CRYPTO ACADEMY SEASON2 WEEK7 ASSIGNMENT POST FOR @alphafx BY @jimah1k
Hello guys
Its another week of this season’s crypto academy last week we talked about consensus algorithm. Now this week we discussed scalability of blockchain and how it can improve I must commend our professor @alphafx for this wonderful lecture I really enjoyed it, after reading the lecture notes and doing personal research I present my assignment.
QUESTION 1
MAKE A TRANSACTION ON BINANCE SMART CHAIN AND TRON BLOCKCHAIN (YOU CAN USE ANY TOKEN)
To answer this question, I will be transferring TRX from my Tron wallet using my TRONLINK app to my Binance account below are simplified steps perform the transactions.
• To begin I opened my TRONLINK app currently I have 98.501 TRX as can be seen below
• Just below the balance I clicked on ‘SEND’.
• I filled out the form by entering the address to my binance account and also indicating the amount of TRX I want to receive which was 20TRX
• I clicked on send after filling out the form.
• I confirmed transaction by entering my password
Before the transaction was completed from the screenshot above the transaction was initiated around 11:28 it took about 80 seconds before it was successfully completed you can confirm from the screenshot below
TRANSACTION FROM BINANCE TO TRUST WALLET
First of all I copied my wallet address from my trust wallet app
- I opened my binance app on my phone and clicked on TRX
- I selected withdraw
- Fill out the form and click on withraw.(paste the address of the trust wallet app in the space provided for ‘Address’)
- confirm order by clicking on confirm
- A security code will be sent to your phone and email to confirm transaction
If you look at the transaction above TRX was still being processed it hasn’t been confirmed yet it took approximately 120 seconds to complete you can confirm from the screen shot below.
QUESTION 3
COMPARE THE SCALABILITY AND SPEED OF THE TWO AGAINST BTC
Before I begin to answer this question, I want to define the key term scalability. When we say a network has high scalability it means it has the ability or power to handle bigger or large transactions at little time in other words scalability simply means the number of transactions that can be completed in little time every exchange platform has different scalability. In this task I will comparing TRON and BSC with BTC.
From the screenshots above you can see that when I was sending 20TRX to from my TRONLINK app to my binance account it took approximately 80 seconds before the transaction could be completed likewise with the BSC, the transaction from my binance to my trust wallet took approximately 120 seconds before it could be completed. Now if you look at BTC the number of transaction it can complete in a second is seven(7) comparing this to TRON, tron is capable of handling 2k transaction per second a very big difference from BTC lets look at Binance smart chain contract this handles 1k transactions per second which is also faster than BTC
QUESTION 4
WHAT DO YOU THINK CAN BE DONE TO IMPROVE THE SCALABILITY OF THESE THREE (BTC, TRON, BINANCE SMART CHAIN)
The scalability of these three blockchains needs improvement especially BTC because it is the largest and most popular asset and has gained the attention of many investors. Some of the ways I think can help improve the scalability if not only BTC but also tron and binance smart contract.
Firstly, the implementation of the lighting network this technology is going to increase greatly the scalability of BTC, TRON and Binance smart contract. How will the lighting network work? transactions carried out on the blockchain wouldn’t be carried out there but a third party is developed so that the user can transact there which is later recorded ion the main platform. This technology as a matter fact helps reduce transaction fees and also improve the transaction speed.
Secondly, I think introducing a CDN into the blockchain would help increase the scalability a CDN is an acronym that stands for content delivery network have you ever wondered why when you search for something on google it take less than a second to load? It is because of the CDN. The CDN boots the speed of the internet making it super-fast. Based on the way CDN was programmed a similar one was built in 2019 which is called blockchain delivery network.
Thirdly, plasma cash method is also another way I think can help solve this problem because it works just like the lighting network. Decentralized apps are enabled through smart contract functions this helps in transactions. With plasma cash method higher transactions can be executed within a matter of seconds.
CONCLUSION
This lecture has exposed the problems of the scalability of blockchain and also ways in which we can solve these problems I want to thank the professor for this wonderful lecture.
THANK YOU FOR READING.
There is no transaction on the BSC, note that the Binance smart chain is different from the binance exchange.
Thanks for participating
Noted! professor