This post answer the question to the homework task for the steemit's Crypto academy season5 week 2 post by professor @nane15

Explain in your own words what the Blockchain Trilemma is

We all know a blockchain to be a detailed digital ledger that is use to record transaction of a particular digital currency in series of block and all other subsequent transaction in a form of chain link a transaction to the next on a particular network.

Trilemma is a form of state of an economic problem in which the solution to this problem comes in 3 different ways and all of these three solutions are needed together to get the best outcomes of the economy but yet still all of these three solutions can not be obtained as two of them can only work at the expense of the third one.

Blockchain trilemma is the problem possessed by the blockchain network due to the fact that it's requires three function to perform at it's best for it's to be a perfect match as a financial system. These three function works together to give a prefect and solid foundation for cryptocurrency. They include decentralisation, scalability, and blockchain security. These three function are very nessecary for a blockchain network to attain perfect and encourage it's user to leave their local banks for a digital world of perfect.

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Decentralization, scalability and blockchain security works as a trilemma as only two of these function can be gotten perfectly by a blockchain network hereby neglecting the third one, these concept is known as blockchain trilemma. BTC which was the first cryptocurrency network priorise decentralisation has a management system for effective transaction and ensure security of the blockchain to make sure all asset on it's blockchain are protected but these was made possible at the expense of the network been scalable. The network requires work and time to complete transaction verification which make the network not been able to accommodate much Transaction within minute.

Is the Blockchain Trilemma Really a Trilemma?

Trilemma is a fact that three possible solutions to problem for the best efficiency can not be use in trinity and at most two can function only at the expense of the third one. In blockchain technology, blockchain trilemma has been seen as a problem on it's own and advancement in technology innovation has lead some smart mind to find possible solutions to these issue. The blockchain trilemma is said to be in a way that the blockchain network can offer Decentralization and security but not offer scalability so some of the new development has been made to counter these just as seen in the proof of stake consensus mechanism.

These mechanisms allows the blockchain to be able to function properly as a decentralized system, providing security to the asset on the blockchain and likewise allow fast verification of transaction mako the system scalable. These has lead to the thought of doubt over the trilemma nature of blockchain has some of the development has counter the law propose by trilemma to give only two function at a time.

Yet still after proper examination of the new system, it's is discovered that the additional of scalability to the blockchain reduces Decentralisation or even lower the level of security of the blockchain which then worth it to say that trilemma really existing within the blockchain. The cardona and algorand blockchain network are one of the top blockchain in fight to get solutions to these problem completely.

Define the following concepts in your own words:

Decentralization

Decentralization is one the ability that makes Cryptocurrency stand out, it is a structural management practice whereby the attribute of making decisions and taking action in the system is been perform by a group of people who are usually members of the system. This act help to ensure division of labour likewise enhance the decision making process as we all know two heads are better than one.

The whole issue of the first Cryptocurrency was to beat the local financial institutions to a better form of practice which led to the innovation of a decentralization which doesn't need identification of those involved in a transaction before it can take place and decentralisation also allow the member of the blockchain network to give opinion on matter and also ensure security of the system.

Scalability

Scalability is the ability of a blockchain network to be able to adjust itself to accommodate more transaction and complete them within a short period of time. The is a necessary part of the network has the number of transactions on the blockchain tends to increase as a result of more user coming into the use of Cryptocurrency. Scalability start with the need of the blockchain network to be able to run many transaction within minutes, not just only to be able to complete them but do them without any form of error whatsoever.

Scalability is a function that is lacking in the leading Cryptocurrency blockchain network has the network tend to take time to perform it's verification of transaction making the blockchain not scalability. This has been an issue has some transaction will be left unsuccessful even for some days on the network. But now, new blockchain has been trying to solve this problem by the use of a new and fast verification process brought by the use of proof of stake consensus mechanism.

Blockchain Security

Blockchain Security has to do with all the forms of danger that the blockchain protect the user of it's Cryptocurrency and their funds from. The blockchain network offer security in form of protection of identity has it's is not required before transaction can take place on the blockchain. Likewise, the blockchain possess cryptograhy which supports the network to prevent hacks from digital thevies. The major form of security that Cryptocurrency use to protect fund is the public and private key offered by method of cryptograhy.

The blockchain do not allow multiple spending of fund, and it's using the private key has a form of identification for authorization of any form of activity that is been performed on the block chain. The is a function that is been processed by the first blockchain network and is been following they other newer blockchain network.

Based on your knowledge, explain at least two viable solutions to the challenges posed in the Blockchain Trilemma.

1. The migration of the blockchain from the proof of work mechanism to the proof of stake consensus mechanism. The proof of work requires alotbof heavy machinery, a lot of energy and alot of work to perform it functions where as the proof of stake will get a better result just with the ownership of the token that belongs to that particular blockchain. The proof of stake has proven to be a solution to the trilemma all because it processes a speed in the validation of transaction which make it scalable and likewise also having decentralisation and a perfect security system of the blockchain. Etherum which is the second Cryptocurrency by market cap has announced this year to be migrating form the proof of work to the proof of stake which is etherum 2.0 and all of these is to ensure it's end users do not suffer from trilemma and making sure they get a perfect experience on the blockchain.

2. Blockchain trilemma can be solved by creating alternative coins which Cryptocurrency user can use which will reduce the transaction on a particular coin because of the option of using the alternative coin. Likewise, we can also consider breaking of the blockchain into shard so as to increase the speed requirements for verification all to aid more verification within a shorter time frame. Blockchain trilemma can also be solved by making use of side chain that will serve as a chain to keep transaction off the chain so has to accumulate them and verify them at once. This will really help to solve the issue of trilemma in the blockchain network.
   

Conclusion

Trilemma deals with three solutions to a problem that need to work hand in hand but cannot completely be handled together, has one function will tend to suffer has the other two are been used. Blockchain trilemma is a fact that due to the advancement in technology will soon be eradicated from the blockchain network. Decentralization, scalability and security of the network is needed for maximum capacity of Cryptocurrency to act as a good and better financial system.

The blockchain has an effective ledger cannot attain a faster network of it's still continue with the use of the proof of work consensus mechanism Because of the requirement of the mechanism before verification of transaction can be completed and this is a major limit to the potential of cryptocurrency.

The solution to the blockchain trilemma are all there majorly to include scalability to the blockchain because scalability is the most lacking features of the latter blockchain network and it is noticed that includes scalability might tend to reduce Decentralization and security but more advancement in technology will help to maintain all attribute in a uniform form.