Blockchain Trilemma - Crypto Academy / S5W2 - Homework post for nane15.

6개월 전

Hi steemians, it's yet another great lecture time with another mind blowing lesson from our great professor. The lessons, show actually, that a lot of research and knowledge is put in, to prepare these lectures. Another milestone of blockchains, is covered !.

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We all know that every advantage has a backside constraint and even blockchains aren't left out in this universal fact as it's almost impossible for normal blockchains to have the three basic features which are decentralization, scalability and Security

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1.) Explain in your own words what the Blockchain trilemma is

In consideration of what blockchain trilemma is, we'll be considering two words ie Blockchains and Trilemma.
We have mastery of what blockchains are and the new word here is, "Trilemma". Trilemma could be defined an existent selection between three options where all are impossible to achieve. This means that in a trilemma situation, one choice has to be sacrificed in quality or even totally for the efficiency of the rest of two

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To explain this better, I'll be taking an example of an international Cafe known as KFC, here we know that in serving the customers well and maximising profit, the issue of quantity, quality and price would be a great trilemma since for quantity and quality to be maximized, price would be increased and unaffordable for consumers. The same applying to quantity and vice versa.

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Blockchain trilemma to the best of my understanding could be defined as a relative choice between features that influence crypto blockchains where it is extremely hard to achieve the entire three. Like the lesson explains, and I'll speak on in the next question, blockchain trilemma is not a complete belief to some developers since some blockchains combine the three features with all working properly like the Solana but we'll speak more about that later.

Blockchain examples of Blockchain trilemma could be seen in cases of network protocols like PoW that achieved absolute security and decentralization but had heavy scalability issues and an alternative PoS network that has high scalability and Security but isn't totally decentralized

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2.) Is the blockchain trilemma really a trilemma

Like I explained in the first question and paragraph, the basis of trilemmas, is having to choose two between three basic options and even with hope of the next generation blockchains systems eliminating the trilemma, presently, the blockchain trilemma is really a trilemma.

This is because one factor is sacrificed in most blockchains to ensure the quality of the two others in the blockchain for example, reports have it that the Ethereum upgrade to 2.0 with the Proof of Stake model tended to maintain decentralization and Scalability but had a little reduction on the side of Security. Another good example is Solana, it is claimed to be free of the blockchain trilemma but a steep look into the cost and process of handling nodes on the network confirms that decentralization is sacrificed in the blockchain

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3.) Explain the following in your words :

Decentralization :
Decentralization simply explains the concept of the elimination of middlemen in the chain of blockchain technology activities and this is a great advantage blockchains which sometimes could be sacrificed for better scalability and Security based on the trilemma assumption. This concept leaves individuale of a blockchain in absolute control of their seperate nodes unlike centralized systems where one hub regulates all participants. We must know that the effect of sacrificing decentralization woukd be a more scalable and Secure network eg. Solana

Scalability :
The speedy and increased effiency of transactions rate and future growth could be seen as features of high Scalability rate and we must take note of the fact that Scalability is one very important and great feature of a blockchain.

When a blockchain begins to carry out intense transactions and multiple uses, there's every possibility of it to get slower and reduced in quality which is why the need for scalability becomes urgent.

Large volumes and faster transactions would always make scalability appreciated and fundamentally, scalability is one of the most packed feature in today's networks that are decentralized

Security :
Everyone wants to have peace of mind and trust in her transaction process and this depends onthe most common types of security attacks on blockchains except cases of doublespending could be seen as a 51% attack where a validator gains access and control once he has over 50% of consensus power. An example of this case of security could be traced back to the PoW that was very secure but slow in transactions and an upgraded PoS that is highly scalable but has reduced security. This gives the conclusion that Security would affect scalability or decentralization in a way or the other

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4.) Give at least two viable solutions to the challenges posed in Blockchain trilemma
The two viable solutions I'll be explaining here are the Ist layer and second layer solutions and they include

The first layer solutions :
The first layer solutions are simply, a way to resolve the problem of Blockchain trilemma from the roots ie the king of crypto blockchains which is Bitcoin. This Bitcoin makes use of the PoW protocol which is secure but slow and an upgrade, to an advanced consensus model like that of DPoS increases scalability while even the blockchain is left secure and decentralised.

Activities like transactions on the blockchains, could still be divided in shards and worked on seperately since block copies are shared to different nodes. Blockchains like Ethereum have moved to new consensus protocols for better user experience

Second layer solutions :
The second layer solutions here, aim to leave the base of the blockchain and differently solve the problems by ways like Nested block the quality of security involved in the blockchain being used.

One of chains which involve delegation of duties of transactions by the main chain after which its done and sent back and thus, scalability is enhanced since work is reduced on the mainchain. Like the lesson pointed out, examples of this is seen in the Bitcoun lightning network that makes way for Bitcoin users to perform financial activities on the blockchain, faster, cheaper and more efficient even though the main protocol doesn't support such efficiency

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Conclusion :
The Concept of blockchain trilemma is a very cogent topic and a lot of understanding has been created from it most especially the reason as to the several failures and pros of the different network protocols ie PoW and PoS.
The elimination of this trilemma would involve utmost stability of scalability, security and decentralization in a blockchain.

Mordern blockchains like Solana too, although not completely aim to establish blockchains that are free from this trilemma.
One more time thank you professor, it was a great time out !

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Cc
@nane15

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Greetings @sciencetech, thank you very much for being a part of SteemitCryptoAcademy this fifth season.

Your grade on this assignment is as follows:

ParametersGrading
Presentation Style1.3/1.5
Compliance with Topic1.5/2
Quality of Content1.3/2
Spelling and Grammar (Fluency, structure and understanding of the topic)1.1/1.5
Originality1.3/2
#club50501/1
Total7.5/10

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Remarks:

In general you should have been more explanatory and create your own investigation.

You repeated in some parts things that I had already explained in class and you were not very original, try harder.


Thank you @sciencetech for your effort in carrying out this publication, I hope to continue reviewing your future tasks.