• Tue. May 21st, 2024

How Can Layer-1 Blockchains Solve The Blockchain Trilemma

How Can Layer-1 Blockchains Solve The Blockchain Trilemma

Blockchain technology is facing a growing centralization trend, which might compromise its core principles. Some layer-1 blockchains are designed to set a new standard supported by the decentralized ethos.

As the centralization trend in blockchain technology keeps growing, the community requires new platforms loyal to the principles of decentralization. On that note, Callisto Network’s layer-1 blockchain provides a viable solution via decentralized governance, community focus and on-chain democracy.

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Now that blockchain technology has been around for ten years, a worrying trend is coming up – the growing centralization of networks. Major blockchain networks, like Ethereum and BNB Chain, prioritize speed over decentralization and security. While it might enhance performance, it risks compromising the core principles of blockchain technology.

As the industry slides toward centralization, issues like stifled innovation, reduced security, and depletion of user autonomy arise. The concentration of power seems to contradict the inherent security principles of blockchain and they hinder the fertile ground of ideas and developments that a decentralized ecosystem boosts. The consequences possibly hinder the technology’s growth and mass adoption.

Over 13 years after its introduction, the blockchain sector is yet to achieve the vision of an on-chain democracy. Arising from Ethereum’s heritage, Callisto Network, a layer-1 Ethereum-compatible blockchain, unveils innovation by using practical solutions to issues of centralization that are dominant in the current major networks.

Decentralization For The Masses

Callisto Network’s distinct community-owned treasury network, which got 10% of the block rewards, represents a move toward democratization and inclusivity in the blockchain sector. The treasury played an integral role in Callisto Network’s launch approach, ensuring that it steered clear of initial Coin offerings (ICOs) and pre-mined coins and instead went for a more decentralized launch.

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By unleashing an airdrop to the Ethereum Classic community, Callisto Network marked its first approach towards fairness and widespread participation. Striving to build upon that promise, Callisto Network is getting ready to launch its governance model, which will give the whole community control over the treasury.

Callisto Network aims to overcome the blockchain trilemma between decentralization, scalability and security. Source: Callisto Network
Callisto Network aims to overcome the blockchain trilemma between decentralization, scalability and security. Source: Callisto Network

By empowering the community to control its treasury, Callisto strives to guarantee that the network resources are used in various ways that reflect the collective will of its users, not the interest of just a few. Callisto Network’s innovative on-chain democracy (COD) ecosystem is not simply about voting on proposals; it is an extensive network featuring the whole governance process.

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From proposing new ideas to engaging in various debates and discussions within the community, COD empowers all voices to shape the network’s future. It represents a move toward democratization and inclusivity in the blockchain industry. The aim is to become the first “self-funded, self-sustainable and autonomous blockchain.”

Focusing previously on blockchain security, Callisto Network has contributed to securing more than 335 crypto projects through smart contract audits. The network keeps exploring new ways to scale the blockchain network effectively without having to give up on decentralization, using new technologies like artificial intelligence (AI) to enable quicker and highly accessible smart contract audits.

In its pursuit of constant innovation, Callisto Network is transitioning to a proof-of-stake (PoS) consensus mechanism. The strategic move strives to boost energy efficiency and scalability, further solidifying the network’s commitment to a sustainable and decentralized blockchain network.

The Future Of Blockchain With A Focus On Community

With a strong commitment to decentralization, Callisto Network presents a compelling model for the future of the blockchain industry. Its primary focus is on community-powered governance, on-chain democracy, and a community-owned treasury network that addresses the centralization worries affecting major blockchain ecosystems.

This strategy realigns with the original ethos of blockchain and returns the sector to its decentralized roots but also boosts a highly secure, advanced, and user-focused environment.

Once the issue of trilemma is resolved, experts believe blockchain will enjoy mass adoption in nearly all sectors of the global economy.

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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.

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