Aleph Zero on Altcoin Magazine
With thousands of blockchain projects being either built-in garages or already listed on Coinmarketcap, how can you find all that are the most promising?
Well, you simply can’t. There’s just too much noise in the blockchain space. Therefore, you shouldn’t even try to find all the projects that are interesting. But you can definitely have your shortlist of projects to follow that can have a real impact on either the blockchain space or the world.
What would you place on that list? IOTA? Hashgraph? Algorand? Golem?
No matter what projects you’re already watching, be sure that this one is on your list:
Aleph Zero is a novel consensus protocol. A “blockchain layer 1,” if you prefer to call it that. This project aims to solve known shortcomings of current distributed ledger technology solutions; including speed, scalability, and security; all at the same time.
There are other technical advantages, as well — DAG architecture, hot-seat governance model, Smart Contracts that don’t expose sensitive data, and a fast decentralized exchange application built on top of all that.
Interesting enough? Let’s jump into the details.
A blockchain Trilemma is a concept introduced by Vitalik Buterin, the founder of Ethereum. He believes, with some evidence, that there’s no possibility of creating layer 1 protocol that would be secure, scalable, and decentralized all at once.
You’ll always have to pick two while sacrificing the third aspect. For example, a blockchain that is secure and highly scalable won’t be decentralized. A decentralized and secure protocol won’t be scalable. And so on.
Someone could say, “Hey, but security and decentralization are the same thing!” Well, not exactly. Although the more decentralized the network, the harder it is to perform a successful attack on it, the risk is still there.
There are many scenarios in which a decentralized network could be vulnerable — 51% attack, Sybil attack, Double Spend attack,…