Blockchain Defect: Impossible Trinity

The blockchain can solve many specific problems. The blockchain can solve many industry pain points. The blockchain can involve all aspects of human life and can promote the ultimate dream. Yes, many articles hold these conclusions.

But will blockchain technology fade out of the horizon as time goes by like Pu’er Tea, Nano, Clone, and 3D Printing?

We often see a phrase “impossible Trinity”. It means that in the blockchain public chain, it is difficult to achieve both true “decentralization” and good system “security”, and at the same time, it has very efficient “transaction processing performance”.

Blockchain Defect: Impossible Trinity

Bitcoin uses a consensus mechanism based on POW. In the early days, an ordinary computer could participate in mining. Now Bitcoin’s entire network computing power is monopolized by several large mining pools. The “decentralization” of Bitcoin is no longer true. Bitcoin’s trading performance is only 7 per second. The low trading performance has caused the community to disagree on the future development of Bitcoin, which eventually leads to the Bitcoin splitting out Bitcoin Cash in 2017. In terms of security, Bitcoin is undoubtedly the best at the moment.

Ethereum can still use graphics card mining, and computing power monopoly is not serious as Bitcoin. The TPS of Ethereum is about 7 to 15 per second. But smart contracts lead to more complex application scenarios and are more prone to transaction congestion.

The biggest highlight of EOS is the high TPS and strong trading performance. Although the real performance has not reached the million levels officially claimed, it is indeed the highest in the three major chains, reaching about 3,000 to 4,000 per second. However, EOS has made a huge sacrifice in the “decentralization”. There are only 21 nodes in the whole network, and the security is the weakest among the three.

Blockchain Defect: Impossible Trinity

The pursuit of performance and decentralization requires sacrificing security. The pursuit of performance and security cannot achieve decentralization. The three cannot be combined. It is like a tight circle that binds the ambition and desire of the practitioner. The maturity of a public chain is an iterative process of breaking away from “impossible trinity”.

The blockchain still shows the possibility of a cold machine (code) supremacy.Decentralization causes your private key to be kept by yourself. If you make mistakes, you will lose it. Private key is ownership, you can’t find back password. Transfer error can’t be repented, and it can’t be blamed.The operation requires a human being that is perfect and does not make mistakes, or the blockchain does not want human beings to participate excessively. They are just doing communication between machines.

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