Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains. By professor @stream4u by @jollybake

Homework Tasks 3

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(1) What Is Cryptocurrency and How You Would Like To See Cryptocurrency In The Feature?

OR

(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?

OR

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

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Hello steemit crypto academic community, it is my pleasure to be here once again for the fixed beginners course task 3.

I want to say a big thank you to professor @stream4u for all the effort he has put in for us to have this class. I appreciate you sir.

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

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      What Is Public Chain 

A Public chain is just like a wifi without password, that means that it has no restrictions, any and everyone has equal rights to utilize it as they see fit.

Inorder words, public chain is a network which acts like a decentralized system whereby power for execution of plans and decision making of an organization or platform is not centralized but delegated to a large group of people to manage the affairs.

More so, anyone can see the ledger and take part in the consensus process therefore, anyone can write, view, read the data in the blockchain and this data is store in the public domain which is accessible to everyone and the stored data is immutable which means that when stored,it's stored and unchanged.

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What will be the Advantages and Disadvantages of Public Chain?

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     Advantages of Public Chain

• Because it's like a decentralized system, decision making is not made by one individual but by group after every party involved has brought suggestions,the more feasible suggestions is utilize for the proper running of the system.

• A participate can easily login and carry out his/her activity without future fear of restrictions of access.

• Due to the immutability of public chain,data are saved and secured.

• In public chain, data stored are transparent for everyone to see and access.

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  Disadvantages of Public Chain?

• Due to the inflow of users to the platform as compared to centralized system,the decentralized system is a bit slow to it's activity.

• Double Spending /one theft
  There is a risk that a participant with, for example, one bitcoin can spend it twice and fraudulently receive goods to the value of two bitcoins before one of the providers of goods or services realises that the money has already been spent.
  Also, a participate who does business with another participate for example transfer of say one bitcoin and then the other party receive it but claims that he/her has not received it.

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Conclusion

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Public chain is a home for everyone so long as there is a network connection.

In as much as the advantages of public chain out ways the disadvantages, it is advisable that we know the people who we engage when we are doing our business.
Thanks for reading my post