Blockchain Trilemma - Crypto Academy / S5W2 - Homework post for nane15.
It's a good thing to have been back for the crypto academy classes after the period of break. I'm happy to have new teachers and professors in our midst and to learn maximally from them. Thanks to #steemit for this wonderful arrangement of crypto classes.
Back to business, I am here for my Homework Post by @nane15, our cherished professor.
1. Explain in your own words what the Blockchain Trilemma is?
The specific terms used here is Blockchain and Trilemma. We must examine the meaning of the two to get at the answer
Blockchain: Blockchain is a system which secures information that makes it difficult to hack or remove.
Trilemma: This is a suggestion to a solution that has three options but can only utilize two
Therefore, Blockchain Trilemma is a system that two out of the three benefits of Blockchain are beneficial to users. It makes use of two among decentralization, scalability and security. This occurs when the system has three options but cannot use all of them at once. Sacrificing one for another.
2. Is the Blockchain Trilemma Really a Trilemma?
The Blockchain Trilemma is really a Trilemma because over the years the benefits offered by a blockchain has been considerably less due to the heavy amount of operation that has been going on in the system.
In the Decentralized world, which Blockchain is among, it sacrifices one for the others. That is, either it sacrifices scalability, decentralization or security in order to maintain it's state. Is it a claim that a public data store cannot efficiently run with all these three factors, thus, making a Blockchain Trilemma a true Trilemma. The "Prof of Stake"(PoF) which is advanced and affects Blockchain in decentralization, scalability and security. One of this must compromise for the other two.
3. Define the following concepts in your own words:
Decentralization is a process where by the power of authority is not in the hands of intermediaries. It is the backbone of Blockchain industry where profit escape the roles of intermediaries but still able to make profits and govern it's affairs.
Decentralization simply means the the bringing of the centralized organizations into the private entity to everyone. Decentralization makes it impossible to be reversible and the more it increases, the less the network nodes. At the same time, high decentralization also brings higher security
Scalability is the speed in Blockchain that enables it to carry out more transactions in less second. It is the efficiency that a Blockchain has to increase the rate of transaction per second
A Blockchain which can perform six transactions per second has more scalability than that which can only perform three to four per second. The higher the decentralization, the less scalability. Mathematically it can be said that decentralization is inversely proportional to Scalability. Therefore, in maintaining the efficiency in which a Blockchain can carry, that is, decentralization, security and scalability, limiting or cutting off some network nodes will help enhance scalability in future seasons.
Who knows, Blockchain could have a greater speed and perform faster with all the three factors (decentralization, scalability and security).
Blockchain security refers to the ability of a Blockchain to withstand the 51% percent attack and that if hackers in order not to hijack or manipulate the network for financial gain.
Naturally, security is sleeping something safe without harm. For illustration, a hen which shields it's chicks from a predator is a good example of security. In the Blockchain, security means keeping all the Data in the entity safe and safe for good to avoid loss in value and depreciation.
4. Based on your knowledge, explain at least two viable solutions to the challenges posed in the Blockchain Trilemma.
Having a solution to a problem is most important thing which must be done to avoid the challenges posed in the Blockchain Trilemma. Here are some layers (which aids) through which this can be done:
The first layer of solution to the challenges posed in Blockchain Trilemma is fighting the problem directly. You can do this using "proof of work" (PoW) helps in this. It is secure but slow and can ensure that the version of the Blockchain is true.
The second layer to help fight Blockchain Trilemma and make sure that the three options are fully utilized is Using adjacent or opposite way to achieve it. For example, animals such as snakes, scorpions, cockroaches, leech,etc doesn't like antiseptics, or other chemicals, same way, using another opposite or seperate way would eventually eliminate the problems posed in the Blockchain Trilemma.
Conclusion
Having learnt a lot from the classes from my cherished professor @nane15 on what a Blockchain Trilemma is, what it does and how to find solutions to it. I have done my homework to really show what i truly learnt from your classes
