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April 28, 2022, 02:17:03 AM |
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In a short span of 10 years, blockchain has gained global recognition and is widely used based on the fact that the underlying technologies it incorporates are all very mature.
The basic technologies of blockchain include hash computing, digital signatures, P2P networks, consensus algorithms, and smart contracts. However, even if these mature technologies are fused in blockchain, it is difficult to avoid the problem of "impossible triangle" which is "inherent".
The "impossible triangle" of blockchain refers to the inability to meet the three characteristics of decentralization, security and scalability at the same time.
Decentralization: A blockchain can operate without relying on any trust from a small group of large centralized players.
Security: A blockchain can resist attacks being launched against it from a large portion of the participating nodes.
Scalability: A blockchain can handle more transactions than a single conventional node can verify.
No project in the design of a blockchain can satisfy all three of these characteristics at the same time; being able to satisfy two of them is considered excellent. Almost all blockchain projects suffer from the "impossible triangle" problem. Likewise, almost all blockchain projects are constantly seeking to break out of this conundrum as they evolve.
Bitcoin sacrifices performance characteristics to meet the design requirements of decentralization and security; Ethereum optimizes "scalability" through PoS consensus and sharding technology; Genesis development team optimizes for decentralization and high TPS to solve the scalability problem. Consensus mechanisms are optimized at the protocol layer to enhance security, and smart contracts are optimized at the application layer to improve business flexibility and convenience.
In addition, Genesis cross-chain technology can connect to mainstream public blockchains (Bitcoin, Ethereum, etc.) and complete asset exchange without changing the original blockchain mechanism. It can realize the functions of transferring digital assets from the original blockchain to Genesis, transferring them back to the original blockchain from Genesis, and trading multiple assets on Genesis to ensure the security of cross-chain trading assets and the stability of cross-chain trading services.
It is almost impossible for blockchain to be completely efficient, secure and decentralized at the same time, but the three can give way to each other to achieve a certain degree of balance. Genesis explores balancing the relationship between the Impossible Triangle and optimizing each part from the perspective of user requirements.
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