Homework on scalability lecture by @alphafx
Question 1:
Make a transaction on the Binance smart Chain and Tron blockchain (you can use any token)
I recently got some steem into my steem wallet in the Huobi exchange platform, so i decided for the transaction with TRX i would just convert my steem to TRX and show the details.
Transaction with TRX blockchain
I am using the TRC 20 network through the huobi exchange plaform, and i'm simply buying TRX - first, i had to convert my steem to USDT, so i can be able to purchase the TRX. A code is sent to your E-mail, and you're asked to retrieve it.
When i was done retrieving it, i was led to the page above. It showed me that i was done verifying my mail, and i could move to the next stage.
gong further, i saw another interface, which reconfirmed my verifications, and showed that the transaction was complete.
Time taken for TRX transaction
using Tronscan, i was able to see all the details about the transaction I had just done:
The time taken as seen from previous screenshots for the transaction was 3 seconds according to the tronscan. If you notice the time difference in the first three screenshots, you'd see that i started the process at 9:31 and finished at 9:34.
Transaction with Binance Smart Chain
for this transaction, I decided to move my BNB from my binance to my trust wallet app.
To do this, i have to go to the BNB and open the options as seen above. The screenshot above shows the options for withdrawal, i went ahead and clicked "withdraw" and it led me to the page below:
here, i am asked to fill in the parameters of how much BNB i want to withdraw, and of course my BNB wallet address on the trust wallet app
After filling in the needed information, I go on to click "confirm" as seen above.
it takes some seconds to approve the withdrawal as seen above to ensure authenticity.
now this is the page it gives when the transaction has been completed.
Time taken for BNB transaction
that above is my trust wallet after transferring the funds. and as you can notice, it took seconds for it to reflect in my trust wallet because the time of confirmation is the same as the time that BNB was deposited into the wallet, which is 10:08
Question 3:
Comparison of scalability and speed with btc
The Bitcoin blockchain is now regarded to as slow because it uses a slower form of block formation, which is the Proof of Work. The proof of work needs so muc, and does so little compared to other systems and consensus algorithms
BLOCKCHAIN | AVERAGE TIME TAKEN FOR BLOCK FORMATION |
---|---|
Bitcoin | 10 minutes |
TRX | 3 Seconds |
BSC | 3 seconds |
BLOCKCHAIN | CONSENSUS ALGORITHM |
---|---|
BTC | Proof of work |
TRX | Delegated proof of stake |
BSC | Proof of staked authority |
The newer consensus algorithms are faster and less bulkier, and their charges are way less.
Question 4:
What can be done to help the scalability of BTC, TRX and BSC
I suggest that a system or an app will be introduced to help make blocks faster, that is as BTC uses POW, the amount of work needed To make a block could be reduced with the help of a system that could be introduced.
The same goes for the TRX and BSC block chains.
The transactions were well done but the rest were too brief
Thanks for participating
Thank you sir