CRYPTOACADEMY HOMEWORK//#SCALABILITY// #ALPAFX-S2WEEK7
I must begin by commending my able professor @alphafx on this lesson on scalability of blockcain. Meanwhile our homework task is to
- Make a transaction on binance smart chain and tron blockchain.
- Show the time taken for each transaction to be verified.
- Compare the scalability and the speed of the two coin against bitcoin
- What can be done to improve the scalability of the three ( btc, tron, binance smartchain).
Let us first begin by understanding scalability of blockchain.
what blockchain scalability is
Simply put, scalability has to do with the limit the blockchain processes transactions especially when the load of the blockchain is increased or also when the nodes are increased. Let us take tron chain for example; as numerous persons are joining the platform they are creating wallets, and making transactions. Let's say there are millions of persons making transactions at a time; how long and how fast it takes the platform to process each transaction is known as it's scalability.
This having been said, we are going to demonstrate using two platforms. We will determine how long it took each platform to complete a transaction. Let's begin with binance.
- PLEASE NOTE THE MARKED AREA. THE PHOTOS ARE TAKEN FROM MY PERSONAL ACCOUNTS.
Fig 1:1
Fig1:2
As you can see from the above photos, I initiated a transaction of doge coin to buy usdt at 6:39 pm in binance. Fig 1:2 shows that the transaction was completed at around 6:39:55. It took within or approximately 55 seconds to complete.
In my second example I will make a transfer of tron from my trust wallet to my token pocket tron wallet.
Fig 2:1
Fig 2:2
In the above image I initiated a tron transfer from my trustwallet at 9:01:22 and it was received to my token pocket tron wallet at 9:01:24. It took approximately 2 seconds to complete.
comparing binance smart chain and tron blockchain
In view of the above, it is clear that tron chain is more scalable than that of it's counterpart binance.
COMPARING THE TWO WITH BITCOIN
Despite the above records, binance is said to have the capacity of processing 1.4 million transactions per second. Tron chain has the capacity of making 2000 transaction per second whereas bitcoin can only make 4.5 or 7 transaction per second. The gap is huge!
** WHAT CAN BE DONE TO IMPROVE THEIR SCALABILITY**
Bitcoin
My suggestion for bitcoin, tron , binance and all decentralised blockchain is to reduce load on it's chain by making use of the " lightening network". This is a sort of layer 2 chain that could be layered on top of blockchain. It's function will be to perform peer to peer transactions among users without affecting the main chain. The final result of all transactions could be added to the chain.
Conclusion
Without doubt using peer to peer technology will result to more fast and efficient transactions. It's in-corperation into decentralised finance may solve the big issue affecting blockchain - scalability.
You posted to the wrong community, my friend.
Thank you so much, it was a great error, I have corrected it but I will delete it after they have made verification. Thank you once again.
Where is the correct post?
The corrected post is at #cryptoacademy community, the transactions and every details are there, please check it sir @alphafx