Blockchain Trilemma-Cryptoacademy/S5w2-Homework post for @nane15
Repost of last week assignment task.
Thank you professor @nane15, it's a well detailed explanation
1. Explain in your own words what the Blockchain Trilemma is.
I understand Trilemma as circumstance that a choice have to be made in between three options that seem equally objectionable or, put another way, in which a choice have to be made among three worthy options and just two of which are possible at the same time.
The blockchain trilemma mean a commonly held belief that decentralized networks can provide only two, out of three benefits at any given time with reference to security, decentralization and scalability. However, the innovation that going on across the decentralized ecosystem has led to a manifold range of two layers (Layer-1 and Layer-2) solutions that surmount these hindrance to solve the trilemma once and for all.
As blockchain technology is proving its uncommon utility in the industries moving from finance to art, the implicit structure of decentralized networks comes with unmatched challenges, comparing to the networks that are centralized.
According to the CAP lemma, decentralized data stores and blockchain is a version that can only give two out of three guarantees occurring: availability, consistency and partition tolerance (CAP). In the surroundings of modern distributed networks, this lemma has transformed into the blockchain trilemma. The public blockchains need sacrifices. R
Either, decentralization, security or scalability in their underbuilding.
2. Is the Blockchain Trilemma Really a Trilemma?
No, Blockchain Trilemma is not trilemma because that's how it is ever since the beginning of Blockchain. Although it may be a lemma after the Blockchain advanced but why I said its not a trilemma because I wonder why it's not solved since the beginning of Blockchain creation. Another reason why I said its not a trilemma is because some Blockchain like Cadano are able to achieve everything, since some Blockchain are able to achieve everything, very soon, it would not be seen as a problem or lemma anymore.
3. Define the following concepts in your own words:
- A. Decentralization
- B. Scalability
- C. Blockchain Security
Decentralisation
Decentralization can be define as the central character of blockchain technology and verve projects towards the interconnectedness. The role of intermediary eliminates if decentralized processes is applied. The intermediaries roles towards the industries and manifests in many different ways. Nobody or any entity can control or censor the data that transacts through it. Nevertheless, to achieve optimal decentralization tends to decrease network system. Those that mine save the network by consensus, transaction speeds drop which is considered a hurdle to widespread adoption.
Scalability
This protocol is able to support high transactional system and future growth. So, on use case, it expand and adopt blockchain tech faster, the scalable performance in blockchain won’t struggle. Any Blockchains that works slowly or poorly as all Blockchain is advancing means they lack scalability. Trilemma explain how to have greater scalability, but security, decentralization, or the two would both suffer as a consequence. The solution for blockchain networks to compete with heritage diligently is scalability, centralized platforms that makes network settlement times and able to use are, at this point, far higher. While many blockchain platforms have firmed security and decentralization, but to have scalability is the major challenge for nowadays leading decentralized networks.
Blockchain Security
To increase network security on a blockchain network, there's an rouses to lower the blockchain distribution nodes either in geography or, in number, or both of the two. So, this acle towards greater centralization decrease security on Proof of Work (PoW) networks. If there is consensus on a transparent network with limited distribution node, a 51% attack is more likely to to happen as hackers can heap up the has run power easily. By staggering a network, hackers can take over the network and arrange transactions for their financial profit.
4. Based on your knowledge, explain at least two viable solutions to the challenges posed in the Blockchain Trilemma.
Of course blockchain trilemma brings meaningful challenges to blockchain technology adoption, solutions are rising to get a working and variable balance in between the scalability, security, and decentralization. But the CAP theorem has been holding true for almost fourty years, the process of Layer-1 solution and Layer-2 solutions together are the rising of Proof of Stake in blockchain as they are neusis on shifting the pattern towards decentralized networks that are at once shared, secure, and scalable.
Layer 1 Solution
In the decentralized community, Layer 1 is the blockchain protocols like Bitcoin, steem, and Tron. There are a number of ways that are in development currently or training that look forward to increase the blockchain scalability networks directly.
Later 2 solution
In blockchain, Layer 2 is a network that works on top of an implicit blockchain protocol to improve its efficiency and scalability. For instance, Steem is a Layer-1 protocol, and the Lightning Network is a Layer-2 solution made so as to increase the speeds of the transaction on the Steem network. I'm the recent year, Layer-2 protocols have went through huge growth, and are injesting the most easiest way to overcome scalability challenges for Proof Of Work networks particularly.
Conclusion
Since there is no how the solution would be done with scalability that it won't affect the security and the security is something we need to be concern of because there are hackers out there waiting for you to make mistake and take over the Blockchain and cause problems for the owner, maybe we should learn how to work by Trilemma. Or we should just study more about cadano Blockchain and other Blockchains that seems know how to get it all done.
Hello professor, I can still make the assignment task if I'm not qualify for the club5050, the rule is "don't use the tag if you are not qualified"