Core DAO seeks to solve the Blockchain Trilemma — Satoshi Plus Consensus
The cutting-edge technology of Blockchain is believed to be the solution to a number of problems inherent across industries. Although it is the solution to many sophisticated problems, many experts have stated that the Blockchain trilemma is real.
The work to solve the problem has continued for a long time now. Core DAO reportedly introduced the solution, designated to solve the trilemma. A prominent decentralized autonomous organization, Core DAO, brought the Satoshi Plus consensus mechanism.
Launched in March 2023, the solution is said to solve the blockchain trilemma. The mechanism intends to bridge or merge two popular consensus mechanisms: proof of work (PoW) and delegated proof of stakes (DPoS).
One of the first contributors to Core DAO, Rich Rines, explained that on one side of the mechanism the traditional DPoS elements remain while the proof of work is on the other. Relayers, the element of the systems, will run a Bitcoin light client on the chain.
The block heads of Bitcoin will then be transferred to the Bitcoin light client using the relays. The solution allows miners dedicated to protecting the network to choose to use their hash power for the aforementioned Satoshi Plus consensus mechanism. In layman’s terms, the hash will be delegated to a validator.
Blockchain Trilemma waiting to be solved
Blockchain technology facilitates various functions that play a crucial role in strengthening traditional methods. It provides scalability, security and decentralization to the services it is deployed to. However, it lags behind serving all three crucial factors simultaneously. The notion that blockchain does not serve all three elements and compromises one to accomplish the other two is called the blockchain trilemma.
Ethereum blockchain network, for example, also focuses on three advantages like any other blockchain. It is one of the most secure and decentralized networks in the industry. However, it is not scalable. The network at peak faces congestion, low transaction speed results in higher transaction or gas fees.
Even if sidechains or Layer 2 solutions were deployed across the network to address the scalability issues, the problem is still inherent. For trivia: the concept of blockchain trilemma was first introduced by Russian-Canadian computer programmer and Ethereum co-founder Vitalik Buterin.
Core DAO is seeking to raise funds for its anticipated Satoshi Plus consensus mechanism. It launched an ecosystem fund worth USD 200 million, aiming to channel it towards the development of the project. The fund is expected to manage marketing, research and recruitment purposes.