IGNITE BLOCKCHAIN
Hi friends, this time I will provide information about a very interesting project for you to know about a new cryptocurrency called Ignite Blockchain. Before heading into the discussion, I think we all believe that blockchain technology still needs efforts to encourage adoption so that it continues to grow and continue to develop in the future. So for that, let's see a brief review of the Ignite Blockchain project below.
Introduction
A trilemma is a situation in which a difficult choice has to be made between three alternatives, especially when these are equally undesirable. Also known as the The impossible trinity, it denotes a term in economic decision-making theory. Unlike a dilemma, which has two solutions, a trilemma offers three equal solutions to a complex problem. A trilemma suggests that countries have three options from which to choose when making fundamental decisions about managing their international monetary policy agreements. However, the options of the trilemma are conflictual because of mutual exclusivity, which makes only one option of the trilemma achievable at a given time. Blockchain networks utilize decentralized consensus mechanisms. This means managing a widely distributed network of nodes to achieve data consensus over an infrastructure that is resilient to outside attack while maintaining transparency and equitable, open access. It’s a challenge
What Is the Blockchain Trilemma?
While blockchain technology is proving its remarkable utility in industries ranging from finance to art, the underlying structure of decentralized networks comes with unique challenges as compared to centralized networks. As early as the 1980s, computer scientists developed what’s called the CAP theorem to articulate perhaps the most major of these challenges. This is the popular belief that public blockchains must sacrifice either security, decentralization, or scalability in their infrastructure.
A layered solution
This so-called trilemma has led to the development of Layer-1 and Layer-2 solutions that are solving this blockchain trilemma. Layer 1 refers to blockchain networks built for speed, security, and growth. Layer 2 refers to tech optimizations and products that can be used with existing blockchain networks to increase their scalability. Achieving the right balance between the two layers may act as an explosive catalyst for the adoption of blockchain tech and the growth of decentralized networks.
Layer 1
In the decentralized ecosystem, Layer 1 refers to blockchain protocols like Bitcoin, Litecoin, and Ethereum. There are a number of methods currently in development or practice that seek to improve the scalability of blockchain networks directly.
Consensus Protocol Improvements: Proof of Work is the consensus protocol currently in use on popular blockchain networks like Bitcoin. Although PoW is secure, it’s also slow.
Sharding: Sharding is adapted from distributed databases and has become one of the most popular Layer-1 scaling solutions, despite its somewhat experimental nature within the blockchain sector. Sharding breaks transactions into smaller data-sets called “shards.” These shards are simultaneously processed in parallel by the network, allowing for sequential work on numerous transactions simultaneously.
Solving the Blockchain Trilemma: Layer 2
In blockchain, Layer 2 refers to a network or technology that operates atop of an underlying blockchain protocol to improve its scalability and efficiency.
Nested Blockchains: A nested blockchain is a decentralized network infrastructure that utilizes a main blockchain to set parameters for the broader network, while executions are undertaken on an interconnected web of secondary chains.
State Channels: A state channel facilitates two-way communication between a blockchain and off-chain transactional channels using various mechanisms to improve overall transaction capacity and speed.
Sidechains: A sidechain is a blockchain-adjacent transactional chain used for large batch transactions. Sidechains use an independent consensus mechanism to that of the original chain, which can be optimized for speed and scalability, while a utility token is often used as part of the data transferral mechanism between side and main chains.
Solving the Blockchain Trilemma
Although the blockchain trilemma presents significant challenges to adopting blockchain technology, solutions are emerging to find an effective and simultaneous balance between network security, decentralization, and scalability. While the CAP theorem has held true for almost four decades, the implementation of Layer-1 and Layer-2 solutions alongside the emergence of Proof of Stake in blockchain is verging on shifting the paradigm towards decentralized networks that are at once distributed, secure, and scalable.
Enter the Ignite solution
Ignite Blockchain believes that its consensus protocol is the best of the Proof-of-Stake protocols in that we have resolved the trilemma.
Ignite Chain is the next generation public blockchain protocol aimed to escalate decentralized economy by providing low-cost, fast & secure transactions.
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Contact Information
Website: http://www.ignite.info/
Whitepaper: http://whitepaper.ignite.info/
Medium: https://ignitechain.medium.com/
Twitter: https://twitter.com/ignitechain
Telegram: https://t.me/IgniteChain
*Facebook: https://www.facebook.com/IgniteChainOfficial
Reddit: https://www.reddit.com/r/ignitechain/
Username: Bidadari_surga
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1011291
BSC Address: 0xBd706dD25c38c5502DbB2B254bFA6bbD54b8F8d3