Steemit Crypto Academy Season 2 Week 7 Homework Post for @alphafx

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I am very excited to be a part of this week's course on scalability and improvements made and still to be made on blockchains. I would now present my solutions to the questions asked.

Introduction.

I would first say something small on scalability of blockchains. Scalability is the ability to handle larger transactions in a short possible time. Therefore blockchain scalability is the power of a blockchain to support multiple or a large number of transactions in a short period of time.

Make A Transaction On The Binance Smart Chain And Tron Blockchain.

To correctly compare the scalability on these two platforms, it is best to use the same tokens. So I will be using TRX tokens for this task.

Transaction of Tron Blockchain.

To perform a transaction on the tron blockchain, I followed these steps;

Step 1: I opened the tron extension on my PC.

Step 2: I clicked on dapp ( 4 small boxes at the top of the screen ) which opened a new page.

Step 3: I selected tronscan which opened a new window.

Step 4: I then clicked on the area highlighted and selected send.

Step 5: I copied my tron linked from binance and pasted in the "to" box, filled in 7 trx and clicked on send.

Step 6: This requested my signature which I did by clicking send.

Step 7: My transaction was successful.

The transaction was initiated at 4:54:27pm ( local time ) as shown belown

The trx was successfully deposited at 16:55:43 ( local time ) as shown below

My transaction from tron blockchain to binance took 76 seconds.

Transaction On Binance Smart Chain.

For this task, I will be sending 30trx from my binance account to my binance smart chain wallet.

Step 1: I opened my Binance Smart Chain wallet via the google extension, selected receive and copied my binance smart chain address.

Step 2: I opened my binance account, selected wallet and clicked on fiat and spot.

Step 3: I then searched through my assets and chose trx. Then, I clicked on withdraw.

Step 4: I entered the copied address, keyed in 30 trx and clicked on withdraw.

Step 5: I clicked to get codes and then keyed them in.

Step 6: I then clicked on confirm and clicked on complete.

My transaction was then activated at 7:48 pm as shown below

My transaction was received on the Binance Smart Chain at 7:49 pm as shown below

It therefore took 1 minute ( 60 seconds ) for my transaction to be completed

Compare The Scalability And Speed Of The Two Against BTC.

BTC uses the proof of work ( PoW) consensus and has a block creation of 10 minutes. But when there is no competition between miners, the generational block time is about 8 minutes.

BTC can complete 7 transactions per second while trons handle a transaction of about 2000 per second.

But Binance Smart Chain and Tron use proof of Stake consensus algorithm which is known to not have scalability problems. It takes about 3 seconds to create or mine blocks here making its transfer time 3 seonds.

From my transactions, we see that the speed of Tron and Binance Smart Chain have lower verification speed than BTC. Tron which was created to solve the scalability of BTC has the fastest verification. This is because trons are used to obtain bandwidth energy to perform multiple transactions.

The Binance Smart Chain is fast as well with second highest scalability. This is due to its centralization processes. It therefore tskes quite a longer time to complete transactions.

What Do You Think Can Be Done To Improve The Scalability Of These Three ( BTC, TRON, Binance Smart Chain ).

Several solutions have been proposed to improve the scalability of blockchains. The following are solutions to the scalability problems.

Off-chain payment channels need to be used. These off Chain payment channels are channels that make micropayments outside the main blockchain.

An example of such off chain channels is The Lightening Network. The Lightening Network was introduced in 2015 mainly as an addition to blockchain level. This addition takes over the processing of trades on blockchains reducing their costs and allowing maximum transactions per second.

Another solution which has already introduced is the "BTC Cash Hard Fork". The BTC cash hard fork was introduced in 2017 to verify several transactions by dismantling several blocks.

BTC works on the proof of work consensus algorithm which is known to increase stability when transaction times increase.

For BTC to solve Scalability problems its blockchain needs to change from using proof of work consensus algorithm to the proof of stake consensus algorithm since PoS consensus algorithm systems like cardano are known to not face scalability problems.

The use of private keys is another solution to the scability problems. Private keys are no doubt very secure and protect our assets on blockchains but transferring these keys into devices like the flash drives is a way of increasing scability.

The Plasma Cash Method is also a way that can improve scability of BTC, TRX and the binance smart chain. With this system, higher transactions per second can be done faster. Users can verify transaction themselves with the plasma chain.

Conclusion.

I am very thankful to prof @alphafx for this very informative lecture as I have learnt alot. I have learnt that the plasma Cash method, changing to PoS, the use of private keys and the introduction of hard forks can improve scalability. I also learnt how to perform transactions on the Binance Smart Chain, the Tron linked app and the Binance Smart chain network.
I have also identified that scalability is a nuisance to blockchains and although measures have been put in place, there is still a lot to do.

Thank you.