[Tech]Trilemma of existing blockchains and disadvantages of the existing consensus algorithm

Trilemma of existing blockchains

A private blockchain has an advantage of strong security and has relatively fast speed in processing transactions, but has a disadvantage of centralizing the management.

On the other hand, a public blockchain has an advantage of decentralization, but has a lot of problems to be used practically because of its slow processing speed and low scalability.

Limitations of the Existing Consensus Algorithm

The existing consensus algorithms, which are PoW (Proof of Work), PoS (Proof of Stake), DPos (Delegated Proof of Stake), and BFT (Byzantine Fault Tolerance), have limitations, such as energy-consuming hardware computation structure, centralization by limited delegates, and vulnerability to 51% external attacks.

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