Blockchain becomes a mechanism to avoid concentration-of-power effects
The blockchain is not at all surprising. It can still go to the mainstream. It can be changed as the promises of the blockchain growth are too good to get the track on.
There are many of the blockchain projects in the world. It is tuff to tell which ones are having capable of getting success, but it is possible because many of the users are assessing whether they are missing elements in their current blockchain design.
Decentralization owns almost 99 elements of decentralization which is inadequate. Then centralized remains in the security model. The 99 elements are considered as a strength which doesn’t matter, but the centralized ones are the weakest point. If ‘one’ is the individual who builds technology then in this case, it will be true. The database can be centralized which is more efficient and scalable manner.
There is a mechanism which avoids concentration of- power effects. It helps to make sure that the cost of any damage to outweighs its advantages. There are some basic ideas like stateless architecture and geographical distribution. These make the blockchain too attractive. Veterans of blockchain are not moved by the hype and even aren’t going to twist the truths regarding the technical aspects of the blockchain. True decentralization will be achieved, and the fact will get clear to everyone. The promises are coming out with the current technology’s elements.
It is believed that there are five criteria which should be met in the blockchain. Each criterion is essential. To ensure that the blockchain project is a success or not, the other elements like community, distribution, marketing, and public relations need to be involved in getting success solution. I will target to cover these factors in more detail format in further posts. The five factors are
Security decentralization is a security model which characterizes BFT so harm to the devices which cannot take over the high-cost system than the benefit, Efficiency: this is a relative term. In many cases, the value which is extracted is greater than the value of the transaction. This is both wasteful. Revolutionary technology should offer at least 99% more efficient than prior technologies. Scalability: this is one of the well-known obstacles which many of the projects are facing. A prototype doesn’t work for a business, so it is essential to consider this before aiming to develop any project. Confidentiality: if a system is not confidential, then it needs to deploy layers on top of it. And it initially needs to be confidential. It will end up which affects efficiency. The confidentiality is built in by design. Interoperability: if the information cannot be transferred between two or more blockchain then it is opening doors to the issues of hosting when the project is deployed from security flaws.