CRYPRO ACADEMY/ SEASON 5/ WEEK 2/ [BEGINNER COURSE]- BLOCKCHAIN TRILEMMA

Hello,
A special thanks to @nane15 professor for the lecture on the blockchain trilemma. My homework on this topic is below.

EXPLAIN THE BLOCKCHAIN TRILEMMA IN YOUR OWN WORDS.

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A trilemma is a situation where there are three solutions to a complex problem unlike a dilema that has two.

The blockchain trilemma refers to a belief amo g some developers that decentralized networks can provide three benefits at the same time which are scalability, decentralisation and security. We theoretically know how decentralized networks should function and ehat purpthey should serve. Though, practically it has been discovered that developers have created blockchains that possess all the three fundamental features which are scalability, decentralization and security.

Very ambitious developers believe that blockchain networks can have all the three fundamental features however some think it is not possible to have all three at the same time because of each's own perspectives.

IS THE BLOCKCHAIN TRILEMMA REALLY A TRILEMMA
Yes, i do think it is really a trilemma because the term trilemma is a modal that conceptulizes the various challenges facing the blockchain technology. Today, developers have teamed up to bring about the three aspects of scalability, decentralization and security being maximized at the same time.

DEFINE DECENTRALIZATION, SCALABILITY AND SECURITY IN YOUR OWN WORDS.
Decentralization

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This feature is implemented in the blockchain networks because it is easy and comes the first. In the traditional finance system, clients pass on control of their assets to banks using their personal documentationsqhdre these banks have full control over these asstes. However, the invention of bitcoin and other early crypto currencies paved way for the decentralized system of finance with high transparency that is really secure and syires clients money.

In decentralization, the trade off is really very fast however much it requires multiple confirmations befire the transaction is successfull.

Scalability

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This is surely very important for mass adoption to tell how much a blockchain system can sustain. Forexample if i have the EOS blockchain project that is focused on scalability, current maximum throughput being around 3000 transactions per second, then the EOS whitepapper describes its track to handle millions of transactions per second in the near future. The trilemma says that there is a trade- off. EOS here serves as an example of what a foucused on scalability may offer though its very centralised.

Security

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Blockchain systems have a paramount security with a barrage of high profile hacks of exchanges and manipulated vulnerabilities in source codes. Many crypto projects choose to focus on decentralization and scalability, leaving out security.

Security in blockchain is important because these blockchain ecosystems hinge on the strength of the underlying source codes so must be examined carefully. Due to the transparency of source codes, blockchains have become prime targets to hackers nd fraudsters.

EXPLAIN AEAST TWO SOLUTIONSTO THE CHALLENGES POSED IN THE BLOCKCHAINTRILEMMA.
Need for a change in the concensus system from POW to POS trying to increase the speed of the network and reducing the operating costs of nodes.

Need to use networks to nominate multiple witness codes as representatives who help to make certain high level decisions more quickly without having to pole the entire network.

Need to make sure that new blocks are propagated across the network as a whole in an efficient and secure manner. It is important for the system to consume network, storage, memory and compute available resources.

Need to create more storage in the temporary storage area. This brings about better block utilization but comes at a cost of high delay when the system is busy.

Conclusion
The blockchain trilemma is just like other parent blocks that have many children under them. It is very challenging but scalability is the most challenging of all the others. To my understanding, i believe that all the three fundamental features of a blockchain trilemma can be viewed in the blockchain networks.