CRYPTO ACADEMY SEASON 3 BEGINNER'S COURSE, TASK 3 HOMEWORK POST FOR PROF@stream4u: BITCOIN, CRYPTOCURRENCIES, PUBLIC CHAINS BY @emyekanem
Greetings wonderful professors. Having read the lecture for task 3, I'll love to attempt question 3 out of all the questions.
Here is my task:
- WHAT IS PUBLIC CHAINS? AND WHAT WILL BE THE ADVANTAGES AND DISADVANTAGES OF A PUBLIC CHAIN?
The term Public has to do with everyone that exist in a community. While,
a blockchain is known as a series of block, connected to one another in a chain-like way. These blocks store information about transactions carried out by the nodes on the blockchain. There are specifically two types of blockchain; public and private blockchain. There is another two added to it which are; consortium and hybrid blockchain. But our main concentration and focus is on the public chain.
A public blockchainTherefore, a public blockchain can be defined as a decentralized platform that can be accessed by everyone and anyone who has interest to join or participate and also has access to an internet connection. That is, it doesn't require anyone to seek for permission before accessing it. Anyone can read the data or information on the platform. Since it is decentralized, the blockchain is not vested in the hands of any centralized authority. Nobody controls it and no user is restricted from joining the platform. Also, their stored data is immutable.
There are different kinds of public blockchain. Below are some of the blockchains:
image link- Bitcoin
- Ethereum
- Litecoin
- Steemit, etc.
Transactions on a public blockchain is validated with the use of consensus mechanism. Bitcoin and Ethereum are the two leading public blockchain and the make use of the Proof-of-Work (PoW) consensus protocol although Ethereum has began the movement of transiting into the Proof-of-Stake (PoS) consensus protocol.
Advantages of Public Chains
TRANSPARENCY: A public chain is more transparent than a private chain because it is decentralized and everybody can have access to it easily. Nothing done on this blockchain is hidden to anyone since everyone is free to write and read on the network.
DECENTRALIZED: As earlier said, a public chain is not controlled by any central authority or intermediary. Every node is liable to control and join the network.
SECURE: A public blockchain is made up of a great number of nodes who adds to the growth of the network and also distribute greater number of records, which makes it impossible for hackers to hack the network.
Disadvantages of Public Chains
LOW TRANSACTION SPEED: The public blockchain has a very low transaction speed because the network is made up of a great number of nodes and because of how many they are, validating transaction and Proof-of-Work consumes time. This is the reason Bitcoin can process only 7 transaction in a second while Ethereum, 15.
ISSUE IN SCALABILITY: Because of the low transaction speed, the more the size of the network is tried to be increased, the slower it gets.
ENERGY CONSUMPTION: The Proof-of-Work consensus mechanism involves solving certain cryptographic puzzles so, this process is really time and energy consuming.
EXPENSIVE: Also, the apparatus or equipment to carry out the Proof-of-Work mechanism is quite expensive.
IMMUTABILITY: The process of immutability has made it impossible for transactions to be reversed when transferred to the wrong person or data's recorded wrongly to be erased.
It is indeed my greatest pleasure learning more about Bitcoin, Cryptocurrencies and Public Chains.
Best regards Prof. @stream4u.
Hello esteemed Prof. @sapwood, I noticed that I was already given the task 3 label even when I was yet to carry out the task. To that note, I have done the task now and I please beckon on your attention to re-confirm the task 3 label so it won't look like I am executing the task the second time.
Thank you
Hi @emyekanem, Thank you for taking interest in the 3rd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You have completed the task.
You don't bold the questions you take.
Your explanation is too shallow, study the discussion more deeply, so you can add more information to your post.
You are using a copyrighted image, please replace it.
Many of your grammar is still wrong.
Thank you!
Good morning prof.
With all due respect, could you please point out my grammatical errors? Because I have checked and not seen any. I guess it should be from your own translator and not me. Also, could you please proof the unoriginality of my post?
Thank you in anticipation