Decentralization, security, and scalability. The task of achieving the optimal levels of each is what’s known as the blockchain trilemma. Learn about the different approaches to solving it ⤵️
). Each block of data is connected in a way that can’t be tampered with because any changes would alter a block’s hash. Any attempt to change the data would be quickly identified by the rest of the network.
Also note that the more participants there are in the network, the more secure it is. The greater the number of parties, the harder it becomes for one bad actor to take control of the system. This relates to what is known as the.
However, by prioritizing decentralization and security, scalability becomes a challenge. The number of transactions a chain can handle can be severely limited. A centralized payment system such as Visa states that it’s able to support 24,000 transactions per second. This is because the network is closed, and free from considerations such as public nodes and consensus. Compare this with some of the best-known blockchains.
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