Blockchain Trilemma - Crypto Academy / S5W2 - Homework post for nane15
Hello Steemit!
Here is my homework post for Professor @nane15. This is a great lesson, and it increased my knowledge at all, let's start with the post.
1. Explain in your own words what the blockchain Trilemma is.
The notion of the Blockchain Trilemma was initially created by Vitalik Buterin, an Ethereum investor. As the name indicates, the Trilemma requires you to choose between three valuable options, i.e., you must choose 2 of the 3 options that are presented to you. Decentralization, scalability, and security are the three possibilities of these in the situation of the blockchain, according to Vitalik Buterin. According to Vitalik Buterin's notion of the Trilemma, no blockchain can have all three attributes described above without sacrificing one of them.
To better understand this concept, consider a scene in which a blockchain developer creates a blockchain that has either scalability and decentralisation without security, extensibility without decentralisation, or security and decentralisation without scalability, according to the Trilemma concept. This indicates that the blockchain's Trilemma is visible in these instances.
As can be seen from the preceding scenario or images, blockchain technology is not without flaws, which has aided in the delayed acceptance and usage by many consumers. If these difficulties are addressed, cryptographic protocols will be fully adopted by the general public in no time. Though some upcoming blockchain networks, including the Cardona blockchain system and the Solana blockchain network, claim to have solved these problems.
Now, it is not empirically verified that the Cardona block chain technology, the Solana blockchain network, and other blockchain networks have completely solved the issues, because while using these blockchains, some issues still exist, implying that they're already sacrificing one of the three in order for the other ones to work more effectively. As we go through this assignment activity, we will examine more closely at the three components of the Blockchain Trilemma, namely scalability, decentralisation, and security.
2. Is the Blockchain Trilemma Really a Trilemma?
A Blockchain Trilemma is a Trilemma in the sense that we've shown how difficult it is for a blockchain to execute all three alternatives at the same time. As we discussed in response to question no. 1, blockchain programmers have no choice but to sacrifice one of the three accessible but required alternatives in order for the other two to function properly.
We've also heard assertions that blockchains like Polkadot and Solana, among others, have been able to solve the Trilemma problem. This is excellent news because, once these concerns are resolved, plenty more people will embrace the blockchain idea, which will eventually be accepted across the globe. So, for myself, a blockchain Trilemma is a trilemma, but thanks to rising technology, it will soon be a thing of the past. Every problem has it's solution. Thus, simply knowing the problem is a great success, and for that reason, I conclude by saying that blockchain Trilemma might very well soon be used as a regard to educate people on one of the challenges that blockchain has faced in the past.
3. Define the following concepts in your own word:
- A. Decentralization
- B. Scalability
- C. Blockchain Security
When we speak about decentralisation, we're referring to the fundamental notion that underpins blockchain technology. Prior to this period, systems were centralised, meaning that a single entity made decisions about everything that happened inside the system without consulting the bulk of users. With the help of blockchain technology, the notion of decentralisation was able to overcome this problem. In a distributed system, decision-making and control of system events are now in the hands of the distributed system.
In short, decentralisation aids in the promotion of transparency and security, since all blockchain transactions can be traced. This has aided in the reduction of fraud and other forms of wrongdoing in the centralised system.
Another essential component of blockchain technology is this. As we all know, a large number of individuals are flocking into the blockchain system on a daily basis. By description, scalability is the capacity of a system to adapt to changes without affecting its function. For example, if a blockchain handles 100k transactions per second owing to the number of users, and then the number of users increases as well as the number of transactions increases from 100k to 250k, it is assumed that a scalable system would manage this transaction properly without affecting the outcome.
In the instance of Bitcoin, we know that the blockchain takes 10 minutes to validate a block, which is insufficient since other blockchains now check blocks in seconds. Therefore, we may argue that this other blockchain is more adaptable than bitcoin's blockchain.
Every organisation requires a high level of security, and blockchain is no exception. In fact, one of the many characteristics that distinguishes blockchain is the security element associated to it. Users are supposed to have complete ownership over their assets on a blockchain, thus both private and public credentials must be yours. There's an old thing which says if you don't have your keys, you don't have your asset. This indicates that whomever does have the credentials is the asset's primary owner. As a result, security is critical to ensure that hackers do not get access to our valuable asset.
4. Based on your knowledge, explain at least two viable solutions to the challenges posed in the Blockchain Trilemma.
The professor emphasised during his talk that potential solutions to the difficulties raised inside the Blockchain Trilemma may be tackled through two separate levels. We'll go through each layer one by one, starting with layer 1 and ending with layer 2.
The solution provided by the first layer is to assist the main blockchain in resolving security, scalability, and decentralisation challenges. It now does this using techniques like as sharding and enhancing the block chain's consensus process. Let's take a quick peek at them one by one.
Enhance the Consensus Protocol: As we learned from the professor's lecture, bitcoin uses the Proof of work consensus algorithm, which makes it not scalable enough, despite the fact that it is secure and decentralised. I believe that if the Proof of Stake consensus mechanism is used on it, the blockchain will provide a more scalable solution.
Sharding: It entails splitting down the whole job and distributing it to other servers for processing. This implies that instead of concentrating everything in one location, the servers will handle everything separately, making the whole process speedier. Take, for example, the database for the Whatsapp application; if the same data set holds pictures, messages, voice notes, video, and so on, the network will be sluggish to respond; however, if the databases are split and the roles of each database are defined, the network will be more expandable.
Other networks are built at the second layer as offspring of the main network, and their primary goal is to address the difficulties that the main network faces, such as security, scalability, and decentralisation. It now does this by using techniques such as creating off-chain and layering the network. Let's take a peek at them one by one.
Creating an off-chain system: This will assist the main blockchain in resolving any issues that may arise. This implies that before a problem reaches the main blockchain, it will face the off-chain, where it will be handled, hence minimising the amount of effort on the main blockchain.
Nesting the system: As I previously stated, there will be children blockchains whose purpose is to assist the main blockchain. As a result, if work comes to the primary blockchain, it'll be dispersed among the kids to make this process easier and faster, allowing the primary blockchain to be free of excessive workload.
The Blockchain Trilemma is a serious worry, and because it is a problem, the right parties have been striving to ensure that it is entirely resolved. Without a question, most blockchains have improved by attempting to fully solve these challenges. Since I previously said, the blockchain Trilemma scenario will be history in the near future, and will only be taken in use for the purpose of education, as the difficulties will be long forgotten. I'd want to express my gratitude to Professor @nane15 for an informative presentation; I look forward to continuing to learn from you, sir.
@steemcurator02