Crypto Academy Week 15 , Homework post for [ @alphafx].. Scalability.
Today on 29 May 2021 , i am submitting homework task for professor @alphafx , which is about Scalbolity of blockchain networks. Basics of topic has been very wwll explained by professor, so let me directly jump to specifics of topic.
Before going on to specirocs of task, let me tell you that for this task, I am going to use TronLink wallet and Trust wallet so let me share the snapshot of opening balance of my both the wallets so as to be sure that the transition took place.
Make a transaction on the Binance smart Chain and Tron blockchain (you can use any token). Show the time taken for each transaction to be verified (original screenshots must be included)
Transaction on Tron Blockchain.
To perform transaction on TRON, let me transfer TRX from my trust wallet to my TronLlink wallet. The opening balance of my trust wallet is 10.10 TRX and the opening balance of my TROLLINK wallet is 177.078 TRX.
So starting from my Trust wallet, click on send, as i have no other token on my wallet.
Enter TronLink reception address and amount. I entered amount as 10 TRX and copied reception address of TronLink and pasted in Trust wallet.
Click on continue and than again check the details and click send.
- Once sent, proceed to Tronscan by clucking on "More details"
Time taken for transaction on Tron Network.
To look for transaction time, we need to go to Tronscan. Trust wallet provides easy way to do so. From the last page of sent transactions, click on "More details ". It takes you directly to Tronscan.
Now look at above screenshots carefully, in the first one, you can see transaction unconfirmed at 53 seconds. In second screenshot, you can see transaction has been confirmed on Tron blockchain at 1 min and 5 secs interval. Hope it is crystal clear.
Transaction on Binance smart chain.
To perform transaction on Binance exchange, let me transfer Tron from my Binance exchange to Tron lLink wallet. So here we go :
* Go to BIMANCE qpp. On the homepage of app, from bottom panel, click on wallet.
Next click om "Withdraw". And select TRX token.
Next enter Tron reception address and amount to be withdrawm. I clicked max amd i had 9.089 TRX that can be withdrawn.
Check details amd confirm. Next enter two OTPs, one is sent to mobile mumber and other to email and confirm.
Your job is done but you are awaiting approval.
Click on "view history* amd wait till your transaction is completed.
Time taken on Binance Smart chain.
Once you have sent transaction, it is not immediately verified on blockchain. Time taken to verify varies based on scalability of network. Let's check time taken on binance smart chain.
* Once transaction has been submitted for withdrawal, you can see transaction status shows "processing". Once verified on blockchain, it shows "completed". The time taken between the status change shows transaction time . It is rough and manual way of calculating transaction time.
As seen above transaction was processed at 12:11 am and completed at 12:16 am. So it is roughly 5 minutes.
For more precise details, check on block exploler immediately after confirmation.
So it took 4 min and 23 seconds for a transaction to complete on Binance smart chain.
Compare the scalability and speed of the two against BTC
As seen above transaction speed on Tron is better than binance and which is better than BTC network.
### Tron Network
Consensus Algorithm : DPoS
Transaction
Speed : 1 min 5 sec ( in my case)Scalability : 2000 transactions per second.
Binance Network
Consensus Algorithm : Proof of Staked Authority (PoSA)
Transaction speed = 4 min 25 seconds.
Scalability = 150 transactions per second.
BTC Network
Consensus Algorithm : PoW
Scalability : 10 per second
What do you think can be done to improve the scalability of these three (BTC, Tron, Binance Smart Chain)
The scalability issue of BTC is known to everyone . The Altcoins like ETH and TRX although much behind in price and user base are better in this matter due to several reasons and one being , following different consensus algorithm like Delegated Proof of Staked (DPoS) by TRX and Proof of stake (PoS) by ETH. It is not like that BTC is doing nothing to improve scalability. Lot of measures have been proposed from time to time but risk/benefit analyis of mechanism has to be thoroughly vested. Let's mention few of the measures.
Segwit ( seg = segregation
and wit = witness ) network which aims at removing signature of witness from block to increase effective block size from one MB to four MBs. It would help in adding more transactions to the same block and hence expect blockchain to function quickly and more smoothly. Not only scalability but other problems like transaction malleabllity and transaction fee have been well addressed. Least but not last is its commitment to help development of other projects that would tackle scalability problem of BTC like lightening networks.
Lightening networks have emerged ae layer 2 system to counter scalability by creating payment channels.
Other ideas like concept of Plasma cash proposed by Vitalik Buterin. It aims at improving scalability by offloading transaction throughput to plasma chains and than reorganizing final data into single hash. It is just like divison of labour ending up doing same task much faster.
Temporary measures like increase in blocksize just like BCH can be tried till some final and secure solution is found.
unfortunately, the two transactions you presented are on the Tron blockchain. You must note that the Binance Exchange and the Binance smart chain are two different concepts.
It will be nice if you look them up.
The comparison was brief but I like the work done on solutions
Thanks for participating