Good Morning Tronics in the Forum,
CRYPTO projects building and developing to meet up with the blockchain technology required.
On today’s topic I will start with a vote.
3 Desirable Elements in a Blockchain:
Which of these attributes should be prioritized first in Blockchain improvement?
SECURITY
DECENTRALIZATION
SCALABILITY
0voters
Let’s me share a preview of what the following elements means just to remind us.
The three desirable elements in a blockchain are decentralization, security, and scalability.
These attributes are often seen as competing priorities, as improvements in one area can sometimes come at the expense of another.
Decentralization = the fact that there is no central authority that controls the blockchain. This makes it more resistant to fraud and censorship but can also make it more difficult to achieve scalability, as all nodes in the network need to agree on every transaction.
Security = the fact that the blockchain is resistant to fraud and attack. This is achieved through the use of cryptography and consensus mechanisms.
Security is essential for any blockchain that is intended to be used for financial transactions or other sensitive data. But can also make the blockchain more expensive and slow, as more computing power is required to secure the network.
Scalability = the ability of the blockchain to handle a large number of transactions without slowing down. This is important for any blockchain that is intended to be used for mass adoption. But can also make the blockchain less secure, as it may be easier for attackers to overwhelm the network.
So, which of these attributes should be prioritized first in blockchain improvement?
There is no easy answer, as the best approach will vary depending on the specific application or Crypto project of the blockchain.
Let get to have Tronics, Project Owners and everyone to share their thoughts on this.
Thanks
All three are very crucial and should all be prioritized at first sight using the formular a=b=c.
This creates a flow where none is left behind.
Solana sacrificed security for scalability and it nearly landed them in shithole.
Bitcoin sacrificed scalability for decentralization and security and it transactions were as slow as a snail caring a bag of cement.
Tron nearly sacrificed decentralization for security and scalability, and things were almost stuck, they had to quickly bring in the DAO to save the face of the project cos Justin was becoming a pain in the Ass
Yes, all three aspects of decentralization, security, and scalability are important for blockchain networks.
When one of these aspects is sacrificed for the sake of another, it can lead to problems
Yes, very good examples you listed above.
I recalled solana case Solana’s decision to prioritize scalability over security led to a number of high-profile hacks in 2022.
Thanks buddy, much appreciated to have your contribution.
Same with me. I stand with Security.
Meaning I can have my investment in peace of mind in Justmoney.io, NRG WALLET and the rest of the amazing project from Tron Hackathon
If you ask any user victim of one of the numerous recent hacks, they’ll tell you they prefer a slow transaction or a transaction on a centralized chain rather than all their funds gone forever
I had one idea wrt security: I have come across many cases where peoples private keys were compromised and funds were lost. Why not we put a system in place which basically acts as 2fa, before allowing any transaction. This way even if your private key gets compromised, you will not able to lose your funds. What you think @Gordian@Nana66419@Nweke-nature1.com
