International journal of advanced smart convergence

The Institute of Internet, Broadcasting and Communication (한국인터넷방송통신학회)
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Comparative analysis of blockchain trilemma

  • Soonduck, Yoo (Department of Management, Hansei University)
  • Received : 2022.12.17
  • Accepted : 2022.12.22
  • Published : 2023.03.31
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Abstract

The purpose of this study is to review the proposed solutions to the Blockchain trilemma put forward by various research scholars and to draw conclusions by comparing the findings of each study. We found that the models so far developed either compromise scalability, decentralization, or security. The first model compromises decentralization. By partially centralizing the network, transaction processing speed can be improved, but security strength is weakened. Examples of this include Algorand and EOS. Because Algorand randomly selects the node that decides the consensus, the security of Algorand is better than EOS, wherein a designated selector decides. The second model recognizes that scalability causes a delay in speed when transactions are included in a block, reducing the system's efficiency. Compromising scalability makes it possible to increase decentralization. Representative examples include Bitcoin and Ethereum. Bitcoin is more vital than Ethereum in terms of security, but in terms of scalability, Ethereum is superior to Bitcoin. In the third model, information is stored and managed through various procedures at the expense of security. The application case is to weaken security by applying a layer 1 or 2 solution that stores and reroutes information. The expected effect of this study is to provide a new perspective on the trilemma debate and to stimulate interest in continued research into the problem.

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Acknowledgement

The authors would like to express their heartfelt gratitude to Mathew Jackson for advising

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