Question

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

# Introduction Hello everyone hope we all doing good , to I will be talking on Bitcoin,cryptocurrencies and public chain . Thanks to the wonderful lectures from @steem4u I will like to start be defining each of this terms in brief by my focus will be on public chain and its advantages and disadvantages; *** # cryptocurrencies Cryptocurrency is a digital currency which is not the physical and it is built on a decentralized platform on a blockchain. Cryptocurrency do not need a third party for transactions . It uses encrypted data for transaction on a peer to peer system . It requires two key for its transactions the public and private keys in which with that them there will be no sent and receiving of any coin . An example of cryptocurrency is the Bitcoin . *** # Bitcoin Bitcoin was invented in the year 2009 and it is the first ever digital coin to exist , it was built by the Satoshi Nakamoto which is it is a decentralized coin on a peer to peer network . Till day Bitcoin is one of the most used cryptocurrency worldwide . *** # What is public chain? As the words sounds public is something out to everyone and chain can be like connecting things together .so the public chain in simple words is something out to everyone which are all connected. A public chain is just like the decentralized system which is a system in which everybody has a voice in decision make , power is disturbed equally on the platform so there is no need for a central power . There is more of transparency in all its transactions . Even though this system is open to everyone at any time it is built on a blockchain hence its data is immutable that is can be easily alter by any hacker. All the computers connected in a public chain are all nodes so in order to validate the transaction it most be authorized by each node . Not like in a private chain in which it has some one who controls the the center power and all authorize transactions most come from him or her before the transaction goes through. A good and best example of a public chain is the Tron. The tron public chain is a decentralized blockchain system . Tron gives you total control and ownership of your data that you created, it uses the peer to peer network hence transactions are very secured.Data and storage is not based on a single or organization . In TRON public chain token assets supply, deployment, and running the DAPP can be done. # Advantages and disadvantages of the public chain Like any system it thus have its advantages and disadvantages too; *** # Advantages * The data in a public chain is immutable hence hacker can’t change or alter anything in it. * Transaction is way to easy since everyone has control over his or her data . * It runs on a peer to peer network. * There is much transparency in all its activities. * Anyone can participate in a public chain worldwide and has equal rights. * The system is well secured. * It can be use in the public sector . *** # Disadvantages * It requires more time in building this blockchain since it’s open to all . * It is too expensive and needs high skill or trained persons to build. * Since transactions are way to easy to do crime like money fraud can be carried out in the blockchain * It works on the peer to peer network so without the public and private keys you will not be able to sent or receive coins. * Money sent to a worry address can’t be recovered . * Wrong decision making is high in a public chain blockchain. *** Thanks for reading.