Public Blockchain - Steemit Crypto Academy Season 5 - Homework Post for Task 5. Club75

in hive-108451 •  7 months ago 

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INTRODUCTION

Greetings everyone trust you all are having a good Time? Welcome to my blog. Am here once more to complete my assignment on Public Chains lectured by @stream4.u Below is the question I chose

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

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They are quite numbers of types of Block-chain Technology wirh different purpose. For instance there blockchains for Federated Blockchain Public Blockchain and Private Blockchain where by all of them has their purpose differently. In this post I will be telling you what a Public Blockchain is and it's Pro and Cons.

What is Public Blockchain

A Public Blockchain can be defined as a decentralized system where anybody can have access to the platform meaning that anyone can participate in the Blockchain by writing, auditing and reading the information in the platform. This system uses consensus mechanism to confirm transactions. For example Bitcoin and Ethereum make use of proof-of-work (POW) consensus mechanism. This system offers valuable solutions from a decentralized, democratized and authority-free operations.

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Advantages

  • It gives maximum security. Platforms on Public Blockchain are designed to have a maximum security.

  • It doesn't need any form of regulations

  • It is open for everyone and it is also transparent

  • It doesn't consume much power and it is immutability

  • It is not controlled by a group of people or any form of authorities governing it

  • It uses peer to peer network making it a total decentralized system

  • People that validate transactions on this system are anonymous.

Disadvantages

  • It consumes much power or energy which is very important to maintain the distributed Public ledger

  • It has a high risk of potential collisions

  • Speed is one of the problems if a public blockchain. For example Bitcoin processes 4.6 transactions in a second where as in a private blockchain company like visa can process 1700 transactions in a seconds

  • In Public Blockchain it users don't need to provide any form of identity, what it needs is for it's users to commit their processing power to become a part of the system.

  • It has a storage problem. For instance bitcoin has storage issues where by the space for storing per block is 1mb. This makes it insufficient for transcations

CONCLUSION

I believe you now know and understand what a Public Blockchain is and it's advantages and disadvantages. You can Successfully try any blockchain based solution with the use of Public Blockchains. Although this blockchain is not suitable for enterprises solution due to it has many features. Are you just beginning your journey in the world of Blockchain you need to understand it's bases and how it works.

Thanks for visit and support @stream4u here is my assignment
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