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What is a public chain and what are the advantages and disadvantages of a public chain?

Welcome to my beginners courses Homework Task 3 which was lectured by @stream4u of @cryptoacademy. Here we have two types of chains open / public and private. Public chain is accessible to users and is allowed to edit here. While private China is not accessible to consumers, you do have access to it. You need permission to access it. Now let's focus on the public chain. Who are called professors. Thank you for reading.

What Is Public Chain?

The public chain can be described as a blockchain that is open to the general public. A user is allowed to access, read, edit, and participate in governing the blockchain ecosystem. A public chain is a distributed and decentralized chain, so it stores transactions as blocks, interconnected and must have the time and date of each transaction on the block and through each computer in the network. Must be verified before all can be stored in the blockchain.

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Explain about nodes "Nodes" are authentication computers that are connected to each other and are called "Nodes". The public chain here makes every transaction public and records the equivalent of each node and so on. Here the public blockchain is made immovable and transparent. Data on the public chain is verified and stored in it. It can be manipulated or changed later.

The public chain is open source. On the other hand, it uses the smart contract mechanism to access any agreement on the network and when the set condition is met, the smart agreement automatically activates the agreement. The public chain is a completely uncensored transparent ledger that is decentralized. The data is encrypted and stores the data in different nodes and also in different places. Hacking a public chain is difficult, if not impossible, because its data is distributed to nodes. If one node is faulty, other nodes can point it out.

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What will be the Advantages and Disadvantages of Public Chain?

Advantages

1. Open Source

You don't need permission to access Dream Chain Stock and you can read and edit it, and it's open to the general public.

2. Decentralized

It is decentralized, so it can be controlled by common nodes on the network, not by individual groups.

3. Secured

It protects the data of the public chain because once the data is verified and stored on the network, then no change can take place.

4. Immutability

The public chain needs to agree on its many nodes and before that a record can be made an accurate record and then a consensus can be reached. Then it becomes irreversible because the data cannot be tampered with

5. Transparency

The public chain is a transparent network. An institution does not control any decision but the decision is made by consensus. Distributes data to all nodes and verifies transactions by consensus, making it more transparent.

Disadvantages

1.Low Scalability

Here the transaction process becomes very slow because there are multiple nodes confirming and verifying the transaction.

2.Very Expensive to Operate

Public blockchain requires more energy to build and sustain, and more power to gain network consensus, so the process is very expensive.

3.Unknown Validators

In a public chain, you don't know who will legitimize you. Therefore, possible collusion increases the risk of an attack by 51%.

4.Unregulated

It is impossible for any public office to be controlled by any institution or government so it can be easily used to commit a crime and no one else can track you down.

CONCLUSION

Blockchain gives consumers every kind of freedom without any restrictions and this also applies to most usage matters. So the best solution for business people who need to integrate Blockchain there is business. The solution is public

@Regards

@naveed15125