Solving the Trilemma of Decentralization, Scalability, and Security
Ryan Quick, the CTO of Trilix and Michal Bacia discuss the concept of the blockchain trilemma, which refers to the challenge of achieving scalability, security, and decentralization simultaneously in blockchain systems.
Ryan argues that it is a theory that hasn't been proven or disproven yet. Trillix was born from a different perspective on the Web3 space, based on their experience with distributed databases. They approached the Web3 world by looking at blockchain as a new step in the journal discussion and being able to coordinate transactions in a safe and generic way. The challenges of bridging between different platforms in Web3 are discussed. High transaction costs, lack of transparency, and potential risks involved in bridging assets are highlighted. Reducing friction and interaction costs are important to facilitate seamless transactions between different ecosystems.
Ryan proposes using an escrow system as a solution for improving bridges. This involves introducing a trusted third party that can hold records of transactions between different chains. Independent oversight and validation can increase trust, reduce risk, and improve overall safety. Other solutions like notaries that can keep records across multiple chains are also mentioned to ensure accountability and transparency. The need for finding ways to make bridging safer and more efficient is stressed to facilitate value transfer across different blockchain networks.
Trillix aims to solve the trilemma of decentralization, scalability, and security by taking a different approach to building blockchains. It allows for the creation of specific use-case blockchains tailored to individual needs, instead of trying to accommodate all behaviors and actions in one single blockchain. Flexibility is provided in aspects like where logic and data are stored, as well as how bridge operators define their own rules. This enables enterprises to create their own bridge solutions based on their unique requirements and preferences. Privacy options are offered by allowing obfuscation and encryption of data. By separating the storage mechanism from the ledger concept, Trillix provides increased control over data visibility and accessibility. Trillix can integrate with existing public blockchains or utilize its own persistence mechanism, providing flexibility for enterprises to leverage any or none of the public blockchains according to their needs.
The focus of Trillix is on building components rather than imposing a specific solution. The goal is not to become another layer 1 or layer 0 blockchain but to provide tools and capabilities that help drive innovation in the Web3 ecosystem.
Overall, Trillix aims to provide a decentralized platform that allows for infinite customization while ensuring security, scalability, and performance. It opens up new possibilities for use case-specific solutions within the blockchain space. In conclusion, Trillix presents an innovative approach towards solving some of the challenges faced by existing blockchains. Its focus on customization, privacy options, integration with public blockchains, and flexible storage mechanisms makes it a promising tool for enterprises looking to build decentralized applications tailored to their specific needs.