Now, what are the current goals of the blockchain? The main aim of the blockchain is to keep the ecosystem decentralized, solve the problem of scalability, and provide a secure medium for the traders and the transactions that are occurring across borders.
The blockchain trilemma which refers to the widely held trust, with decentralized networks can easily provide benefits at any time you want with regards to decentralization, scalability, and security.
The decentralized ecosystem has given rise to layer-1 and layer-2 of innovation as well as it is considered to have a diverse range of solutions that help to remove all the hurdles to solve the Trilemma.
What Is the Blockchain Trilemma?
Blockchain technology is playing a remarkable role in industries ranging from finance to the arts, and it has been able to prove its worth.
This underlying structure has been seen with unique challenges if compared with the centralized network compared to the decentralized network.
In the 1980s, it was developed by computer scientists and came to be known as the CAP theorem, and it is also the most prominent of many challenges.
According to CAP, decentralized data is stored and the blockchain is an iteration, with three or two guarantees provided to you at the same time: availability, consistency, and partition tolerance (CAP).
If we talk in terms of modern distributed networks then it has been developed in the Blockchain Trilemma.
There is a popular belief that it may sacrifice decentralization, infrastructure security, or scalability with public blockchains. So, if you want to be successful in bitcoin trading read on.
What is scalability in Blockchain?
In the early 80’s the concept of CAP theorem was introduced that says that the blockchain can only provide the repeated version of solutions like consistency, availability, and partition tolerance based on decentralized data stored in it.
Now following the notion of Cap Theorem, we would like to address the issue of scalability. Scalability means the ability to support a higher number of transactional records, so the issue of low scalability occurs when Blockchain expands its areas of serviceability.
But, after the new up-gradation of technology has occurred in the Blockchain, the issue of scalability is solved by the greater adoption process where networks can easily compete with the legacy.
Solving the Blockchain Trilemma:
In the decentralized ecosystem, there are several blockchain protocols such as Bitcoin, Ethereum, Litecoin, and Ripple which are referred to.
We would like to tell you that there are currently a number of development and practice methods several you can directly improve the scalability of the Blockchain network if you wish.
Improvements to the consensus protocol
There are currently several other digital currencies that are quite popular such as bitcoin, which are used on blockchain networks and are a consensus protocol for proof of work. Although PoW is completely secure, it is also slow at the same time.
For example, bitcoin can only achieve seven TPS. This is the reason why many blockchain networks – which only upgrade Ethereum to Ethereum 2.0 – favor proof-of-stake (PoS) consensus mechanisms.
The Ethereum network is expected to grow dramatically and radically while increasing decentralization as well as ensuring its security.
Adapted from the shared distributed database, it is experimental in nature in the blockchain field, which is a popular layer-1 scaling solution.
Sharks can be processed in parallel through the network, which allows multiple transactions to be processed sequentially.
Ethereum 2.0 is a blockchain protocol that is a high-profile blockchain protocol that also explored the use of shards along with Tezos, Qtum, and Zilliqa.