Here is my homework post for beginners course in the steemit's Crypto academy season 5 week2 by professor @nane15

what is Blockchain Trilemma

Trilemma is like the forgone alternative during select of three key options to solve a particular problem. The Trilemma do not allow all the solution to be utilised but instead only two at most. Blockchain Trilemma is the option that is not been selected for the purpose and manifestation of the other options to work to their maximum capacity that enables a particular blockchain network to work perfect for it Cryptocurrency token.

Blockchain Trilemma works more in a way that proposes solutions to the problem of the blockchain network and it transaction but all of these three solutions cannot be meant by the blockchain network. The three options of blockchain Trilemma are Decentralization, scalability and security. The first blockchain created which Is BTC blockchain function to offer two of the 3 options has it offers Decentralization and security but it's was not scalability but later on some blockchain network has now stand to improve the fault from the bitcoin blockchain to make their own blockchain scalable, security and decentralized.

This action has now caused doubt to many that blockchain Trilemma might not really be a Trilemma has some blockchain has come to the development of offering the three options in their own blockchain even though it is as a result of change in their consensus mechanism or advancement in technology. I would love to say that look at all the newer blockchain vividly, we can conclude that the blockchain will support more of the two options neglecting the third one partially or completely which make the Trilemma theory effective in the blockchain setup network.

Is the Blockchain Trilemma Really a Trilemma?

The blockchain Trilemma as explained above mostly choose two options which is decentralisation which is major characteristics of any crypto currency and security which ensure find and asset are not spent twice on the blockchain and not allow hacker to swipe away our fund. The doubt whether or not blockchain Trilemma is really a Trilemma is caused due to the fact that modern blockchain network has been inclined to solve the issue of a blockchain not offering the three options and some have Been successful.

The cardona and algorand network are prefect example of blockchain that has implemented and has been offering the Cryptocurrency network with Decentralization, security and lastly scalability of their network by changing the consensus mechanism used by the early blockchain network which is the proof of work to a new one which is the proof of stake. The proof of work offers Decentralization and security but they are slow in completion of transaction which do not make them scalable in completion of transaction but the PoS has an improved consensus mechanism offer Decentralization, security and data completion of transaction which make them scalable.

This make me to wonder on the fact that the real Trilemma do not allow more than two of the option to be utilised to solve the problem of management of the blockchain but with the new proof of stake all of the three options are been made available to be used to solve problems of currency. Therefore the blockchain network is not a true Trilemma on my own path but still it is a Trilemma as just a fact that it provides 2 major solutions to the problem of digital currency even though the third one of the option has a reduced function has the third one comes to place.

Define the following concepts in your own words:

Decentralization

Decentralization is the process of distribution of power of authorization in the blockchain network to various individual, given them the opportunity to make a say in decision making in the blockchain. These individuals are responsible for the validation of transaction on the blockchain depending on the consensus mechanism the blockchain utilities for it's own transaction.

Decentralization help to eliminate centerlized decision making by an individual or a particular organisation making them dictate what they like to all of the user in the blockchain. Decentralization help to create some sort of transparency that allow transaction to take place without the need to trust the other partners and all of this will be completed within a little time frame with a lower Transaction fee.

scalability

Scalability in a short form means to be able to adjust to changes that may occur due to the time required for the operation to be carried out. In blockchain technology scalability is the ability of a blockchain network to be able to complete many transaction within a little time frame and them been able to adjust the size of transaction to be completed within a minute.

The issue of scalability is a limitation of the proof of work mechanism. Has it requires much work before verification can take place, one few transaction can be verified within a minute. But the proof of stake solve the problems has it requires little or no work at all there by allowing a lot of transaction to be verified within minutes and this help the blockchain to be able to adjust even when a lot of transaction are taking place on the network.

Blockchain Security

Security of our asset is a very important function of any system that deal with monetary value or its equivalent. Blockchain Security is offered by the consensus mechanism both the proof of work and the proof of stake has been proven to be highly secured against all form of hack has it is impossible to get all the nessecary requirements to hack the blockchain and still make gain in the process.

Blockchain Security also include the protection of identity of individuals involved in the transaction process and even the identity of the validator of the transaction allow completion of exchange between them without any of the parties having to reveal his identity.

solutions to the challenges posed in the Blockchain Trilemma

The challenge in the blockchain Trilemma is the ability of the current blockchain to not be able to work out it activities effectively with the 3 major solutions which are Decentralization, security and scalability with one or two of thes options with limiting range which may pose risk to the asset on the blockchain network. These challenges can therefore be solved by 2 layers of solutions the First is the innovation of the proof of stake while the second is the used of a child chain

1. Proof of stake
   The major issue faced by the blockchain network possessing Decentralization and security is the attribute of scalability and this is caused by the the consensus mechanism utilised by the BTC and etherum network. This consensus mechanism is the proof of work. The proof of work function in accordance of the amount of work done before the mine will be able to verify a Transaction and this consumes time. The proof of stake is the solution to these problem as it makes uses of coin ownership for validation of transaction and this validation can be done in seconds which make the network scalable, security and decentralized at the same time.

2. Child chain and off chain
   Both of these are second layer solutions to the challenge of blockchain Trilemma. It is required of the blockchain to create a chain chain that can create more child chain continually has there is an increase in transaction available to verify and these child chain interact directly with the original blockchain by method of smart contract. The off chain work in a way that requires the transaction of small quantities of value to be kept on the offchain and accumulate them together for them to be verified at once at a later time and this also help to reduce the load of verification of multiple transaction on the blockchain.

Conclusion

The blockchain Trilemma is a study that has help to improve the blockchain technology as each of the option on the Trilemma are been tried to be used as a solution on the blockchain hereby helping the newer blockchain to be able to give a better network than their predecessors. But some thinks the newer blockchain solve the third problem at the expense of a reduced output of either the first or the second.

All the three options involved in the Trilemma are just the major function required by Cryptocurrency to be able to perform upto stardard and even better as a digital currency. As advancement in technology continues, more solution for blockchain to accommodate all of the options in the Trilemma to work efficiently and even better will be discovered all for the growth of Cryptocurrency.