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- 1 Despite enough development in the sector, the blockchain trilemma remained unsolved.
- 2 Core DAO hopes for the Satoshi Plus consensus mechanism to counter the issue once and for all.
The cutting-edge technology of Blockchain is touted to be the solution to a number of issues inherent across industries. Though despite being the solution for many sophisticated issues, many experts have stated that the Blockchain trilemma is real.
The efforts towards resolving the issue have continued for a long time now. Core DAO reportedly introduced the solution, touted to solve the trilemma. A prominent decentralized autonomous organization, Core DAO, brought the Satoshi Plus consensus mechanism.
The solution launched in March 2023 is said to solve the blockchain trilemma. The mechanism intends to bridge or merge two popular consensus mechanisms: proof of work (PoW) and delegated proof of stakes (DPoS).
One of the initial contributors to Core DAO, Rich Rines, explained that on one side of the mechanism stays the traditional DPoS elements while the proof of work part is on the other. Relayers, the element in the systems, would run an on-chain Bitcoin light client.
The block headers of Bitcoin would then get transferred to the Bitcoin light client using the relayers. The solution enables miners dedicated to safeguarding the network to choose to use their hash power for the said Satoshi Plus consensus mechanism. In layman’s terms, the hash would be delegated to a validator.
Blockchain Trilemma Awaits To Get Resolved
Blockchain technology facilitates various features which play a crucial role in bolstering traditional methods. It provides scalability, security, and decentralization to the services it is deployed to. However, it lags in serving all three crucial factors at once. The notion of blockchain not serving all three elements and compromising on one in order to perform the other two is called the blockchain trilemma.
Ethereum blockchain network, for instance, also focuses on three benefits like any other blockchain. It’s one of the most secure and decentralized networks in the industry. However, it’s not scalable. The network at its peak faces congestion, slow transaction speed results in higher transaction or gas fees.
Though side chains or Layer 2 solutions were deployed over the network to deal with the scalability issues, the issue remains inherent. For trivia: the concept of blockchain trilemma was first introduced by Russian-Canadian computer programmer and Ethereum co-founder Vitalik Buterin.
Core DAO seeks to accumulate funds for its anticipated Satoshi Plus consensus mechanism. It launched an ecosystem fund worth 200 million USD, aiming to funnel it towards the development of the project. The fund is expected to manage marketing, research, and recruitment purposes.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
