Vitalik Buterin is one of the famous names in the crypto industry. He is very well known for the production of one of the most famous currencies which is “ETHEREUM”. Vitalik Buterin had earlier worked for a magazine that was associated with Bitcoin. From the magazine work only, he had got the master plan for the creation of his own cryptocurrency. This is not hidden from anyone that his currency has been the second-largest in the crypto industry and since its formation, it has continued to be on the respective rank. If you are interested in bitcoin trading, visit https://btc-newstrader.com/.
Talking about his blockchain trilemma. Vitalik Buterin had worked really hard to achieve some objectives in the cryptocurrency field. There are a total of three types of objectives that he focused on. They are security, scalability, and decentralization.
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WHAT IS BUTERIN’S BLOCKCHAIN TRILEMMA?
As we know any person who has got a keen interest in cryptocurrency would have faced any of these above-mentioned objectives. But Buterin through one of the famous cryptocurrencies which have been many times said to kill Ethereum, wiped out these three main problems and has entirely made this possible in that cryptocurrency. The cryptocurrency about which we are going to talk about is SOLANA.
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Here, I am going to talk about those three objectives that Buterin achieved in this cryptocurrency.
TALKING ABOUT THE THREE TRILEMMA
1. SECURITY
As we know when anyone works or operates in the digital space, the first thing that comes to the mind of a person is the security of their assets. But in cryptocurrency, the advanced technology called cryptography has solved this problem. Through this, you are given the personal keys whose information is with you only. And to open through those keys, the language used is different which makes the process really secure and there is no dread of any hack taking place.
2. SCALABILITY
Scalability has been another problem, as we know the technology of our banking system is not up to the mark, hence we have to do brainstorming in even doing small things. But in cross-border transactions, the problem amplifies. But all this has been solved by the cryptocurrency, because they have the capability to process thousands of transactions within a second, be it across many countries or within.
3. DECENTRALIZATION
The third objective that has been on the focus is decentralization. Our banking system is a centralized entity. They work under the ownership of the government of that country. We deposit our money in the bank so that we can use it in our difficult times. But when there is a decline in the market, banks are unable to give us our money back. In such conditions, cryptocurrency has come as a savior to all of us. Because anytime you can withdraw your money without much formalities.
CONCLUSION
The topic discussed above has articulated the three most important objectives that the crypto industry has always strived to gain. As we know, nothing has been born perfect in this universe. But with new innovations and amendments and with the help of manual and technological advancements, there have been upcoming perfections coming, whether it is any field. We know that when our first cryptocurrency was formed it had many lacunas even on being chosen at the top. To wipe these underperforming currencies, Vitalik tried his hands on Solana along with some other members and worked on these three aspects.
I hope my effort to impart these three trilemmas of cryptocurrency has become successful. Wishing you all the good fortune and benefit in cryptocurrency ahead.