Which is more important in the Crypto space Decentralization, Scalability, or Security?

8 months ago (Edited)

I attended a crypto gathering today and a lot of questions were asked, answers were given, and positive ideas were shared. During this gathering, a question was asked: "Which is more important in the crypto space Decentralization, Scalability, or Security?", A lot of people had their own opinions, and while they were talking or while the discussion was going on, i picked something from everything that was beings said is that most people mistake Security for decentralization, because while dey were defining decentralization, they were just talking about security in the crypto space. Before I go on let me define decentralization, scalability, and security in crypto.

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Definitions:

What is Decentration?

Decentralization is the central ethos of blockchain technology and drives projects across the ecosystem. Applying decentralized processes and tech eliminates the role of intermediaries across industries and manifests in many different ways.

What is Scalability?

Scalability with regard to a blockchain protocol refers to the blockchain’s ability to support high transactional throughput and future growth. This means that as use cases and adoption accelerate, the performance of the blockchain won’t suffer. Blockchains that perform poorly as adoption increases are said to lack scalability.

What is Security?

To increase network throughput on a blockchain network, there's an incentive to reduce the distribution of blockchain nodes either geographically, in number, or both.

Decentralization, Scalability, and Security in Crypto are called Blockchain Trilemma. Studies have shown that no blockchain network has all three, it is either decentralized, and has good security but lacks scalability just like Ethereum, or they are scalable, and have good security but it is not fully decentralized. Now let's say you own a blockchain network What would be your priority? For me, I would focus on security and scalability and work on making my project fully decentralized because I would want my users to know that their money and investments are safe.

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