Crypto Academy Week 15 - Homework Post for [@alphafx]. Scalability and Improvements Made and Still to be made

Good evening prof @Alphafx thanks for this wonderful lecture, it made me to under more about Exchange and am thankful to gain from you.

Lets move straight to the point.

Make a transaction on the Binance smart Chain and Tron blockchain. Show the time taken for each transaction to be verified.

My transactions were performed from the TronLink wallet to the Binance Exchange. Then I made a transaction from the Binance Exchange to my trust wallet Account.

All Transaction was done on Friday, 28, and all the screenshots were taken from my cell phone.
In both cases, I transferred TRX to avoid high fees, especially in the case of Binance.

My first step is to log into the TronLink application from which I will transfer 50 TRX, approximately 3.7USD to my Binance account.

I have staredt the transfer process, as you can see. I filled in the receivers wallet address ( you must be very careful while filling the wallet address) enter the amount and the amount i used is 50 TRX and then fill in the note if you have any.

And finally click on Send, make sure you confirm your transaction details before you click on transfer now.

The Transaction was completed at 9:40pm.

Three minutes later, at 9:43 pm, i opened the binance app on my phone to check if the 50 TRX have reflected and upon reviewing the deposit history of my Binance account I realize that the trade actually completed in less time, as it states 9:42pm as the trade completion time.

The second Transaction was from my Binance Account to my Trust Wallet. I wanted to Transfer 50TRX but binance charges 1TRX for the transaction so i have to change it to 51TRS and the Balance in my Trust Wallet is 0TRX

Then i log into my Binance account and start the transfer procedure. 51TRX, and the platform charges 1TRX as a fee.

Click on Withdrew.

Input the wallet Address and Amount to transfer and click on withdrew but bear it in mind that 1TRX is for the platform charges.

Confirm your details and click on confirm.

I concluded the Transaction at 9:51 pm.

Still at that 9:51pm , the Transaction was still in progress. The transaction can be seen in the withdrawal history of my Binance account.

Three minutes later, at 9:54 pm, the transfer was started showing completed.

Lastly at 9:54pm i checked my Trust wallet to verify if the 50TRX submission was completed.

In Conclusion,

The Tron blockchain transaction verification time is 1 minute. While, the transaction verification time of the Binance Network is 3 minutes.

Compare the scalability and speed of the two against BTC

From the above transaction we can see that, the verification speed of both Tron Blockchain and Binance smart chain is very much lower than that of Bitcoin. Using Tron as first with a speed of about 1 minute for verification while Binance which is the second transaction with 3 minutes, while Bitcoin with 10 minutes for the verification of a block.
These results are closely in line with the scalability of each each other . Tron which which was the fastest in terms of verification was created to solve the scalability issue of BTC .

The Binance Smart chain is also faster not just because its high scalability but due to centralization and its high scalability is not due to high technology development .

What do you think can be done to improve the scalability of these three (BTC, Tron, Binance Smart Chain)

Mostly, the issue with Binance is the issue of Centralization in as much as it has a fast processing time range but the issue of centralization will keep making it as a problem for the user.

Meanwhile, Binance, like any other centralized entity, has a low frequency to failures, in term of a failure in the central server, the whole blockchain system would fail. And it would have been better and easier and the issue solved if it was were a decentralized Blockchain system. And , it would then face off the scalability issue of BTC and TRON.
In these issue, several solutions have been mapped out to improve the scalability of Blockchains, among which are the use of off chains channel, direct transfer of private keys and use case.

There are so many issue affecting the performance of blockchain network so benchmarking blockchain is not a straightforward Answer. So the use case which is being implemented and use of off-chain components in a blockchain-based solution is also need to be considered when processing business transactions.

Conclusion

Blockchain performance and scalability will always to be a topic of intrigue and interest in the near future as blockchain technology is adopted and applied for a variety of use cases.

professor @alphafx below is the link to my assignment which you scored me 5 and was not voted by @steemcurator02 on Concensus algorithm.

https://steemit.com/hive-108451/@dayographix/steemit-cryptoacademy-consensus-algorithm-alphafx-by-dayographix