Crypto Academy|| Season-2 Week-7|| Assignment For @alphafx by @hydra1

Hello its yet another great week on crypto academy with great lecture by our able professor @alphafx. I will like to submit my home work task.

• 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 in the Binance Smart Chain
  For the purpose of this assignment, I did the transaction in the Binance Smart Chain through the Binance Android app, all screenshots were taken by my phone.

Steps I took

1. First of all I launched the application then I tried withdrawing some TRX into my Tron Wallet.

1. I clicked on withdraw under my wallet, and it will appear as shown in the picture below. I copied the deposit address from my Tron Wallet then paste as the receiving address
   
2. I then confirmed my transactions and take note on the time it took for the confirmed transactions

Then after two minutes later the transaction reflected in my Tron wallet

Transaction in the Tron network
To demonstrate this, I used my Tron Wallet for the transaction by sending the TRX back to my Binance account.
I took the steps below

1. After launching the app, I clicked on send, as I am sending the TRX funds

1. After clicking on send, the next page appeared for me to complete the transaction by filling in the receiving address and the amount

1. I then confirmed the transaction and took note of the time

1. And the transaction was successfully sent within seconds and it as well took about 2 minutes to reflect in my binance account.
   

Transaction Time

• it took about 1 minutes for the transaction to be confirmed on the Binance Smart Chain (BSC)
  The transaction was initiated at 15:50 GMT and at 15:51:04 GMT the transaction was confirmed.

• it took some few seconds on my Tron wallet to confirm the transaction and took about 2 minutes as well for it to be confirmed on the Binance Smart Chain.
  At 7:55 GMT the transaction was initiated and exactly 7:55:57 GMT the transaction was completed, which means that it took about 57 seconds .
  

Compare the scalability and speed of the two against BTC

The consensus algorithm used by BTC is the proof of work(POW). The scalability usually depends on the type of consensus algorithm being used by the network. In the POW, there is competition of miners in order to complete Mathematical puzzles and if there is higher competition, the higher the amount of energy and time used and transactions will delay this is why the transactions of BTC is usually completed in about 10 minutes time where others will do that in a matter of seconds. Though the competition could decrease and the time per transaction will also decrease.
In the Binance Smart Chain and the Tron network, they use the Proof of stake (POS) and the time used in block creation in the POS is usually done within seconds because miners less energy and time is used in the Networks using the POS. Binance Smart Chain uses the Proof of Staked Authority (PoSA) consensus algorithm and the Tron network uses the Delegated Proof Of Stake, all this are evolved from the Proof Of Stake consensus algorithm.

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

There are such countless ways being set up to address the issue of scalability with the end goal of this presentation, I have
proposed these three components which I have seen as a decent approach in terms of tackling the issue of scalability issue of the blockchaain. Particularly concerning the three BTC, Tron Network and Binance Smart Chain.

Lighthening the Network
As of late, the quantity of Bitcoin exchanges has expanded radically, and its inadequacies have uncovered,
counting high exchange delays and costly exchange expenses. To ease those downsides of the Bitcoin network,
clients have proposed the lightening of the network. To clarify momentarily, the essential thought of Lightning Network
is that two nodes in Bitcoin build up an off-chain transaction channel, in which they can complete various low-latency
transactions. Before dispatching exchanges, the two parties first have saved a specific measure of tokens in the channel
as a store, which is the main exchange to open the channel and is recorded on the Bitcoin fundamental chain. The two clients would then be able to exchange with one another in the channel what's more, on the off chance that one of them cheats, all assets in this channel will be shipped off a counterparty as penalty . When shutting the channel, the sum of tokens on the two sides is submitted to the block of the principle chain. Consequently, various exchanges are finished off-chain and the entire cycle creates as it were two exchange records submitted to the principle chain. This approach significantly builds the quantity of exchanges when the block size is a consistent .

Segregated Witness(SegWit)
SegWit diminishes the heaviness of transactions in blockchain blocks by segregating an exchange into two areas; adequately expanding the amount of exchanges one can include for a block of a similar size. The initial segment of a transaction contains the wallet locations of the sender and the one recieving and the second part containing transaction signatures. SegWit eliminates the "witness data" from the fundamental block, in this manner eminently decreasing the size of transaction. The transaction thusly require less space, empowering more transactions per block and incredibly expanding the capasity of the Bitcoin.

Sharding
Sharding is intended to spread out the responsibility of an network into parcels, which may help decrease
latency and permit more transactions to be handled by the blockchain.Sharding can help since it segments or fans out the value-based responsibility from a blockchain network with the goal that each node doesn't have to handle or interaction the entirety of the blockchain's responsibility. As it were, sharding compartmentalizes the responsibility into segments or shards.

Conclusion
To be able to achieve the best blockchain scalability, much work is needed to be done in other to be able to achieve the aim of making blockchain to be the best future currencies.