Blockchain Trilemma - Crypto Academy / S5W2 - Homework post for nane15.by @kingworldline

1. Blockchain Trilemma: Developers face challenges when creating a blockchain that is decentralized,scalable and secured. The block chain Trilemma has come to address this problem without compromising in any area. Blockchain trilemma helps to solve the problem of developers not having a project that is scalable, decentralized, and secured at the same time.

a) Decentralization: This is a very important component of blockchain. Centralization is associated with the traditional finance,whereby third person is needed to execute a financial project. But in the decentralized system of finance, third parties or intermediates are not needed to execute a financial project.

b) Scalability: This is very crucial for mass adoption. How much a blockchain can sustain and whether the system can operate smoothly as demand are increased. Using a blockchain Project that focuses on scalability. E.g, EOS; Let us assume that the maximum throughput of EOS is around 4,000Tps or transactions per second. It is believed that EOS processes millions of transactions per second in the future. When compares with Visa that handles 63,000Tps. EOS can create a network superior to a major international credit service if it can fulfil its promise of scalability.

c) Security: Security is a very important aspect in blockchain ecosystem. Scalability focuses on the upside while security prevents the downside. This promising blockchain uses cases have faced setbacks that hampered their growth such as as the notorious DAO attack which was the result of improper source code security.

1. Is the Blockchain Trilemma Really Trilemma?
   One thing worthy of note is that trilemma is just a model to conceptualize the various challenges facing blockchain technology. For now, there is no law that states that these three aspects that is; creating a blockchain that is decentralized, scalable, and secured at the same time. But till this time or date, many teams have been working to achieve this. A foundation called CERTIK foundation believes that the better way of conceptualizing trilemma is in a pyramid. This pyramid has a base layer that upholds all other. This base layer is SECURITY. Without this base layer which is SECURITY, decentralization is likely to be corrupted and scalability will be short-lived. CERTIK foundation is building a certified blockchain....the CERTIKCHAIN from scratch permitting developers to code with confidence via provision of the most robust,security based blockchain in the world. What would create the groundwork for both scalability and decentralization to thrive and do well is SECURITY. This is because decentralization somehow takes time to execute and scalability should be constantly be improved. Security should not be compromised and that is the believe of CERTIK foundation.This certikchain is built by experts of fully trustworthy and secured software. They pay much attention on security before creating certikchain. Some of the reasons why established enterprises have not fully adopted blockchain technologies is that most times they capitalized on lack of scalability, security of the blockchain as their excuse. This is because large establishments are more risk averse than start-ups. Before they can fully adopt this technologies into their systems,there should be a full trust. Certikchain has come to curb that by providing machine-readable proofs that can be checked independently for full transparency of code security. Despite the shape of trilemma ,it is believed that having a blockchain system that has these three elements (scalability,decentralization,and security) is quite difficult. One thing worthy of note is that blockchain technology is at its infancy stage and the technology approaches can only improve.

2. a) Decentralization: This is a term used to refer to a system having participants that are able to connect either directly or peer-peer or through a network of nodes which are not centrally managed. A decentralized system does not need third parties before executing any financial transactions any time.

b Scalability: A blockchain is said to be scalable if it is able to handle thousands or millions of transactions on the network without sacrificing settlement times or efficiency to deliver as promised.

C) Security: This is the ability of a given blockchain to withstand attacks,fraud and hostile threats like 51% attacks.
Ways of Resolving Challenges Posed by Blockchain Trilemma.

1. Sharding: This is one of the most popular method in layer one. Here, transactions are divided into smaller shards or data. The net will then proccess these data or shards in parallel so as to allow sequential work on multiple transactions concurrently. Also, it partitions this information and distributes it across separate nodes called shards which inturns gives proofs to to the main chain and communicate with one another using shard communication protocol.

2. Nested Blockchain: This utilizes a main blockchain in setting parameters for the broader network if executions are undertaken on an interconnected web of secondary chains. This is usually used in Ethereum blockchain to facilitate faster and cheaper transactions.

Conclusion
Currently in the world the issue of security and and scalability, the blockchain developer have put in their best to bring in solution to it, of which every one is now enjoying.
Cc: @nane15
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