This is a repost and here is the original link to the previous post
1. Explain in your own words what the Blockchain Trilemma is ?
When we talk of Blockchain Trilemma, we are talking of making a very difficult choice out of three alternatives such as Blockchain Security, Scalability and Decentralization which all the three alternatives are relatively good when developing a Blockchain but only one most be taken into consideration. So when developing a Blockchain, one have to be sacrificed so as to assimilate the remaining two. In other words, when developing a Blockchain, it's developers will have to sacrifice let's say Scalability and then assimilate Decentralization and security in other for the Blockchain to be developed.
This choices are usually always difficult to make because all the three options count a lot because when developing a Blockchain, developers will have to dispense authorization across an entire network range to all it's users simultaneously because many other Blockchains are centralized which always permit the possibility of different kind of malfunctioning, so that is where we see the importance of a Decentralized blockchain upon it's creation
Again when developing a Blockchain, developers will have to take into consideration incorporation of an ironclad defense so that it should help them in stoping a hostile overflow of the Blockchain and inturn prevent it from being hacked since many other Blockchains are not really secured which may leads to hacking by hackers
The last thing when developing a Blockchain by developers, they will have to take into into consideration the number of transactions limit and fees by increasing them and they will only do so by incorporating a good number of transactions and users because this had created a huge altimatum to the technology of the Blockchain. This is where we see the importance of scalability when developing a Blockchain technology so as to avoid such problems
We see here now that developers bring out different ideas in other to resolve these issues which is still very difficult even UpTo to date to resolve. But to be rest assured, I believe new projects are coming up in future which will be able to resolved this issue because I believe developers are working extremely very hard everyday to develop new and better ideas to resolve this problems of Blockchain Trilemma
2. Is the Blockchain Trilemma Really a Trilemma?
If I will have to answer this I will say Blockchain Trilemma is not actually a Trilemma because most of it's problems have been resolved because there are Blockchains that are highly secured simply because there are decentralized in nature. Wirh it's decentralized nature, the security keys make sure all it's nodes inside the system have control over Itself and also does thousands of transactions at once with little fee cause and low charges. So many Blockchains have been able to overcome this issue of Trilemma, a good example is Blockchain like Solano which I'm mostly family with, these Blockchain is highly developed and it faces no problem of the Trilemma because all that has been sorted out and filtered by it's developers upon creation even though it hasn't really succeeded in it but I believe most of the problem have been resolved. There are so many other Blockchains that have also been able to outcome these problem of Trilemma
So we see here that the problem of Scalability, Decentralization and security have been taken care of with little or no problems because actually if it was a Trilemma as it's called, all it's problems couldn't have been resolved so easily like that
3. Define the following concepts in your own words: A. Decentralization B. Scalability C. Blockchain Security
A. Decentralization
When we talked of Decentralization in Blockchain technology, we are talking of a system that is full of trust, security and transparency since it's users can do what ever he or she want to do with his assets without necessary taking permission from a central entity. So this Decentralization can be referred now to as the scattering, dissolving, changing of ownership, control and decision making from a Centralized entity to a Decentralized (distribution) of networking system for easy access because of the improvement of its security because all it's interconnected nodes serves as a reference point to each other inside the network system
B. Scalability
When we talk of scalability in Blockchain, we talk of the ability of the Blockchain to change in it's size or scale of its networking system to either reduce or increase the functionalities in consideration to it's disparity and it's Processes of demanding applications. Or in other words, when ever a Blockchain have a higher transaction per seconds, we say it's highly Scalability especially Blockchains that are engaged with proof of Stake [PoS] because it's Scalability usually increases with a decrease in decentralization. We can see this in the analysis of a stable database that an operating system usually performs on diversed hardwares when ever there is usually an increase in it's number of queries
C. Blockchain Security
When we talked of Blockchain security, we talk of ironclad which means that the Blockchain is ironclad in a way that it can't be easily hacked by hackers unless it's project coding is exposed to the public or to an untrusted person. So we see here that security is maximize in the sense that the security is highly coded with a consensus mechanism in every Blockchain technology so as to avoid Blockchain frauds to occur by manipulating it's source code by hackers. So every Blockchain always secured it's project by using a consensus mechanism in other to know the validation of their various blocks
4. Based on your knowledge, explain at least two viable solutions to the challenges posed by the Blockchain Trilemma
After going through professor @nane15's lectures, I can agree to him that layer 1 and 2 are the current solutions to the Blockchain Trilemma because ""Layer1"" offers solution which are intend to improve the state of the Blockchain so as to enable it to carry out fast Scalability, decentralized networking system and high security system and then ""Layer2"" give out solutions in fixing child network inside the main network so as to help solve problems that were face by parent Blockchain technology. We see that once this two layers are solved, the Trilemma problem will be solved as well
Solution to Layer 1 problem
This problem can be solved by "sharding" which involves dividing the Blockchain into various parts so as it could be able to handle different transactions at one time. For example, it can handle UpTo thousands of transactions per seconds in a distributed manner there by increasing the rate of Scalability without inturn affecting both Decentralization and security
This problem can also be outcome by improving the consensus mechanism by improving from proof of work to proof of Stake there by dealing with the Scalability problem as validators will be chosen base on their contributions to the network system and their stakes as well
Solution Layer 2 problem
By reducing work load on the main Blockchain and also solving this problem, developers will have to build off-chain channels so that they cab be capable of communicating with the main.
In other to also reduce the work load and pressure from the main Blockchain and solved the problem of this trilemma, developers will have to nest from parent to child relationship so to get going the transfer of most work from primary Chain to that of the child Blockchain
So far we have studied about the Blockchain Trilemma and I Defined it as a situation where by developers of Blockchain fines it difficult in making a choice out of three alternatives such as Decentralization, security and Scalability because all this three alternatives are absolutely very important when developing a Blockchain.
We have also seen that Blockchain Trilemma is not actually a Trilemma because most Blockchains now our days have been able to overcome some of these problems. Like the Solano and polkadot Blockchains and other Blockchain technologies
So far I have Also been able to define what centralization, security and Scalability is as far as Blockchain is concerned and we have also been able to see some solutions to the challenges posed by the Blockchain Trilemma
Thanks so much Professor @nane15 for this beautiful lessons for I have been able to learn and grab so much knowledge from it
CC:
@nane15