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Hello everyone, i welcome you to the second week of the beginers course,on todays post , i will be giving me more details on the topic [Blockchain Trilemma] , the course tutored by professor @nane15 . stay tuned!!
Before diving in deep into the topic Blockchain Trilemma, I would be splitting the two words ""Blockchain" and "Trilemma", which with my explanation I believe the topic would be less complex to you.
Blockchain Fundamental: As at November 2008, Satoshi Nakamoto(Founder of the Blockchain network) revealed the idea of blockchain in a whitepaper as advanced mode of making payment without the need for intermediaries which brought to the idea of Bitcoin
Blockchain creation can be introduced as an advanced programming, which offers a solid exchange and capacity qualities through the web and without the requirement for outsider intermediation.
Blockchain can fill in as an open, circulated, and changeless record that records exchanges in an obvious and extremely durable manner which means whatever happens on the blockchain are pure and can not be tampered by anyone , where every single user are in full control.
Trilemma: The word " Trilemma" means A circumstance wherein a demanding decision must be made between three unique things that you could do, or in which there are three demanding things that should be finished.
Which this brought to the main topic of the today "Blockchain trilemma". Now lets dive in !!
Blockchain trilemma: The word Blockchain Trilemma is referred to as a term composed by Vitalik Buterin( the Founder of ETH), which thus refers to the complications in making a scalability, secure and decentralized blockchain project. Blockchain designers are frequently incapable to focus on complete decentralization without thinking twice about scalability, and security.
Scalability
Security
Decentralization
These are the three key components encompassing blockchain. It is known as the blockchain trilemma where there are compromises between the three and accomplishing every one of them immediately is considered impossible. This leaves blockchain designers at a very difficult position in choosing which one was best so as to succeful carry out a efficient blockchain network.
Yes, the Blochchain Trilemma is really a trilemma, simply because as discussed earlier , to have a perfect working blockchain network , designers are left with the choice of picking between the three component of blockchain designs which are decentralization ,scalability and security.
But achieving this three components is almost impossible which left designers on picking just two of the component ,i.e if you decide to select the option scalability and decentralization ,then your network would have a less security and at the same time if you pick between security and scalability ,then your blockchain won't be totally decentralized .
which this brings a very difficulties to designers as i believe all designers will prefer there network to have the 3 components of blockchaim , but its unfortunate that its almost impossible to achieve the three qualities on a network.which brought to my response that Blockchain Trilemma is really a Trilemma.
A.)
Just like the word " decentralized" , we already know decentralization means the self authority of a control power over an individual asset unlike the tradional banking where there is a central power control over individual asset but this is inoccurence in the blockchain network ,it is decentralized.
Decentralization has to do with the quantity of hubs (computers) working the blockchain. The decentralized idea of a blockchains framework is of key significance here, since Bitcoins significant advancement was taking care of the double spending issue without a central authority.
In spite of the fact that decentralization likely appears as the most un-huge of every one of the three components from the start, we should remember that when Bitcoin was dispatched, the entire thought behind making a digital curency was to offer a decentralized, where there get to be no intermediaries between exchanges.
B.)
Scalibility refers to a blockchains capacity to keep an effective execution of exchange at higher speed , regardless of the larger number of exchanges in each second.
This is the place where the issue of bitcoin emerges. At the time Bitcoin was launched, Satoshi Nakamoto had to think twice about capacity to scale proficiently , Which he later built the bitcoin accomplishing the decentralization and security but the scalability is somehow low. for instance , only 7 transactions of bitcoin can be filled in per seconds regardless the maximum number of people trying to get on where other execution are queued until each 7 transaction are completed per seconds.
C.)
The last part of our discussion is the blockchain Security which has to deal with the blockchain level of coding and its consensus mechanism such as (proof of work or proof of stake).
This consesnsus mechanism alludes to the number of the organization hubs need to affirm an exchange before it is conclusive and how these hubs are compensated.which this implies to how hard it is to mined a particular coin of the network, a higer security demands a lot of proof of stake or prof of work which thus gives miners a lot of responsibilities to ensure the solving of the complex numbers to mine new blocks.
Despite the fact that achieving the three components of blockchain is still impossible yet ,but still some blockchain developers have adopted various strategies to tackling the issue, with some inclining toward direct changes to the blockchain network (layer-1 arrangements) while some others select running one more organization on the principle blockchain (layer-2 arrangements).
For instance, we have the Ethereum network to have presented Proof-of-Stake as a layer-1 arrangement while Bitcoin network as well has presented the Lightning Network as a layer-2 arrangement
1)
The Layer one solution was achieved through the improvement of the consensus mechanism (Proof of stake) , For example Bitcoin, one of the most well known blockchains out there, has utilized Proof-of-Work as its agreement consensus since its creation. What's more, however secure and decentralized, its sluggish; Bitcoin, for example, can just accomplish an exchange throughput of seven Transaction per seconds.
To break past this blockade, some blockchains, including Ethereum 2.0, are changing to a Proof-of-Stake agreement instrument. PoS decides a nodes status dependent on their stake in the blockchain, rather than expecting hubs to utilize registering power, to settle cryptographic calculations.
Shardings: This arrangement comprises of dividing exchanges into more modest pieces. These are then handled all the while in corresponding to one another by the blockchain, considering it to deal with a few exchanges simultaneously. Likewise, hubs dont need to hold a duplicate of each block from beginning; all things being equal, this data is parted and put away by various hubs.
Which this two mentioned gives solutions to the Trilemma of Bitcoin at Layer one solution.
2)
Settled blockchains: with settled blockchain solutions , the principle blockchain or let me say the mainchain, sets the standards for the whole organization, while the mainchain isn't relied upon to participate in any activity except if the need to be emerges. There are a few degrees of blockchains based on top of one another and connected through a parent-kid chain association. Parent chain(main chain) then delegates work among its kids, these execute the activities, and send the outcome back to the mainchain, decreasing the mainchain responsibility and expanding its scalability.
State channels: These make two-way correspondence between a blockchain and off-chain value-based channels. State channels don't require hub confirmation to approve exchanges; all things being equal, this off-chain asset seals off exchanges utilizing smart agreements. At the point when exchanges are finished on a state channel, the last condition of the channel and each of its exchanges are added to the hidden blockchain.
Bitcoins Lightning Network is an illustration of a state channel which thus makes the network process transaction at speed than before.
The Blockchain Trilemma is the caught up in-between developers are stucked in when creating a blockchain network in a sense that the blockchain is divided into three components which are security, decentralization and scalability , which this 3 position put developer in a trilemma position as everyone want the 3 feautues for there network but its almost impossible yet, only two of the options is operable.which is where the Layer solutions come in.
Developers can make use of the layer solutions to at least reduced the work overload of the network by sharding its exchange and as well making use of the parent-kid channel. where the exchange get to be split into smaller pieces using the sharding solutions which thus avoid workover load on the network.
Thank you all for following through thus far!!!see you on my next post
cc: professor @nane15
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