Club5050-Issues Of The Blockchain System (Blockchain Trilemma)
Greetings everyone.
Today I will be sharing with you guys another important content about the blockchain system. This content has to do with the downs of blockchain which has made some countries to still doubt it. With all the advantages and great impact blockchain offers, it still have some issues it also faces just like any other thing in the world.
The blockchain system has issues that has to do with processing data, storing data and many more. But when all these issues are fixed, the blockchain system will gain many countries and people trust and will be accepted by many countries in the world making people to give more attention to it and diverting people from choosing the centralized way of handling things to the decentralized way.
To start with what I will be discussing today I think it is very necessary to explain what blockchain is before going into the real work. Although most of us have a little knowledge about blockchain but for the sake of those who don’t know what blockchain is.
A blockchain is a shared database that is distributed among the nodes of a digital system. It is a database because it stores information electronically in a computerize form. The blockchain system has made a huge impact on the cryptocurrency systems and it has gained popularity by playing this crucial role in the system.
It helps in keeping a secure and decentralized data of transactions of cryptocurrencies. The blockchain system is a great innovation which guarantees security and loyalty of records and also creates trust without involving any third party.
The blockchain system is made up of three different features, which includes decentralization, scalability and security. These three features comes together to form a term known as Blockchain Trilemma. Vitalik Buterin the founder of Ethereum was the man responsible for the idea of blockchain trilemma. This term simply indicates the difficulty for a single system to run all the three main features of the blockchain at the same time.
The blockchain trilemma is a concept innovated by Vitalik Buterin as I mentioned earlier which proposes the three main features decentralization, scalability and security. Developers faces these three features when developing blockchains, making them to sacrifice one of the features as a trade-off to enable use the other two. It is well known that a decentralized system can only give two of the three features at a time. Furthermore, ongoing projects within the decentralized system has led to a wide range of layers and solutions that will overcome these issues to solve the trilemma once and for all with respect to the following;
Decentralization: Instead of being managed by a single person, blockchain shares control over the system to all users.
Security: Blockchain system should possess tight defense to prevent malicious organizations from taking over.
Scalability: Blockchain should agree with a vast number of transactions and clients without delay by increasing charges and the number of transactions.
Many organizations and people believe that achieving all these three features is impossible and there is no way it will ever be achieved, maybe not in the near future. Although, there are also some determined developers who still have the belief that the blockchain system can achieve all the three features and make them work under one system.
Trilemma is considered as three vital things that have been seen to be very difficult to occur or operate under one system at the same time. Blockchain systems are coming up everyday and most of these new innovations are very close to solving these issues with respect to applying the three features together to their systems. Although, there is no prove that has agreed with the blockchain trilemma ideology.
I think it is being referred to as trilemma because they want to show how essential these three features are to the blockchain system and how hard it is for them to function together at the same time under one blockchain system. With the little knowledge I have about the blockchain system, I think the blockchain trilemma can be solved i the coming years of technology. Though there is no current blockchain system that has been successful with all these three features.
So I don’t think the blockchain trilemma is really a trilemma since ambitious and serious developers still believe they can come out with a blockchain system that has all the three essential features operating at the same time. I said this because in a normal sense an actual trilemma will be very hard to solve or even impossible to solve but Algorand which is a cryptocurrency project is touting that they are getting a solution to the blockchain trilemma concept.
Blockchain has been a great and nice innovative and will be a super innovative when all these three features are seen working under one system. It has make everything look simple and easy with all its astonishing features making transactions and other things to occur very fast.
I think blockchain trilemma will come to past in the near future since new projects are being under development with the ultimate goal of solving the problems that the previous or existing blockchains are facing. I hope you all will get the best out of this post.
Thank You All!!
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Your post this time is very interesting discussing the Trilemma Blockchain, thank you for sharing.
You have wrote about Trilemma Blockchain beautifully. You've also written nicely about the fact that solving some of the blockchain's problems will make it more popular than centralized.
Yh that is the fact. Seeing all the three features of blockchain operating together under one system at the same time will be more effective.
This was a very common problem in the blockchain world. However, many blockchains are currently able to overcome this problem.