Today I will be presenting a task on blockchain , Which he lectured about blockchain trilemma. Without wasting time I will be presenting my home work answers immediately.
Before I begin with my main question I would first like us to know more about blockchain. Once may ask what is a blockchain.
BLOCKCHAIN: This can easily be defined as a split of database that is always given out in the middle of nodes of the computer based system. This is usually a folder since they keeps all the details automatedly in a way of paperless. Whenever we say the blockchain it has really played a major role in the world of cryptocurrency and it was able to get more approval from users this is because of it making an essential position in this system of cryptocurrency. This also assist within saving of a protected and a decentralized of all details of the transactions of different cryptocurrency like the litecoin, Trx and Bitcoin. This blockchain happens to be a change that always ensure that there is a safety, fairness and devoted when it comes to transactions and it do not need the engagement of any mediators. There is also a dissimilarity among the blockchain and a normal folder, And this dissimilarity is the way statistics is present in the mode. When it comes to the blockchain system, All the details are been collected in a team and we have this team to be called the blocks. We also have the current details which is been combined will be put together to the current block created and with this it is going to be combined to your chain whenever is satisfy.
The whole idea of what we called the blockchain trilemma was initially designed by a man called vitalik Buterin who happens to be a stakeholder of ethereum. Each time we say trilemma it always tells us that a user is only allowed to make his or her own decision from an option of three. So with this the user is given the chance to make his own selections of two among the three options given for it to be afford. The option that needs to be selected is either scalability, Decentralization and the security. The blockchain trilemma has been specially made that all blockchain is unable to operate on all these three option, So each blockchain is always recommended to only take two options among the three options given. Let say I wanted to create my own blockchain so I must be guided with the trilemma. And as I stated earlier that with blockchain trilemma only two options can be selected from three options, The options is scalability, decentralization and the security. So I suppose to make my own decision for my block. That is i only have to choose the security, scalability and leaving decentralization out or choosing decentralization, scalability and leaving security out and also choosing decentralization and scalability and leaving security. With this we can clearly understand trilemma that all users only have to choose any two option within the three options given. When you have a look at the example I gave earlier, It clearly tells as the digital ledger technology is also having problem that must be solved, This always makes it very difficult for users to embrace to the technology by plenty of the users. Each time they are going to be able to find solutions to this problems, The blockchain will be adopted by everyone around the world. Cardorna blockchain is also one of the popular blockchain network because they insist that they have been able to find solutions to this problem so it is used by many users in the world. From my research they Cardona blockchain was not able to solve all this problems. Users who utilize the cardona blockchain may have an encounter to some of the problems still do not work with all the three options but rather two. In other to operate efficiently.
From my researches I can boldly say the blockchain Trilemma is really a trilemma. With a reasons that all blockchain are unable to operate on the three options simultaneously. Now I stated earlier in the begin of my work, That builders of the blockchain was finding it very difficult to make the blockchain operate all the three options. So they decided to make the blockchain operate only two option simultaneously and let go of the third option. But they were able to make sure that the two option taken for the blockchain to operate was very essential in other for the two option to be more efficiently without the third option. Also I stated that some blockchain like the cardona blockchain have started insisting that they had been able to solve all this problem regarding to the blockchain not to operate three option at same time. Due to this a lot of people around the world will start trusting the main idea about this blockchain when solutions are been found to this problems regarding to the blockchain not operating all the three option at same time, This will make everyone one around the world to embrace the blockchain. To me this problems regarding to the blockchain will soon be solved permanently for all blockchain to operate the three options, Also to my understanding this blockchain trilemma is truly a trilemma, When you look at the utilizing of growing industrial science the trilemma is really going to have a great future and impact on the blockchain and this is going to be a record.
The blockchain technology was specially developed to be decentralized. First all the system happens to be a centralized system where all the activities are been controlled by mediators or central bodies without engaging it users in every decision made in the system. After the system was been built to be a decentralized system all the problem regarding to the blockchain has now gotten solutions to all of them. With the decentralized system all the activities going on in the system such as transactions and decisions making are not only in the hands of central bodies or mediators but rather all the users are involved in everything. Also with the decentralized system all transactions activities made by a user is always clear and protected in the blockchain, This also helps to prevent all scammers in the blockchain and all other misconducts happening in the centralized system which is causing harm to some users.
Since the blockchain system has gained more popularity and has been embrace by many people in the world. This has really give rise to the amount of work in the blockchain system to be growing each and everyday. With scalability the blockchain system can operate smoothly and efficiently when demand increases. With the helps of this scalability it gives the system the power to grow or lessen when it comes to their charges and also the way it works in different forms. The scalability plays a vital role in the blockchain which also increase the time of transaction approval. Two or more transaction can be made in each seconds when a system is know to be extensible and this also depend on the consensus mechanism which is utilized. In the centralized blockchain system all approved or authenticate do not need much time since the third parties always play that role, But with the decentralized blockchain system it really needs a lot of time before this process can be done this is because it is made up of so many nodes steps before one can complete his or her authentication.
When is creating blockchain, The developers really made the blockchain to be more protected from all fraudsters. With the blockchain it really has a very high protection because it operate on decentralized system where users are having a fully control over their assest. The blockchain is very unique when it comes to security because all users are given some types to keys that is the private and public to be used in accessing their account and it must always be in users hand of the user and not be be shared with anyone also it must be kept in a cool and saved place to avoid them from getting lost.
SHARDING:
This can also be used to solve problem in the blockchain trilemma, That is separating the blockchain into shards. This is going to help to make all transactions to be distinct and also in a divided form. This is going to make the blockchain scalability to be growth with no issues arising in the blockchain protection to it users and the decentralized system.
SIDECHAINS
This can also be used to solve problem in the blockchain trilemma, This can be solved as each time a transaction is been carried out it must be left national and this can also be utilized to guarantee all transactions in the blockchain. Because this can help solved the problem it must be specially made in a form that the actual chain won’t get afflicted ones there is a piracy in the sidechain to prevent it users in the blockchain from falling as a victim to fraudsters. So the central chain will be harassed once there is fraudster in the decentralized system or when it come to protection of users in the blockchain.
The blockchain is really playing an essential role is our everyday life, This has really make transactions activities and protections of all our asset in a safest way. With the decentralized blockchain all users are having a fully control over their assets and it do not needs the approval of any mediators. Also it my pressure that all countries will start utilizing the blockchain in the next future.