BLOCKCHAIN TRILEMMA-CRYPTO ACADEMY S5W2 HOME-WORK POST FOR NANE15
Introduction
Greetings to you all, looking at the global seeing today blockchain technology is on the verge no thanks to covid19 pandemic, our model of thinking and moderlity has really improved with the inception of transgression, we now have blockchain in health-care industry today.
For every successful business or any other thing in general we need accountability, credibility, and security, all this are capable with the introduction of blockchain technology, as day goes by so as new innovations comes to fruition, this brings us to the topic of today blockchain trilemma.
Explain in your own words what the Blockchain Trilemma is
Blockchain trilemma is simply a prospect of ascertaining the purpose involved in creating a blockchain that is to say ascertaining the difficulties blockchain developers encounter's courtesy galvanizing a blockchain in all facets, building a blockchain isn't easy at all as it comes with various difficulties but the ability to get it in good fate remains the best option.
Vitually all cryptocurrency today operates on blockchain's, reason been that they are highly secured there, blockchain developers know's how important Security is that is why they mainly focus on three major prospect while creating a blockchain which are security, scalability, and decentralization, as we all know blockchain isn't controlled by anyone as informations stored there are highly secured.
One of the blockchain achievable minds is resolving and solving blockchain trilemma at a glance with great prospect, in this case I will say blockchain trilemma is truly a trilemma, although more expanciation will come as I proceed further.
Is the Blockchain Trilemma Really a Trilemma.
Before I proceed answering this question it will be nice we consult our expansion tool to really understand what the word trilemma is, trilemma is defined as a position of making a stringent choice as to regarding various alternative's, let's remember dilemma this has to deal with just two positions but in the case of trilemma just as the name inscribes it, it involves three various prospective's.
Blockchain trilemma is a big boost expecially for Investors and crypto ethusiast's, looking at the optimistic proposition of (PoS), proof of stake allogrithm the Investor/enthusiast will have have a better Overview on how blockchain network looks in a greater prospects.
In the creation of Etherium 2.0, the network upgrade will look incorporated as there will be so many other features that will be unleased as a result of galvanizing proof of stake that is basically not controlled by anyone (decentralized), very much secured, and scalable.
The point with this Analysis is that crypto enthusiast will have a clear Overview on how blockchain network works in tense of the above mentioned factors with this I believe that block trilemma is really indeed a trilemma.
One thing developers of blockchain should put in mind is trilemma, it doesn't get bigger and better than this, now let's look critically well on projects like bitcoin and Etherium, they both are cryptocurrencies which runs on various blockchain's, this cryptocurrencies are very popular but they need to revolutionalize so that trilemma an be adjusted/solved.
Define the following concepts in your own words
Decentralization
Scalability
Blockchain Security.
Knowing how things works in our society is very important as a result of the socialities we see around us, and how they are officially been controlled in various perspectives.
Decentralization; this has to deal with self control if i may put it this way, this feature is one of the so many features implemented by a blockchain, this means that blockchain isn't actually controlled by anyone or government agencies, we know that in a blockchain we have miners, they assist in validating Transactions across the blockchain networks and they aim good Profit's.
Decentralization is unique that is why many person's have trust in it rather than our financial banking systems, in blockchain technology you can easily transfer assets from one point to another with lesser fees and records are been kept in good phase, basically secured in all facets.
Advantages of decentralization
Equivalent power runs on a decentralized Network courtesy the fact that no user seeks authority from any authority before executing task, issue can be discussed in a scalable models and things can be modenized.
Since blockchain seems opened for acessibility this grants massive security structure as informations stored there can't be deleted or hacked remem it operates on a public domain.
Disadvantages of decentralization
Government can institute a policy that will affect the efficacy of blockchain protocol that seems decentralized on-like in Nigeria there is a ban on crypto currency exchange, despite decentralization of blockchain's you can't transact using a decentralized Exchange.
proof of work, is a array to which most decentralized protocol achieve their fate, this costs lots of consumption powers in order to attain a level to perform 51% attack.
Scalability; scalable means a situation of a particular thing changing in size, scalability is one of the so many features of a blockchain, so many projects around the globe looks very scalable as to holding up various Transactions but it's very difficult to get a project that can thus Support large database.
As time goes on I think the problem of scalability will be addressed soon, by so doing we will see projects housing so many Transactions at a glance.
Advantages of scalability
Higher loads are on a high-side, with lesser fees requirements.
It provides immense assistance courtesy the protocol that needs Support as a result of the totality of transactions.
Disadvantages of scalability
Security is very much needed before the network can be scalable.
There will be a switch if the protocols fails to run a security models.protocol might switch from proof of work to proof of stake.
Blockchain Security; in everything we do in life security remains the key, without security trust me blockchain will be totally be a mess, I won't even be here talking about it, without security in a blockchain hackers will definitely gain access to informations stored on it and the feature of 51% attack will be messed up.
Security is the most important features of a blockchain technology, will say one of the so many reasons why blockchain is somehow less secured that database is that it operates in an open source phase, hackers have the access to read the various codes therefore figuring out various exploits, these are very popular within the bitcoin space.
Advantages of blockchain security
Blockchain requires security to function effectively without been compromised, without security nodes and data's will thus be manipulated
we can't overemphasize on this without security blockchain technology is totally useless.
Disadvantages of blockchain security
Enough resources are required to run a blockchain thereby keeping it very safe and secured, enough computing powers are also required.
Blockchain need POW=proof of work consensus allogrithm which requires plenty numbers of miners with the aid of supporting the network security.
Based on your knowledge, explain at least two viable solutions to the challenges posed in the Blockchain Trilemma
In every situations there are always solutions, courtesy the questions I will be explaining various variables here, and they are associated with various layers, to simply put they are layer one(1), and layer two (2).
Layer-1
First layer blockchain=layer-1 is simply a conjugated solution's that gives improvement to a based consensus protocol thereby making it more scalable, we have two common type of layer-1 and they include shading, and consensus protocol.
So many crypto like the Etherium are changing phase making an adjustment from older to a newer version, they are making a movement adjustment from proof of work PoW to proof of stake PoS. Remember proof of stake is less energy wasteful so the upgrade looks exciteful.
When we talk about shading it's very simple we realize that it is a very much well known layer-1 scalability it actualizes various shards thereby giving networks a processing or a processing breaks.
Layer-2
Layer-2 is known for the momentum it posesses in transaction confirmations, it basically takes care of little/small transaction's in conjunction with little transaction fees, thereby bringing traffic to Transactions to a minimal standard's, in general the both layers has a transmission agenda as they are basically transmitted in conjunction with each other for example Layer-2 are transmitted by layer-1 the summaries note.
Layer-2 basically has an approach for Etherium as it gives room to enhance top blockchain's like the bitcoin blockchain and other top blockchain networks.
Conclusion
Good lecture from you professor @nane15 you did well explaining very well concluding I will say blockchain trilemma looks at three various issues that is security, scalability, and decentralization, this three are key factors that should be considered for every blockchain developers, when galvanizing/building a blockchain these three are basic issues as they are very important and needs to pay urgent attention to.