GearChain’s Solution to the Blockchain Trilemma
What is the Blockchain Trilemma?
An idea introduced by Vitalik Buterin called the 'Blockchain Trilemma' refers to three main problems developers face when developing blockchains, namely decentralization, security, and scalability, which ultimately force developers to sacrifice one aspect in order to accommodate the others.
- Decentralization: Whether the blockchain is centralized or decentralized, and how many nodes are there?
- Security: How is the blockchain resistant to attacks?
- Scalability: How fast, reliable, and affordable is it?
At the time when Blockchain Trilemma was introduced around 2017, it was impossible for all three problems to be resolved simultaneously. Now, we have solutions to the blockchain trilemma. Take a look at how GearChain addresses these issues.
Decentralization: GearChain is truly decentralized
Without decentralization, it’s just another centralized system that exists today, which is exclusive with intermediaries. Basically, decentralization means the network isn’t controlled by a single entity. In a fully decentralized network, all nodes have the same access to data and the same voting rights.
Our GearChain platform is built on a public (permissionless) blockchain network that uses distributed ledgers to take advantage of multiple nodes. Also, any business network can build a custom supply chain management system and manage inventories using GearChains protocol and decentralized applications.
The GearChain blockchain is a zero-coding blockchain, which means anyone can access the technology and adopt it to their supply chain processes. We are open for both Business to Business and Business to Consumers and even individual customers can control household items for their garage warehouse.
Security: GearChain’s backbone is Security
Without security, it is impossible for any blockchain project to succeed. The most fundamental pillar of the blockchain platform is security. The quality of your cryptographic method, or consensus algorithm, will determine the security of your infrastructure.
Through PPoS or Pure-Proof of Stake, GearChain provides security. Its unique consensus makes it nearly impossible for anyone to take over the network with a 51% attack.
Basically, PPoS relies on cryptographic sortition to randomly pick users to propose the next blocks for a given round. When users propose a block, a committee of voters is selected to decide on the block proposal. If the overwhelming majority of the votes are from honest participants, the block is validated.
Furthermore, our smart contract and platform as a whole maintains security through a third party smart contract audit tool and service. Understandably, this is a mission critical project, and broken windows could lead to total collapse.
Scalability: GearChain is fast and affordable
There are two main issues with regard to blockchain scalability: transaction speed and costs. Current Ethereum (classic) and Bitcoin both have issues in this regard.
Without scalability, you cannot create a worldwide scale platform. Users must not be concerned about network latency or costs when using the platform, nor must they experience a low output transaction speed.
A GearChain has a high transaction rate of 6K per second and potentially up to 45K TPS, which is perfect for scanning barcode assets and storing them in a distributed ledger for supply value chain. Thanks to the PPoS’s block pipelining, it produces more transactions and saves you time.
Plus, the cost per transaction is extremely low, so users don’t need to worry about hefty transaction costs. In addition, we are developing with Layer 2 expand-ability and multi-chain capabilities so that we can expand our ecosystem as emerging technology develops.
Final Words: GearChain Go Beyond Blockchain Trilemma
We envision unlimited possibilities with expandable and interoperable legacy systems. For example, our database concept, which utilizes the Google Sheets API to redundantly generate data, opens the door for integration and AI/ML. Our NFT concept for provenance in Industry 4.0 and 3/4/5PLs will show genuineness and trade value. Moreover, the IoT and edge computing on our roadmap to further emerge will bring tremendous value to the GearChain ecosystem.
— GearChain is a Zero Coding Blockchain App Builder for SCM.
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