What You Should Know About Blockchain Trilemma

When the word blockchain Trilemma is mentioned in the crypto space and even outside the crypto space, the founder of Ethereum blockchain Vitalik Buterin is mentioned because he is the one who coined the concept of blockchain Trilemma.

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Blockchain is being faced with some challenges by developers when they are building a new or rebranding an existing blockchain network the issues that the blockchain Trilemma is letting us know about are:

• Decentralization

• Security

• Scalability

Now, from what we have shared we can say that it is the trade-off between these three (3) critical aspects of blockchain is what blockchain Trilemma is. Let's go into a discussion of these three critical aspects.

Decentralisation

We all know what decentralization is all about which means there is nothing like a central authority responsible for controlling the affairs which is what blockchain Trilemma tends to achieve.

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The purpose of a blockchain Trilemma when looking at it in a decentralized way means there should be no single entity responsible for controlling the network, making the blockchain resistant to censorship and a single point of failure.

Security

Security is very important in all we do, which is what makes blockchain network to be more special. What Vitalik Buterin proposed about security is that there should always be a way to protect blockchain networks from being attacked and ensure the integrity and safety of transactions and data.

A system with security issues isn't trusted by its users whereas a system with sound security measures is well trusted by its users.

Scalability

This simply means that a blockchain network can handle multiple transactions very fast without facing delay or being more expensive in terms of transaction fees.

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Vitalik Buterin proposed this based on how Bitcoin and Ethereum were struggling with the issue of scalability that do causes slow transactions and high transaction fees.

Conclusion

Blockchain Trilemma suggested that it is difficult to achieve the three at a time which proposed that in achieving all three simultaneously, one would have to sacrifice to achieve the others.

A perfect example of this is Ethereum and Bitcoin security and decentralization are well prioritize but scalability seem to be an issues which are why the transaction fee of both net networks higher than that of other blockchains.

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