Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @merci26
Hello friends,
The month is fast moving, and we have already approached week3 of the steemit engagement challenge. So far, the challenge has being interesting and very educative. Although I have not been able to participate in all the contest, but I will say the topics of each have the weeks is carefully selected and deserves a kudos for that. This week, we are expected to talk about our favorite concept in the Blockchain world. Read along with me, as I share with you on the concept Blockchain Trilemma
Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion
BLOCKCHAIN TRILEMMA
In the natural world, as an individual we have to work, to eat as well as take care of our family and also provide the basic things of life. Apart from that, we also need time to socialize as too much work might make us dull, thereby leading to depression. To be able to continue working, and get a good health, we really need to sleep as we really do not want to breakdown as a result of excess work. Sometimes it is usually very difficult to strike a balance between how much we work, time for socializing as well as sleep. Almost every Adult is faced with such problem. The blockchain Trilemma could be likened to the illustration or problem stated above. The term Trilemma came into existence by Vitalik Buterin, which is a problem faced by almost all blockchain. The concept has to do with forfeiting one out of the 3 terms that all blockchain should have. Blockchains are meant to be decentralized, secured as well as scalable, but in the concept of trilemma, during the development of a blockchain, it’s either the blockchain is secured and scalable, or Decentralized or secured….etc, but must not possess all three characteristics of Decentralization, Security as well as Scalability. What do we mean by these terms?
• Decentralization
This try’s to eliminate the issue of third party or middlemen. It is one in which no individual or group of persons have control over the blockchain, rather each individual is able to access the blockchain using their nodes. It also could be regarded as the backbone of blockchain. In a decentralized exchange or system, the private keys are usually held by its owners, as such they have total control over their funds.
• Scalability:
It has to do with maintaining speed, while trying to increase the number of transactions a blockchain can verify within a very short period of time.
• Security: On of the major challenges faced by blockchain is the issue of security. This has to do with the blockchain, trying to defend its self from issues such as hack, bug as well as any issue that will lead to a breach in its security level.
Why do you think it is important in the blockchain?
Blockchain Trilemma is very important, as we live in a fast advancing technology where Blockchain is becoming more popular with more users. The issue of trilemma needs to be resolved so as to have a blockchain that can adopt all three concept of Decentralization, security as well as scalability.
Blockchain is built on decentralization as it ensures that no single user, have total control over data or information stored in the blockchain, as well as trying to prevent hacks from individuals, while security plays an important role by providing various mechanisms that will help such stored data’s from fraud, hacks as well as bugs, while trying to maintain speed,process more transactions as the blockchain becomes popular and have more users.
Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?
The Blockchain trilemma is a term built for the Blockchain. It's a term that describes the hard choices Blockchain developers need to choose from when developing a Blockchain and associated Dapps.
As a result of this inherent role the term has in describing an otherwise novel terminology, it's place in the grossary of crypto terms remains uncontested.
Currently, there's no alternative or similar term to describe the Blockchain trilemma. It can't be the Blockchain dilemma was as it focuses on three fundamental issues other than two which a Blockchain dilemma term will more accurately describe
Do you think it is possible to improve this term in some way? Explain us how
The term can definitely be improved but I don't think an improvement is needed. An alternate term that can be used is something like "the decentralization-scalability-security relationship on the Blockchain". While this term seems representative enough, it adds an unnecessary layer of ambiguity to an already ambiguous term.
So, I feel the "Blockchain trilemma" is fitting enough.
You are so right my friend, the month is indeed moving at a super fast paste!
Here we are at the next crypto challenge and it feels like yesterday that I finished the last one.
Thank you for your post. I will for sure use the info you have shared to build my puzzle!
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Hello @merci26.
You have correctly explained the concept of blockchain trilemma. Every blockchain has either a security problem or a scalability problem or suffers decentralization. For instance, Bitcoin has problems with scalability while Solana has more issues with security for it is very scalable.
Exactly! Well said friend
You have really explained what the blockchain trilemma entails, I love the way you have arranged your work. And as nothing can be fully perfect I do hope this issue is resolved.
There is a blockchain that has tried to incorporate all there concept
Wooow blockchain trilemma, I don't actually know much about this blockchain but with the way you explained it in your work i most say that I have learned alot from it. Your work is so unique
Thank you for sharing your knowledge with us.
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You are welcome
Just reading your publication has encouraged me to write on blockchain trilemma 🙈
It is so difficult to obtain a blockchain that meets all the 3 major characteristics. Most a times, at least 1 is sacrificed.
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Yeah, I am aware of the blockchain trilemma and it's effect. It is known that a crypto project has to sacrifice one of the 3 fundamentals of the Blockchain to attain 2 although layer two solutions have helped to remedy the trlemma effect to some extent. Nice post you have here.
Blockchain Trilemma is in built and has formed the basis for the choices made by the developers. As the world is moving so fast, we need such to be able to advance fast. Thanks for helping me go through this concept once more. I have learnt a lot by reading through. Success in your entry
Smiles I always loved this concept Called Trilemma. I love your standpoint and your explanation. It's owk to allow improvement on the blockchain as regards Trilemma especially in the aspect of scalability however I love your submission in regards to the alternative you presented Weldone.