Hello steemians, I am very happy to write my homework post for this week and also using this opportunity to say a very big thank you to prof @nane15 for this wonderful lecture this week.
Explain in your own words what the Blockchain Trilemma is.
To me, Blockchain Trilemma can we well understood if we look at them separately.
So, I will like to talk about blockchain.
Blockchain is a node, which is interconnected and distributed ledger for securely storing of transactions. In 2009, blockchain was introduced. And it was introduced by Satoshi. The first initiated cryptocurrency ( Bitcoin). Recently, there are a lot of cryptocurrencies we can think of. example like; steem, Ethereum etc. and all them run on the blockchain network.
With all the advantages and great impact of the blockchain system, it still have some challenges it faces just like any other platform in the world. There are so many challenges it face when it comes to processing the data, storing the data etc.
and With the above mentioned challenges, when they are fixed, people from different countries will now give it attention and also the whole world at large.
Trilemma means, a term that is used when choosing two out of three possibilities.
The blockchain system is made up of three different features and These three features are being put together to form the Blockchain Trilemma.
Below are the features that make up the Blockchain Trilemma;
The idea of Ethereum was founded by Vitalik Buterin and Ethereum was the reason behind the idea of blockchain trilemma.
So looking at things, the whole idea or concept about blockchain trilemma, was the idea of Vitalik Buterin with the main proposes of the features which is ; decentralization, scalability and security.
Decentralization : in simple terms, Decentralization means, a platform or a blockchain system which is not control or manage by a single person or is not controlled by the central authority. Also, decisions that are that are taking on the platform is been done by the users.
Scalability: this means that, transactions that happens on the platform is been done within a shorty period of time. Moreover, transactions are done very fast.
- Security: this is one of the most important feature that users consider when choosing a blockchain. Blockchain system should put codes that can pervert Harkers from entering into the system.
All the blockchain networks as I’m speaking now, they are able to solve the problem of blockchain trilemma and at the end, what they can do is that, they will choose one out of the three features of blockchain for the other two.
developers of blockchain believes that, blockchain shows a certain features that control developers from achieving all these features.
And there are developers who believes that, blockchain system can achieve all the three.
Is the Blockchain Trilemma Really a Trilemma?
So Many blockchain networks tried in solving the problem of Blockchain Trilemma but ever since the creation of the Bitcoin Blockchain network. Everyday new inventions that are make up by developers in trying to develop a network with all these three features (Decentralization, Scalability and Security ). These innovations are getting close in solving this problem. Theoretically, the Blockchain Trilemma hasn’t been proven to be a trilemma and I’m sure as new ideas are generated every, the blockchain trilemma will be solve one day.
According to my research, Solana network has come closed in solving this blockchain Trilemma with the Proof of Stake (PoW) mechanism. This gives more room for validator to process thousands of transactions in a second. The PoS mechanism of the Solana blockchain solves the issue of scalability among the three features. The blockchain is built on the asymmetric cryptography technology which make it very secure from cyber attacks. The only problem with the Solana network is that, users with high stake of their assets are favored when it comes to selecting validators, this make decentralization in Solana network questionable.
The Algorand network come up with a special PoS called Pure Proof of Stake, this mechanism uses a bot to randomly select users to be part of the blockchain validators. Validators are chosen randomly without any favors, which solves the headache of the Solana network. The Algorand network solves both decentralization and scalability with the Pure Proof of Stake Mechanism.
With the new invention of the Algorand network, I’m sure in no time the issue of blockchain trilemma will be addressed. This still gives me more room to stand that the blockchain trilemma is not a trilemma.
Define the following concepts in your own words: A. Decentralization B. Scalability C. Blockchain Security
The primary feature of a blockchain system is Decentralization. This means that, a situation in which all the affairs, the management and control of an organisation is not managed and control by the central authority.
Everyone who happens to be on this platform has an equal chance or opportunity of taking part in the decision making and any other privileges of the platform.
With Decentralization, blockchain system is transparent in a sense that, everything that happens on the platform is not hiding from the users. Also, users on Decentralization platform have full control of their assets and also records are been keep when user did any transaction.
Verification and validation of transactions on the Decentralized systems sometimes keeps long to process due to different nodes actions when comparing it to centralized system.
The process where by multiple transactions takes place within a second is term as scalability.
There are some blockchain network Which can process more than thousand transactions within a second whiles others can’t meaning, they need kite time to do that. So comparing the blockchain network which can process thousand transactions within a second is more scalable than the other one which needs more time to process that same thousand transactions.
Scalability is an important feature in blockchain system. As I said earlier, scalability has to do with the performance of a blockchain system when it comes to how speedy the system is when come to transactions.
Moreover, before the level of scalability achieved, several blockchain networks adopt the PoS consensus algorithm in the validation of blocks. The PoS give room for so many nodes (validators). in the process of validation, transactions which makes it possible to verify and validate thousands of transactions within a second.
C. Blockchain Security
Blockchain security is the most important feature in blockchain system. Security in blockchain simply means that, things that are put in place in a sense that, blockchain will be very difficult and hard for hackers to hack the system or get into the system.
Is a must on blockchain to have a secure system because users have their billions of assets on the platform so there is a must on blockchain network to provide a strong security to prevent users assets from been harked.
I’m much emphasise on the blockchain security because, before a user choose a blockchain network, he or she take a look at its security before joining the blockchain network.
Depending on the blockchain, some blockchain have their way of protecting their platform from been harked. Some blockchain network uses cryptography are used by blockchain network in protecting its network.
Cryptography is one of the most powerful security tool in protecting transactions and this needs the use of Public and Private keys in encrypting and decrypting transactions between users.
Based on your knowledge, explain at least two viable solutions to the challenges posed in the Blockchain Trilemma.
Below are some of the viable solutions i think it will help in solving the problems posed in the blockchain trilemma;
Sharding: this can help to solve the problem of blockchain trilemma. This can help in a sense that, this involves in dividing or partitioning the blockchain system into shards. And each shard will handle a lot of transactions separately and the main reason is to reduce pressure on the system.
And with sharding, the main problem of scalability will improve and number of transactions that will took place within a second on the blockchain will increase.
Sidechains: another way of solving the problem of blockchain trilemma is sidechains. Blockchain network has low scalability due to overload of the system as so many transactions will be validated with small nodes. Moreover, with sidechains, public to the public transactions will remain and will be used to certify transactions.
Sidechains also stores information and at the same time transactions.
So to improve this, we need to find ways to reduce the workload of processing nodes and by so doing, we need to create sidechains which can help transactions verifies, validation and storage.
So after everything, the workload will reduce and this will allow nodes to work efficiently.
Algorand Service: with the help of Algorand service, blockchain can be secured. When we are to talk about the security and cryptography, Silvio Micali is a well known person in this field. He is in cooperation in solving the problem of blockchain trilemma by producing the proof of stake with regards its security issues.
Moreover, the proof of stake that has been brought up has issues with regards to security since no member of their team is known by the general public.
Blockchain is really a great and a nice innovative. Day in day out, there is an improvement in the technology aspect and I strongly believe that, as time goes on, blockchain will impose ways to solve problems of blockchain trilemma. Come to think of the importance of blockchain to its users, it provides security to its users and also make it possible for its users to make transactions within a second and also, the cost involved in transaction fee is less costly.
I will like to use this opportunity to thank the professor @nane15 for his wonderful lecture this week. I really learned a lot from his lesson and I hope my homework task will be reviewed thank you!!!!