If you ask someone this question, “Can a perfect Blockchain exist?” They’re most likely going to look you back in the face and stare at you as if they’d seen a ghost.
Can there be just one system or one solution in the world? Heck no! And then there are a thousand different ideas and challenges within a particular type of Blockchain system.
Let’s understand this better.
Different consensus algorithms power Blockchain technology. It is the consensus algorithm of a given Blockchain that determines how nodes participate in sharing of the database of such Blockchain.
A growing trend within the Blockchain ecosystem is the combination of two or more consensus algorithms by solution providers. By doing so, Blockchain developers seek to employ the various strengths of different algorithms in order to achieve a more robust platform.
One Single Blockchain Solution Is Not Going To Cut It
According to Previn Kutty, a Blockchain solutions architect, says that several consensus algorithms have been introduced on the Blockchain. These are proof of work, proof of stake, proof of service, proof of burn, proof of space, byzantine fault tolerance etc., all of them claiming to solve the cryptocurrencies / Blockchain challenges for decentralized control, low latency, flexible trust, less resource intensive, asymptotic security, etc.
However, it is now widespread knowledge that each of these algorithms has their particular areas of strength and weaknesses, a development that Kutty describes as a “one size doesn’t fit all” scenario.
Kutty recently told Cointelegraph in an interview:
“There is the lingering question of one size consensus doesn’t fit for all, as each Blockchain app has their own challenges and the entire Blockchain community is exploring new opportunities for everyday consensus challenges, which is good as it promises more and more opportunities for technological development in consensus arena.”
Then there is Bjorn Bjercke, Blockchain developer, who explains that in isolation the various consensus algorithms tend to reveal profound weaknesses within their systems.
Bjercke mentions examples such as proof of stake, which has been discovered to have issues with safety, and proof of service that according to him has been proven to be hackable.
As for proof of authority, Bjercke notes despite having proven to be safe. It is a centralized system, therefore defeating the initial idea of the Blockchain.
There Must Be Some Synergy
Inpay was noted to harness the properties of Ethereum Classic and Waves in enabling features such as decentralized voting systems and aliases.
Another project that claims to be harnessing the qualities of multiple Blockchains is Qtum Foundation’s Sparknet. This project claims to combine the advantages of Bitcoin, Ethereum’s Virtual Machine and proof-of-stake consensus.
Jordan Earls, co-founder of Qtum, says that the testnet would feature an Ethereum Virtual Machine smart contract implementation along with Qtum’s proof-of-stake protocol.
Earl said…
“I am ready to get this in the hands of the community and see what everyone’s response to it will be, in particular, what features other developers can come up with.”
In Conclusion
There is no conclusion. No I’m not trying to be funny. There is no conclusion.
Blockchain technology is relatively still in its early stages of development, and therefore its natural that the ecosystem continues to experience twitches and adjustments. Everyone within the ecosystem is learning something and adjusting to changes. The weaknesses of the various consensus algorithms in existence are becoming more and more exposed as more products are built on top of these platforms.
So, to me, more robust systems need to be created. Especially now with the ever increasing demand within the fintech and other heightened industries. We need to develop blockchain applications which can synergize and talk to one another. Multiple systems must be combines for improved efficiency and robustness.
What’s your thoughts on this?
Found this article informative? Like it, share it, do something with it. Don’t forget to subscribe to our mailing list (bottom right) and be one of the first to receive important Blockchain news before others get it.