Crypto Academy Season 3 Beginners' course - Task 3: Bitcoin, Cryptocurrencies, Public chains for @stream4u

Hello friends. I am @noariz. This is my homework for the professor @stream4u.

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

A public chain is a chain which is free for all the users to use without any restriction. You can access the public chain from anywhere without any limit. There is no middle man in case of public chain. It is free for the whole public.

It is a decentralized chain where no third party is involved. The users contact directly with each other without interference of any third party. As it is decentralized so there is no person in middle to monitor or control the whole system. The public has right to govern it. The public is even allowed to express their ideas about the performance of system.

Public chain is free for whole public. The only need to access the public chain is internet connection. By connecting your device with internet, you can read and write on public chain.

There is no specific criteria to meet in case of accessing or using the private chain. Everyone has equal rights without any classification(user, owner). The users perform transactions any time, anywhere without any bound or limit.

What will be the Advantages and Disadvantages of Public Chain

There are many advantages of public chain. I am going to mention some major.

Free for all:

The public blockchain does not require the user to meet some criteria in order to get access to network. You just need to have an active internet connection. By just having that, you can access the public chain from anywhere.

Immutable:

The public chain is immutable. You cannot get your word back in this system. Once you perform a transaction, it cannot be reverse.

Decentralized:

The public chain is decentralized. There is no middle man. No central party to set the rules or to restrict the usrrs. Users feel freedom to express their thoughts and ideas.

User's personal information:

As there is no central authority, so no one, except user, have access to the user's personal information. Only user can see his personal information.

Transaction fee:

The transaction fee is very low in public chain. As it is decentralized, so it almost free.

No bound or limit:

There is no limit related to transaction. You can transact as much money as you want to any person.

Fraud:
The public chain have no central authority. You are free to perform transactions. You can send the money to any user without any restriction. SO sometime this method is use for committing fruads and crime.

Speed:
When a transaction is performed, it need to get verified from all the participant nodes. It take much time in verification. Which make this system slow.

Wrong transaction:
If you perform a wrong transaction, you cannot change it at all. The public chain is immutable. Once you perform transaction and it get recorded, you are not able to change it.

Transparent:
The public chain is transparent. it's mean that the whole account information of one user is visible to everyone on the network. Any one can have a check on your account.

Conclusion:

The public chain is decentralized. No central authority is there to restrict users, so users more freely express their ideas. The users are real owner of public chain. It is considered more secure by the users as no one able to get access to their personal information. But it has some dark sides. It is totally transparent. Your whole account is visible to anyone on the platform and you can not stop him to watch your activities and even your wallet is transparent too. But still the implementation of public chain in out organization will make our organization more successful and fast,