Blockchain Trilemma - Crypto Academy / S5W2 - Homework post for nane15.
Hi everyone!
Welcome to the steemit cryptoacademy season 5 week 2. Professor @nane15 has produced wonderful topics that all of us have benefitted from. Below is my entry post for this homework. Lets go!
Q1.EXPLAIN IN YOUR OWN WORDS WHAT THE BLOCKCHAIN TRILEMMA IS?
Prof. @nane15 first of all explained what trilemma means and then this gave us the knowledge to understand blockchain trilemma better. Therefore, I will explain what trilemma means the way I understand it before attempting the rest of the questions.
In my personal opinion and the researches I made, a trilemma is just like something that involves three characters whereby only two among the three can be select and the remaining one will be sacrifies. From this explanation, we will get knowledge on what blockchain trilemma means. Now what is blockchain trilemma?
Now, looking at the explanation i provided above about the trilemma, Blockchain trilemma is seen as a fundamental problem the blockchain is facing. How does this be a problem to blockchain, well they are main characters where by only two can be selected and then the remaning one will be sacrificed. Normally, to produce new blocks very easy and fast, this three features are needed to acheived it, but is not possible to have the three characters, so this has been a problem developers has been facing.
What are this three characters? They include **Decentralization, Security, Scalability. This three highlights are needed in the blockchain network so as to work perfectly. But it is not possible to have them all, you can only choose two among them. Although they have been several solutions that has been found or gotten to solve this. But will explain it in question number 4.
Q2. IS THE BLOCKCHAIN TRILEMMA REALLY A TRILEMMA?
Since we have known what a trilemma is, i stated that a trilemma is something that consist of three highlight, whereby you can't make use of the three of them to acheive what you want, rather you will select two and sacrifies one. Now compared to the blockchain trilemma, it also consist of three highlights which are decentralization, security and scalability whereby only two can be selected and you have to scarifies the remaining one. We all know that bitcoin are decentralized, i.e they dont depend on any institutions or authority in other to work, bitcoin also are secured, no one can tamper with network or fool the network. But the problem is, they are not scalable. Bitcoin have two of the highlights but does not have one. This means that they have sacrifies scalability to get decentralization and security. But on the other hand, bitcoin need to be scalable, so that all transaction receds can be very fast. This opinion provide also showa that the blockchain trilemma is just like trilemma.
Q3.DEFINE THE FOLLOWING CONCEPT IN YOUR OWN WORDS-
DECENTRALIZATION, SCALABILITY AND BLOCKCHIAN SECURITY.
I will explain the three highlights (decentralization, security and scalability) on how i understand it.
DECENTRALIZATION
Decentralization is one of the main focuses in blockchain networks, whereby users in the network have full control over their money and transaction are not being rectified by third party or institutions like bank which hold users money. Decnetralization in blockchain can be very good, because they dont depend on any third party and free from network issues or downtime that occurrs in most centralized platform. Blockchain to be decentralized means that it transaction only work with p2p method, where three people negotiates in other ro validate transaction and make it successful which is the person that bring the project to be processe and those that have reccords and monitors these transaction etc.
SCALABILTY
When we talking about scalability in blockchain network, is just how much speed or fast can transactions go or creating new blocks and how many blocks can be created within a given period of time. For example, you are producing something, the time spent producing that particular product and how many product were you able to produce that particular time, how fast was it to produce the product, all this things are what we normally consider when it comes to being scalable. Scalability is seen as the capability to process a transaction very fast within a given timeframe.
SECURITY
When talking about security in blockchain network, it just the securing of the network in blockchain in order not be hacked. Though, the blockchain is very secured and every going on the blockchain are being recorded. Through peer to peer system, bad guys find it difficult to hack the system. Not like other institutions like bank, that a hacker can hack users account very easily. So the blockchain technology is very secure and we don want any bad guy having access to our wallet. That is what security in blockchain is all about.
Q4.BASED ON YOUR KNOWLEDGE, EXPLAIN AT LEAST TWO VIABLE SOLUTION TO THE BLOCKCHAIN TRILEMMA
FANTOM:- The aBFT aims to solve blockchain trilemma, especially scalability. They have been able to have decentralized system and to be secured. Now their goals is to provided scalabilty, in order to help blockchain produce multiple transactions very fast in a given time frame. In fantom platform acheiving decetralization, this means that no third party are involved users can be able to join or exist the platform, no rules involved. Now providing scalability is one of the main project they focused on. They allows multiple or thousands of transction on blockchain technology to be processed very fast. I believe with this, it can help in solving blockchain trilemme since there decentralization and security are involved already.
ELROND÷ Elrond alos aims in solving blockchain trilemme by improving scalability in blockchain network. This platform runs or processs about 15 thousands transaction in a seconds, but currently has increase trandaction to about 263 thousand transaction in a given time. So this is a great improvment elrond platform has brought in order to solve this problem blockchain are facing called blockchain trilemma.
ALGORAND:- Algorand also was invented to solve blockchain trilemma. They allows or acknowledge applications that is powered by cryptocurrency, so it can be generated by developers who mines blocks. Algorand also solve this problem blockchain are facing by providing scalability i.e to bring more or makes transactions that are being processed to be meteoric.
CONCLUSION
Providing all this solution to the blockchain trilemma is gonna be cool. So that the blockchain can satisfy everyone. The lecture was very awesome and i gained some knowledge about the blockchain trilemme. Thanks for reading.
Cc-
Professor @nane15