Abstract:
Trilemma in blockchain refers to the infamous problem of simultaneously not delivering the
three critical aspects of a ledger: security, scalability and decentralization. While security
and scalability hinder decentralization, security is jeopardized if the scalability is escalated.
This deficiency of not maintaining a balance among these three crucial factors restricts the
broader adoption of blockchain technology and cryptocurrencies in the industries. This
research proposes a solution to the blockchain trilemma by implementing a public ledger
using The InterPlanetary File System (IPFS) and a newly introduced strategy called the
double-chain technique. The scalability and decentralization features are guaranteed by
the distributed file system of IPFS and the public nature of the blockchain suggested in
this thesis. Although any consensus can be plugged into our system, the proof-of-work
consensus is utilized to ensure that the security is not compromised while stabilizing
scalability and decentralization.
