Greetings friends, is my pleasure to participate in this week's lecture by professor @nane15, thanks for going through.
1 Explain in your own words what the Blockchain Trilemma is.
First the concept of Trilemma entails taking difficult choice between three alternatives which are equally undesirable. Nevertheless, most of us have heard about Vitalik Buterin who is one of the inventors of Ethereum. He was the one that coined the concept of Blockchain Trilemma and this posits three major issues viz: scalability, decentralization and security. These three issues have compelled Blockchain developers to sacrifice one of the options above while developing a Blockchain to incorporate the other two. For instance, developers may sacrifice scalability to incorporate decentralization and security in their Blockchain and so on.
Blockchains should incorporate an encouraging number of users and transactions without any problem by probably increasing transaction limit and transaction fees as this has posed a great threat to Blockchain technology.
Many blockchains are centralized thereby permitting the possibility of different kinds of malfunctions but on the other hand, rather than being centralized, the Blockchain dispenses authorization over a wide range of networks to all participants simultaneously.
Many Blockchains are highly vulnerable to hacking which we can attest to. On the other hand, blockchain securities should incorporate ironclad defense to assist in preventing malicious overthrow of the Blockchain.
2 Is the Blockchain Trilemma Really a Trilemma?
The Blockchain Trilemma, if I may say, is not really a Trilemma but just a personal concept, finding and philosophy by Vitalik Buterin which most blockchains have overcome. For instance most platforms are secured by just decentralizing them since every node in the system has absolute control over itself with just it's security keys.
However some networks are also scalable as most of them can perform enormous transactions at a time.
Finally these issues have been overcome by some blockchain networks and Trilemma is no longer a major issue as most platforms like Polkadot (Gavin Wood), Solana (Anatoly Yakovenko) etc have overcome it.
3 Define the following concepts in your own words:
C. Blockchain Security
Decentralization in Blockchain technology refers to the disbandment of decision making, control or ownership from concentrated entities to distributed networks. Nevertheless, this tries to improve on the privacy and security of different nodes operational in a network as it reduces the risk of trust placed on one another.
This is the ability of a network or a system to either decrease or increase in it's cost and functionality in regards to variation in it's processing demand and applications.
For instance, this analyzes the stability of a database when there is an increasing number of queries or how stable an operating system performs on diverse hardwares.
This is the process of maximizing cyber security networks, and best obtained means like ironclad etc in guarding against attacks like the hacking of the Blockchain by fraudsters through the use of malwares.
4 Based on your knowledge, explain at least two viable solutions to the challenges posed in the Blockchain Trilemma.
This is meant for the optimization and fragmentation of large databases and stored in distinct servers to depress the pressure that would have been solely absorbed by the central server. The need for this is to reduce the workload that would have been borne by the central server by dividing the Blockchain network into unit networks which contains a part of the network's nodes called shards and to this end, each node just needs to process a fraction of the different transactions in the network. This is in regards to Blockchain Scalability
This helps in covering the lapses of POW and also scalability issues and this is actually a modus operandi through which investors vote to delegate their proxy to leaders that will help in confirming transactions in a given Blockchain. For instance this is observed in the Tron network through voting for Super Representatives and some other networks. This is also in regards to Blockchain Scalability.
Securing Blockchains through Algorand services.
The Blockchain Trilemma was also solved by Silvio and his cartel by the invention of pure proof of stake with regards to security issues.
Silvio Micali is a legend in the field of information security and cryptography and they take the security of their users very seriously.Nevertheless through pure proof of stake which they invented that actually involves the anonymity of its users, this further issues a high level of credible security since no member of the committee as proposed by Silvio is known by the public.
The decentralization of Blockchain is one of the prolific things that has happened since the inception of Blockchain but on the other hand, most of the Blockchain networks are still bedeviled with Scalability issues although measures have been put in place as to mitigate against this through different technical apppications. Invariably Security has also posed a major threat to the Blockchain technology but the application of some security management tools and also the decentralization of the Blockchain has greatly assisted in mitigating against this,gracias profesor.