchain network can be defined as an open network where anyone can join, participate, and validate transactions without needing or requiring approval from a central authority, this permissionless blockchain network basically relies and operates on decentralized consensus mechanisms, like proof of work or proof of stake, to verify data and maintain its security and integrity.

The blockchain networks of cryptocurrencies like Bitcoin and Ethereum are basically the ones that operate as permissionless and because of the fact that the permissionless blockchains are public and transparent they support peer to peer interactions basically enabling anyone to access the network and view transactions but while this transparency and openness is beneficial it also has some disadvantages and requires robust security measures.

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NEGATIVE IMPACT OF ITS ENERGY CONSUMPTION

One of the disadvantages and challenges in which the permissionless block chain network and system faces in facilitating the operations of the cryptocurrencies that adopts it is the issue of energy consumption, and this challenge arises basically because of the fact that the permissionless blockchain network and system operates on and adopts the proof of work consensus mechanism as a result much energy is required which raises concerns because of its adverse effects on the environment.

Basically the amount of electricity and energy required and consumed during processes like mining for example the amount of carbon oxides emitted as a result would be some much to raise alarm and the adverse effects of it will soon probably be seen in the surrounding premises and this can result in ending the operation of the cryptocurrency mining or maybe tagging it as being unfriendly to the environment and unsustainable over the long run.

So basically this alone can be said to be a very big and serve disadvantage because when users starts to question the sustainability of the permissionless block chain it would prevent its growth, the growth of the cryptocurrency which has adopted it in the first place and even the growth of the entire cryptocurrency ecosystem as a whole if care and the proper and adequate measures is not taken on time.

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REGULATORY CHALLENGES

Basically permissionless or not permissionless the blockchain network and technology is still the blockchain network and as such it still maintains and preserves its basic and fundamental features and characteristics like be decentralized for example or being immutable and tamper proof this means that the permissionless blockchain network and system remains decentralized and as such operates without control of any central authority.

The only thing that differentiates the permissionless blockchain network from the traditional blockchain network is basically access, meaning that the permissionless blockchain network has free access just like I have said in the beginning of this post and while the traditional blockchain network has restricted access and is not easily accessible and can be said to be a closed network.

The permissionless blockchain network was basically created in a way that the central authorities will have no control over it however, these authorities and governmental bodies still try to regulate and set strict guidelines and because of this creating a challenge for the permissionless blockchain network, owing to the facts that its regulations and guidelines are not fixed and as such hinders adoption of the network.

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LACK OF ADEQUATE SCALABILITY

Ensuring and providing scalability is one of the challenges that is common for all types of cryptocurrency and blockchain networks, basically scalability can simply be said to be the ability of blockchain networks to be able to efficiently carry out and process transactions regardless of the increasing amount or number without it affecting the functionality of the blockchain network.

Therefore, the lack of scalability means that the permissionless blockchain network is lacks basically the ability to carry out and process transactions in increased quantities without compromising its efficiency this therefore stands to be practically one of the setbacks, challenges and disadvantages of the permissionless blockchain network and we basically notice this in cryptocurrencies like Bitcoin and Ethereum .

Additionally, because of the lack of adequate scalability when the number of transactions increase there will be a decrease in the efficiency of the permissionless blockchain network when it comes to processing these transactions and as a result there is likely to be increment of transaction fees and decrease in transaction time therefore, this disadvantage reduces the growth of the permissionless blockchain network and increase the cost of processing transactions.

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SECURITY CHALLENGES.

Basically with the way the permissionless blockchain network operates by being open and open network and by being easily accessible to many users it is more prone and susceptible to attacks and security breaches because I mean by been an open network all manner of attacks can be attempted by malicious users they can propagate phishing attack, double spending and so on and so forth.

This therefore poses a challenge in the sense that if the permissionless blockchain network is known to have a reputation of being susceptible to attacks and security risks it may most likely deter and discourage adoption from new users, potential and promising investors and stakeholders and this will only get worse if the attack is ever successful.

Because this will most likely damage and ruin the reputation of the permissionless blockchain network and also the trust that users might have in it as a result of this it's failure to secure the data and cryptocurrency of its users and ultimately its lack of adequate, robust and resistant security protocols and mechanisms it will prove to be of disadvantage.

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CONCLUSION

In conclusion, I quite hope you enjoy reading this post and I hope to see your positive comments.